NLR Congregation Looks South to Grow (Real Deals)

A North Little Rock congregation put together more than 90 acres for future expansion across the interstate from its 1401 Calvary Road campus for $1.05 million.

First Pentecostal Church of Jesus Christ assembled the land at the southwest corner of Interstate 40 and North Hills Boulevard through a mixture of buys and donations.

The biggest piece was donated to the church by Norman and Shirley Clifton.

The Cliftons bought the 37.5-acre Mulligan’s Golf property for $1.7 million in December 2012 from Terraforma LLC, led by David Bruning and Doug Meyer.

Terraforma purchased the land for $539,000 in March 2007 from The Woodcrest Co. LLP, led by James P. Matthews.

Doda Construction LC, also led by Bruning and Meyer, donated an adjoining 27-acre parcel to the church.

The property was acquired in April 1996 for $44,000 in deals with the James K. Young estate, Katherine Bentley, Raymond and Maxine Bentley, and Ed Payne.

The church bought a 15.5-acre parcel for $638,000 from HDJ Realty LLC, led by Hal Matthews; and a 10-acre parcel for $420,000 from General Properties Inc., led by James P. Matthews.

The Matthews family purchased the HDJ property as part of two deals with Maurice and Alice Altheimer, $7,500 in August 1920; and Jacob and Effie Burch, $7,043 in May 1937.

The Matthews family acquired the other parcel in April 1931 as part of a $7,500 deal with William Haines.

Ancestral Land

An 80-acre tract south of the Little Rock Port Industrial Park changed hands in a historic $775,000 deal.

The Quapaw Tribe of Indians purchased the piece of its former homeland from McRae Mortgage & Investment LLC, led by Ken McRae. The property on the east side of Thibault Road is divided between 57.3 acres of farmland and 23.7 acres of woods.

McRae Mortgage bought the land for $73,000 in September 1995 from PFL Life Insurance Co. of Cedar Rapids, Iowa.

Clinical Development

Development of a west Little Rock clinic is in motion after a $700,000 land deal.

Executive Center Medical Plaza LLC, led by Stephen Tucker and John Flake, acquired a 3.48-acre site at 11415 Executive Center Drive. The seller is Westrock Partnership, led by Elizabeth Small.

Construction of the Barg Gray Clinic is backed with a $3 million loan from First National Bank of Hot Springs.

Westrock originally was composed of Gus Blass III of Capital Properties Ltd., Chester Phillips of Phillips Development Corp. and Robert Vogel of Vogel Enterprises.

The land is part of an 89-acre tract Westrock purchased in June 1995 from the Federal Deposit Insurance Corp. for $2.63 million.

Mobile Acquisition

An 18-unit mobile home park in west Pulaski County is under new ownership after a $399,000 sale.

VAPS Investment Group LLC, led by Avtar Momi, bought the 16901 Pride Valley Road project. The seller is Tisdale Properties & Development LLC, led by Tracy Tisdale.

The deal is funded with a $309,102 loan from Homebank of Arkansas of Greenbrier.

Tisdale acquired the property for $118,000 in January 2004 from James Caldwell.

Downtown Purchase

A 5,670-SF commercial building in downtown Little Rock rang up a $175,000 transaction.

Angela Rogers Group LLC, led by Angela and Brian Rogers, purchased the 519 W. Seventh St. project from IberiaBank of Lafayette, La.

The deal is financed with a $225,000 loan from Centennial Bank of Conway.

IberiaBank recovered the 0.24-acre development in August 2012 at a $154,000 foreclosure sale. The previous owner was Pinnacle Property Management LLC, led by Michael Love and Trevor Stoelzing.

The limited liability company bought the property for $205,000 in January 2008 from Tucker Family Share No. 2 Trust, led by Amanda Tucker.

Hickory Hills Manor

An 11,694-SF home in west Little Rock’s Hickory Hills neighborhood tipped the scales at $1.6 million.

Kanti and Nila Sharolia acquired the residence from Henrietta Williams. The deal is backed with a three-year loan of $1.42 million from Farmers & Merchants Bank of Stuttgart.

The location was assembled in two buys totaling $200,000. The sellers were Garry and Laura Friedman, $115,000 in November 1991; and Richard and Becky Cohen, $85,000 in October 1991.

Country Club House I

A 5,511-SF home near the Country Club of Little Rock drew a $900,000 transaction.

Jason D. Smith bought the house from Michael and Susan Prince. The deal is funded with a 30-year loan of $776,000 from Bank of Little Rock Mortgage Corp.

The residence previously was tied to a January 2008 mortgage of $800,000 held by Bank of America in Charlotte, N.C.

The Princes acquired the property for $1 million five years ago from Ray and Caroline Bell.

Country Club House II

A tear-down redevelopment is under way after adjoining homes near the Country Club of Little Rock sold in a $745,000 package deal.

Nick and Holly Willis purchased the houses from Burlingame Investments Ltd., led by Charles Lowry Barnes and his wife, Tanya.

Construction is financed with a $1.42 million loan from First Security Bank of Searcy.

The Barnes family bought the properties in two deals totaling $626,000. The sellers were Gary and Ellen Morphew, $334,000 in November 2007; and David and Natasha Graf, $289,000 in December 2002.

Country Club House III

A 3,158-SF home near the Country Club of Little Rock changed hands in a $608,333 transaction.

W. Walker Sloan and his wife, Julie, acquired the house from Susan and George Wilson. The deal is backed with a 30-year loan of $349,000 from Bank of Little Rock Mortgage Corp.

The residence previously was linked with a September 2010 mortgage of $135,541 held by JPMorgan Chase Bank of Columbus, Ohio.

The property was purchased for $480,000 in May 2001 from John and Gay Meadors.

Foothills Funding

An 88-unit portion of a North Little Rock apartment project was refinanced with a $4.09 million funding agreement.

Foothills II Apartments Ltd., led by James P. Matthews, obtained the loan from Greystone Funding Corp. of Warrenton, Va.

The 6.87-acre development at 2401 Lakeview Road previously was tied to a July 2008 mortgage of nearly $4.1 million held by Wells Fargo Bank of McLean, Va.

The land was assembled in deals with H.E. and Capitola Gibbs, $1,590 in May 1926; the estate of Nettie Mitchell, $625 in November 1957; Fred Watkins, $250,000 in August 1959; M.H. Bland, $6,000 in November 1959; Helen Bauer, an undisclosed sum in August 1968 and Margaret Roberts et al, $9,000 in August 1978.

Maumelle Mortgage

The owner of a 60,600-SF industrial facility in Maumelle picked up a $2.28 million financial package.

100 Murphy Drive LLC, led by Kevin Huchingson, received the seven-year loan from Pine Bluff National Bank.

The Propak Logistics project at 701 Carnahan Drive previously was used to help secure a February 2007 mortgage of $3.25 million held by Centennial Bank.

The 4.96-acre property was bought in November 2005 as part of a $3.25 million deal for the Windsor Door plant. The seller was Maumelle Ltd., led by Henry F. Miller.