WLR Patio Home Project Starts With $1.7M Buy (Real Deals)

A patio home project in west Little Rock is in motion after a $1.7 million land deal.

C.J. Pace Construction LLC, led by James Pace, acquired 15.6 acres near the northwest corner of Cantrell Road and Patrick Country Road.

The seller is FC Grass Farms LLC, led by Ed Willis.

The deal is financed with an 18-month loan of $2.03 million from Little Rock’s Bank of the Ozarks.

FC Grass Farms purchased the property as part of deals totaling $1.1 million.

The sellers were Phillip Elkins in August 1994, $681,000, and the estate of Patrick Henry Sullivan in August 2000, $419,000.

Harley Transaction

A motorcycle dealership in southwest Little Rock changed hands in a $1.3 million sale.

I30 HD LLC, led by Steve Landers Sr., Paul Hart, Mark McLarty, Franklin McLarty and Charles Cummings, bought the 19,000-SF Jones Harley facility at 10300 Interstate 30.

The seller is Partners Land Development II LLC.

The limited liability company is an affiliate of Little Rock’s Hickingbotham Investments, led by Frank, Herren and Todd Hickingbotham.

The deal is backed with a 10-year loan of $1.1 million from Regions Bank of Birmingham, Ala.

The 3.06-acre development previously was tied to a November 2007 loan of $1.95 million from Bank of America in Charlotte, N.C.

The project was acquired for $1.95 million five years ago from J&J Family Ltd., led by Emmett Jones.

Grocery Sale

A neighborhood grocery store in North Little Rock sold for $313,000. Saed Qatoum and Amjad Kattom purchased the Handi-Pantry IGA Food Store at 124 Eureka Gardens Road.

The deal is funded with a $100,000 mortgage provided by the seller: Handi-Pantry Inc., led by Bill Wagley.

The property was assembled as part of three deals totaling $61,000. The sellers were Vester and Martha Jenkins, $35,000 in March 1970; Oliver and Letha Cossey, $1,000 in September 1976; and the heirs of Oliver Cossey, $25,000 in April 1996.

Rural Transaction

About 97 acres in north Pulaski County rang up a $281,000 transaction.

Lone’s Jacksonville Inc., led by Shahila Lone, bought the land near the southeast corner of Military Road and Southeastern Avenue.

The seller is Arkansas Emergency Transport LLC, led by Roger and Vicki Hosman. The deal is financed with a $224,000 loan from Centennial Bank of Conway.

The property previously was linked with a November 2010 mortgage of $472,508 held by First Arkansas Bank & Trust of Jacksonville.

The land was assembled in two deals totaling $225,000. The sellers were John McNee, $150,000 in February 1991, and John Hancock Mutual Life Insurance Co. of Boston, $75,000 in April 1992.

Estates Sale

A 6,489-SF home in The Estates neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $900,000 sale. Nauman and Labna Yunus acquired the house from Roy Rainey Jr. and his wife, Adriene.

The deal is funded with a 30-year loan of $650,000 and a 25-year loan of $160,000 from U.S. Bank of Cincinnati.

The residence previously was tied to an October 2005 mortgage of $480,000 held by Bank of the Ozarks.

The location was bought for $90,000 in October 1995 from Deltic Farm & Timber Co. of El Dorado. n

Hotel Construction

Construction of a Residence Inn by Marriott in downtown Little Rock is in motion with a $5 million financial package.

Clinton-Commerce LLC, led by John McKibbon, obtained the five-year loan from First Security Bank of Searcy.

The 0.46-acre site at 219 River Market Ave. previously was linked with a January 2009 mortgage of $1.22 million held by the bank.

The location was purchased for $1.52 million three years ago from Arkansas Democrat-Gazette Inc., led by Walter Hussman Jr.

Seven-Digit Construction

The Villa at River Pointe Drive Phase I    $4,750,000
8000 River Pointe Drive, Maumelle
Pickering-Allwine LLC, Little Rock

Adult Leisure Center    $2,762,000
6401 W. 12th St., Little Rock
CDI Contractors LLC, Little Rock

7,600-SF House    $1,500,000
31 Sologne Circle, Little Rock
Kevin Hughes Construction Co., Little Rock