Auto Dealership Property Draws $2.4 Million Sale (Real Deals)

The sale of a west Little Rock auto dealership property tipped the scales at $2.4 million.

Rowan Development LLC, led by Jacob Chi, bought the former home of Crain Mazda (and more recently Ellis Infiniti) at 12206 W. Markham St. The seller is Crain Investments Ltd., led by Larry Crain Sr.

The deal is backed with a five-year loan of $2.5 million from IberiaBank of Lafayette, La. The 2.98-acre development previously was tied to an April 2012 mortgage of $1.7 million held by Larry Crain Sr.

Crain Investment acquired the property in December 2003 in a $3 million real estate swap with Carlton Properties Ltd., led by Bill Carlton and Steve Smith.

Crain traded two Applebee's Neighborhood Grill & Bar projects at 12110 Chenal Parkway in west Little Rock and 4333 Warden Road in North Little Rock.

More land was added in a separate $248,000 deal with Carlton.

Law Office Transaction

A 3,000-SF office property in downtown Little Rock is under new ownership after a $311,000 deal.

Holleman & Associates, led by John Holleman, purchased the 1008 W. Second St. project. The seller is 1008 West Second Street Trust, led by Scott Fletcher.

The 0.17-acre development previously was linked with a January 2010 mortgage of $275,750 originated by Arkansas Bankers' Bank of Little Rock.

The trust bought the property for $330,000 more than two years ago from Arkansas Bankers' Bank. 

Industrial Purchase

A 10,500-SF office warehouse in southwest Little Rock changed hands in a $250,000 sale. Industrial Supply & Service Properties LLC, led by Michael and Benjamin Endsley, acquired the 8203 Distribution Drive project.

The seller is T&S Partners Co. LLC, led by Stephen and Forrest Cloud. The deal is funded with a five-year loan of $216,750 from Citizens National Bank of Bossier City, La.

The property was purchased for $120,000 in November 1987 from Ironside Investments Inc., led by Martin Dorman. 

CBL Acquisition

A 1,600-SF commercial building in Jacksonville rang up a $180,000 transaction. CBL Properties LLC, led by Clinton Bradley Looper Sr., bought the 1400 John Hardin Drive project.

The seller is Abdin Family LLC, led by Delores Abdin. Abdin Family provided a five-year loan of $162,000 to finance the deal. The 0.33-acre property was acquired for $70,000 in November 1977 from Luther Lindsey.

Waffle House Land

A future Waffle House site in North Little Rock drew a $152,000 sale.

WH Capital LLC of Norcross, Ga., purchased the 1.13-acre location near the southeast corner of Maumelle Boulevard and Innerplan Drive from NSHE CLAY LLC, led by James Narup.

The land was part of a 10.7-acre tract bought for $1.1 million in September 2004 from Lee and Martha Kierre. 

PV Abode

A 3,935-SF home in west Little Rock's Pleasant Valley neighborhood sold for $645,000. Daniel Heard acquired the house from FTH Revocable Trust, led by Todd Hickingbotham.

The deal is backed with a 30-year loan of $417,000 from Bank of Little Rock Mortgage Corp. and a five-year loan of $99,000 from BancorpSouth Bank of Tupelo, Miss.

The residence was purchased for $660,000 in March 2010 from Dozier LLC, led by Don Kirkpatrick Jr.

Residential Acreage

A 20-acre residential spread in west Pulaski County is under new ownership after a $625,000 deal.

William and Joan Hearnsberger bought the property and its 1,600-SF house from Leatha A. Smith Revocable Trust.

The land was acquired for $225 in August 1947 from S.L. Dill.

Rural Residence

A 5,200-SF home in south Pulaski County changed hands in a $575,000 sale.

Carla and Charles Johnson purchased the house from Mark Winstead. The deal is funded with a 15-year loan of $282,000 from Union Bank & Trust of Monticello.

Winstead assembled the location in two deals ($6,000 in November 2003 and $13,000 in June 2006) with Sliding P Inc., led by Mark Pelloquin.

Shady Valley Home

A 5,642-SF home in North Little Rock's Shady Valley neighborhood rang up a $525,000 transaction.

Bryan and Sarah Renshaw acquired the house from the Allen W. Jenkins & Karene C. Jenkins Living Revocable Trust.

The trust provided a $475,000 mortgage to finance the deal. The property was purchased for $400,000 in September 2007 from the namesake revocable trusts of Paul and Cathy Leonard. 

Downtown Renovation

Renovation of a 45,528-SF office building in downtown Little Rock is in motion with a $6.9 million funding agreement.

Five Main LLC, led by Warren Stephens, obtained the 12-year loan from IberiaBank. The property, Five Main Place at 423 Main St., was bought for $318,000 in November 1978 from Phillip and Alice Back.

The rest of the 0.91-acre property used to secure the IberiaBank loan was acquired in deals totaling $535,000.

The sellers were:

  • C-S-B Partnership I, led by James Conner; Janet Keith Vinsonhaler; Mary Peirce Keith and Delrena Keith Conner, $100,000 in January 1982.
  • Tyrone Banderet, $175,000 in January 2002.
  • Raymond L. Rodgers Living Trust, $150,000 in August 2001.
  • Music Box U.S.A. Inc., led by Doug Wood, $110,000 in April 2001.

Gateway Funding

The owner of a retail/ministorage development in North Little Rock secured a $3.08 million financial package.

Richmarc Development LLC, led by Marc Yelenich and Keith Richardson, received the eight-year loan from IberiaBank.

The 24,500-SF Gateway Plaza at 9800 Maumelle Blvd. and the 6-acre Gateway Ministorage at 7101-02 Vestal Court were tied to a June 2007 mortgage of $2.8 million held by Community Bank of Cabot.

The property was assembled as part of buys from the Vestal Family Charitable Remainder Unitrust: $271,000 in June 2001 and $336,000 in February 2004.

P. Allen Smith Mortgage

A greenery enterprise in Little Rock and related properties are backing a $2.46 million mortgage. Paul Allen Smith Jr. and his Smithfield Properties LLLP got the loan from Centennial Bank of Conway.

The loan is secured by Smith's 567-acre Garden Home Retreat project at 23800 Ross Hollow Road in west Pulaski County. The acreage was assembled in three transactions totaling $2.2 million.

The sellers were The Robert G. Cress Trust, 250 acres for $1.2 million in August 2004; Charles Gray Jr. and his wife, Judy, 256 acres for $868,000 in June 2004; and Soterra LLC of Jackson, Miss., an affiliate of Greif Brothers Corp. of Delaware, Ohio, 61 acres for $153,000 in April 2005.

The property also was linked with a September 2005 mortgage of $792,000 held by Bank of Little Rock and December 2008 mortgages of $2 million held by Ethel W. Foley of Columbus, Ga., and $935,000 held by Centennial Bank.

Other debt associated with the rural land includes a September 2005 mortgage of $792,000 and an April 2005 mortgage of $150,000 held by Bank of Little Rock and a December 2008 mortgage of $935,000 held by Centennial Bank of Conway. Additional property securing the new Centennial mortgage includes:

  • A 5,700-SF office building at 1722 Broadway, purchased for $210,000 in January 2002 from H&V Properties, led by Kay Vander Hort. The 0.3-acre development previously was tied to an August 2004 mortgage of $275,000 held by Bank of Little Rock.
  • A 1,700-SF Quapaw Quarter house, given to Smith in August 1988 by Nancy and Hamp Roy. The 0.3-acre property also is linked with an April 2004 mortgage of $79,250 held by Principal Residential Mortgage Inc. of Des Moines, Iowa.