Southwest Little Rock Office-Retail Site Fetches $1.1 Million (Real Deals)

A 50,724-SF office-retail center in southwest Little Rock shifted ownership in a $1.1 million transaction.

Oakcliff LLC, led by Joseph Kelley, bought the 5-acre Little Rock Corporate Center development at 7501 Interstate 30 and its 86,000 SF of warehouse space from BMO Harris Bank of St. Louis.

The deal included two commercial parcels on East 11th Street in North Little Rock encompassing 5.4 acres.

The transaction is backed with a $3.9 million loan from BMO.

BMO entered the ownership picture when the properties were forfeited in lieu of foreclosure by Stephen and Pamela Murphy, Thomas and Deborah Holley and Joseph and Barbara Kelley.

The properties were acquired from Equitable Life Assurance Society of the United States of New York as part of two March 1999 deals totaling $3.7 million.

Carmel Abode

A 7,032-SF home in west Little Rock’s Carmel neighborhood tipped the scales at $1 million.

Doug Taylor and Thomas Sexton Jr. purchased the house from Phillip Kravetz and Alka Kravetz. The deal is funded with a 30-year loan of $417,000 from One Bank & Trust of Little Rock.

The residence previously was linked with two April 2006 mortgages totaling $1 million held by Bank of America in Charlotte, N.C.

The property was bought for $1.1 million more than six years ago from Edward and Mary Ellen Loebl.

Hillcrest Residence

A 3,198-SF home in Little Rock’s Hillcrest neighborhood is under new ownership after a $660,000 deal.

Jeffrey and Lori Carfagno acquired the house from Robert and Charlene Hicks.

The deal is financed with a 30-year loan of $417,000 and a $68,000 second mortgage from Centennial Bank of Conway.

The residence previously was tied to June 2007 mortgages of $728,044 held by Riverside Mortgage Co. of Little Rock and $155,633 held by Riverside Bank of Sparkman (Dallas County). The property was purchased for $725,000 more than five years ago from Lagniappe Ventures Inc., led by Cathy Pursell.

Deauville Home

A 3,987-SF home in the Deauville Place neighborhood of west Little Rock’s Chenal Valley development rang up a $510,000 sale. Manish Raj bought the house from Amy and Brian Eble. The deal is backed with a 30-year loan of $408,000 from One Bank & Trust.

The residence previously was linked with a June 2009 mortgage of $410,000 held by Regions Bank of Birmingham, Ala. The location was acquired for $114,000 in August 2005 from Deltic Timber Corp. of El Dorado.

Woodcrest Funding

Two North Little Rock commercial properties were used to secure a $5.5 million financial package. The Woodcrest Co. LLP, led by James P. Matthews, obtained the loans of $5.43 million and $65,261 from Centennial Bank.

The 21,000-SF Vali Hi Shopping Center at 4600 JFK Blvd. and the 3.1-acre Lakewood Gardens project at 3101 North Hills Blvd. previously were tied to an October 2011 mortgage of $2.4 million held by Arvest Bank of Fayetteville.

The Matthews family has owned the 5.1-acre Vali Hi property for more than 82 years.

The Lakewood Gardens property was purchased as part of two transactions with H.E. and Capitola Gibbs, $1,590 in May 1924; and the state of Arkansas, $215.27 in May 1935.

School Mortgage

Construction of a 20,000-SF addition to a private school in west Little Rock is backed with a $3 million funding agreement.

Little Rock Christian Academy Inc. received the 10-year loan from Little Rock’s Bank of the Ozarks. The new building will seat 750 and house the upper school band, choir, drama and visual arts programs.

The 53-acre campus at 19010 Cantrell Road was assembled in deals with Highway 10 Real Estate LLC, led by Scott Ford, $2 million in April 2005; Frances Pauline Ulmer and her son, John Ulmer Jr., $1.4 million in August 1996, and Eugene Pfeifer III and his wife, Linda, $271,500 in September 2000; and PCD LLC, led by Gene Pfeifer, 3.8 acres donated in December 2007.