Little Rock Bank Branch Resale Closes at $1.1 Million (Real Deals)

A bank branch in downtown Little Rock was repurchased in a $1.1 million transaction.

Allied Bank of Mulberry (Crawford County) bought its 1022 W. Capitol Ave. office from WBL LLC, led by Walter Quinn III. WBL acquired the 0.52-acre development eight months ago from Allied Bank for $1.1 million.

The property remains tied to a two-year loan of $963,900 from Chambers Bank of Danville and a five-year loan of $171,816 from Allied Bank.

The bank purchased the half-acre property in November 2001 for $300,000. The sellers were:

Mary Catherine Drennan, Leonard Drennan, Mary Yatsevitch, Margaret Yatsevitch, Stephanie Yatsevitch, Michael Yatsevitch, McGregor Yatsevitch, Susan Terry Borne, Elizabeth Terry Foti, Joseph Terry, Tonya Terry Smith, William Terry, Joan Terry Oliver and the Adolphine F. Terry Trust.

The Drennan, Yatsevitch and Terry families bought the bank branch from Little Rock's Worthen Bank & Trust in January 1974 for $913,000.

Storage Land

A 7.3-acre piece of west Little Rock changed hands in a $612,000 sale.

Chenal Storage Center LLC, led by Graham Smith, acquired the property that included a 2,776-SF house at 15575 Kanis Road from Peggy Robbins.

The redevelopment is backed with a five-year loan of $1.7 million from Little Rock's Bank of the Ozarks.

The Robbins family purchased the property for $44,000 in September 1980 from Richard and Martha Jane Gardner.

Fontenay Home

A 5,177-SF home in the Fontenay Circle neighborhood of west Little Rock's Chenal Valley development rang up a $730,000 sale.

Brian and Ann Noland bought the house from Stephen and Ashley Peeples. The deal is funded with a 30-year loan of $342,000 from First Security Bank of Searcy.

The residence previously was linked with a February 2010 mortgage of $300,000 held by Arvest Bank of Fayetteville.

The Peeples family acquired the property for $542,000 in September 2009.

The sellers were William and Elizabeth Evans.

Normandy House

A 3,395-SF home in Little Rock's Normandy neighborhood sold for $525,000.

Neadum Odum III purchased the house from John Tapp.

The deal is backed with a 30-year loan of $525,000 from Regions Bank of Birmingham, Ala.

The residence previously was linked with a January 2010 mortgage of $167,760 held by First Service Bank of Greenbrier.

Tapp is the lawyer for Landan Mitchell, who was sentenced to 12 years in prison for embezzlement earlier this year.

Mitchell used money stolen from Little Rock's Henry Corp. to help pay for renovating the property.

He transferred ownership of the house to Tapp in November 2011 as consideration for his legal fees.

A court order allowed Tapp to sell the property with the proceeds escrowed until the court determined ownership of the proceeds left after First Service was repaid.

Mitchell's Cantrell Holdings LLC bought the house for $265,000 in January 2010 from the estate of Ruth Black and James and Laura Tague.

Family Dollar Funding

Two Family Dollar projects in Pulaski County were used to help secure big-buck mortgages.

Cole FD Portfolio I LLC of Phoenix received a $28.4 million loan from German American Capital Corp. of New York.

The funding is partially secured by the 0.84-acre development at 1700 Highway 161 in Jacksonville acquired for $952,000 six months ago.

Cole FD Portfolio III LLC of Phoenix obtained a $27.7 million loan from GS Commercial Real Estate Ltd. of Irving, Texas.

The funding is partially secured by the 1.5-acre development at 8510 Col. Glenn Road in Little Rock bought for $779,000 in April 2012.

The projects were acquired from Family Dollar Stores of Arkansas Inc. of Charlotte, N.C.