Agri Property Harvests $3 Million Transaction (Real Deals)

Farmland in southeast Pulaski County changed hands in deals totaling $3 million.

Full Harvest Agricultural REIT II Inc. of Clarksdale, Miss., bought 780 acres in three transactions with James Wayne IV and Anthony Wayne Headley.

The agri-property extends southwest from near the southwest corner of Clear Lake Toltec and Wayne roads.

The Wayne family had owned the property since September 1917. Mabel Wayne acquired the land for $18,000 from MDL and Emma Cook.

Room to Grow

A Little Rock enterprise expanded its holdings in a $200,000 deal.

Asphalt Products LLC, led by Michael Lasiter, purchased 16 acres adjoining its 711 Delta Drive complex from James and Patricia Bona.

The deal is financed with a five-year loan of $160,000 from Arvest Bank of Fayetteville.

The Bona family bought the property on the west side of Dixon Road nearly a half-mile west of Interstate 530 for an undisclosed sum in October 1957 from Ida Ermentrandt.

Industrial Land

A 4.6-acre site in Little Rock’s Otter Creek Industrial Park sold for $362,000.

Springhill Plaza LLC, led by Mark Middleton, acquired the land at the southeast corner of Mabelvale West and Interstate 30 Frontage roads.

The sellers are 2610 Acres LLC, led by Rick Ferguson, and Centennial Bank of Conway. The bank entered the ownership picture through a $1.1 million foreclosure sale in June 2011. Centennial recovered the property from Gene Cauley.

The land helped secure an April 2005 mortgage of $1.5 million held by the bank. The property was purchased as part of two April 2003 transactions totaling $636,000. The seller was Otter Creek Development Co., led by Robert McGinnis and Byron Eiseman Jr.

Estates Sale

A 2,876-SF home in west Little Rock’s Iron Horse Estates neighborhood rang up a $655,000 deal. Mark and Ann Langston bought the house from the Diane J. Hobson Revocable Living Trust.

The deal is funded with a 15-year loan of $524,000 from Regions Bank of Birmingham, Ala.

The 5-acre residential spread previously was tied to a March 2012 mortgage of $276,000 held by the bank. The trust acquired the property for $705,000 in February 2006 from Thomas and Mary Robinson.

PV Residence

A 4,346-SF home in west Little Rock’s Pleasant Valley neighborhood is under new ownership after a $500,000 sale.

Damon and Stephanie Singleton purchased the house from Thomas and Marie Kieberemmons.

The deal is backed with a one-year loan of $475,000 from Little Rock’s Bank of the Ozarks. The residence was bought for $392,000 in July 2002 from the Prather Family Revocable Living Trust, led by Jerry and Anita Prather.

Tanglewood Mortgage

An 84,000-SF shopping center in Little Rock was used to secure a $4.1 million mortgage. Tanglewood Enterprises, led by Max Mehlburger Jr., received the five-year loan from Centennial Bank.

The 7.2-acre Tanglewood Center development at 7509 Cantrell Road previously was linked with an October 2010 mortgage of $3.7 million held by First Security Bank of Searcy.

Tanglewood Enterprises acquired the project from John and Mary May in September 1972 for $1.5 million.

Shoppes Construction

Construction of a 17,889-SF retail project is backed with a $3.5 million financial package. Shoppes At Colonel Glenn LLC, led by Leonard Boen, obtained the four-year loan from Centennial Bank. The 3.2-acre site is west of the Holiday Inn Express at 4900 Tally Road.

The property previously was used to help secure a January 2009 mortgage of $5 million held by Twin City Bank of North Little Rock.

The land was bought in June 2001 as part of a 60-acre deal totaling $2.9 million. The sellers were Sally Ferguson, Pamela Ferguson McPherson and Wendy Ferguson Wheelis. n