Sherwood Convenience Store Rings Up $2.8M Transaction (Real Deals)

A Kum & Go convenience store in Sherwood tipped the scales at $2.8 million.

Arc KGSWDAR001 LLC of Jenkintown, Pa., bought the 3400 E. Kiehl Ave. project from KG Store 150 LLC of Des Moines, Iowa.

The 1.96-acre location was assembled in two March 2012 buys totaling $650,000. The sellers are Ernest Sam Lantrip, $400,000, and Marvin and Carletta Overton, $250,000.

Dollar Acquisition

A Dollar General store in Jacksonville changed hands in a $1.07 million transaction.

Yolo Holdings LLC, led by Daniel Quaranto of Lynnbrook, N.Y., purchased the 22405 Highway 107 project. The seller is PB General Holdings (Macon) LLC, led by Scott Proctor.

The deal is financed with a five-year loan of $700,000 from Arvest Bank of Fayetteville.

The 1.22-acre development previously was tied to a March 2012 mortgage of $768,000 held by Summit Bank of Arkadelphia.

The location was bought for $138,000 10 months ago from the James Potter Living Trust.

Sherwood Sale

A 4,896-SF office-warehouse building in Sherwood is under new ownership after a $425,000 deal.

Fourth Street LLC, led by Stuart Hankins, acquired the 1515 E. Kiehl Ave. property from Emanuel and Patsy Bates.

The 0.54-acre location was purchased for $76,000 in December 1996 from Donald and Howard Norton.

Riverbend Residence

A 3,685-SF home in the Riverbend neighborhood of Little Rock sold for $750,000.

Ginanne Long bought the residence in the Riverdale area from Constance and William Bowen.

The Bowens acquired the property for $1.15 million in April 2006.

The seller was The Mitchell Family Revocable Trust, led by Maurice and Elizabeth Mitchell.

Bailey Financing

Four apartment projects in Pulaski County were used to secure an $18.3 million funding agreement.

Bailey Properties LLC, led by John Bailey, obtained the financial package from Bank of America in Charlotte, N.C.

The apartments encompass three west Little Rock properties: the 256-unit Waterford project at 701 Green Mountain Drive, 80-unit Bowman Heights project at 420 Markham Mesa Place and 52-unit Markham Oaks project at 8118 W. Markham St. The fourth project is the 170-unit Indian Hills Apartments complex at 2011 Aztec Drive in North Little Rock.

The properties previously were linked with a June 2002 mortgage of $7.5 million, a February 2006 mortgage of $6.5 million, a March 2008 mortgage of $1.7 million and a July 2009 mortgage of $1.2 million all held by Regions Bank of Birmingham, Ala.

The 13.1-acre Waterford development was purchased for $6.8 million in April 1993 from BRW Real Estate Operating Co. Ltd. of Dallas.

The 8.8-acre Indian Hills development was bought for $4.2 million in June 1997 from Love Apartment Communities of St. Louis.

The 3.87-acre Bowman Heights development was acquired for $1.36 million in July 1994 from RCDC, led by Dr. C.D. Williams and Anna Williams and David and Kay Jones.

The 1.4-acre Markham Oaks development was purchased for $1 million in December 1996 from Wayne and Margy Carlson.

The Waterford and Bowman Heights projects also are backed with a $7.5 million bond issue through the Pulaski County Public Facilities Board.

This 30-year financing replaces an August 2005 PCPFB bond issue of $6.4 million.