Posted 12/23/2013 12:00 am
A trio of Lonoke County properties all drew seven-digit deals. Leading the pack was an agri transaction totaling $5.1 million.
Toltec Farm Inc. of Miami bought the 1,077-acre spread about two miles northeast of Toltec Mounds State Park.
Sellers: Jimmy and Martha Sims, Charlotte and Curtis Bowls, Jimmy B. Simms Farms Inc. and Jim David Sims Farms Inc.
Farmland encompassing 601 acres, including 83 acres in Jefferson County, produced a $2.38 million sale farther south.
Orelan Johnson II and his wife, Brandy, purchased the property from Jo Bennett & Sons Inc., led by Wayne Bennett Jr.
The land is divided into two tracts: 240 acres about two miles south of England and a mile east of Highway 15 and a second tract along the east side of Highway 15 about three miles south of England into Jefferson County.
Completing the trifecta is a $1.87 million deal for 11.1 acres in Cabot. The background of this land is a little more complicated.
Jawami Properties Ltd. of Carthage, Texas, acquired the Cabot property at the northwest corner of Main Street and Rockwood Road.
The Burrow Family Trust, led by Bruce Burrow.
The property, envisioned for commercial development, was entangled in foreclosure on July 13, 2012, and Burrow’s Chapter 11 bankruptcy on July 30, 2012.
First Community Bank of Batesville landed a $2.2 million default judgment against the trust and Burrow on March 28, 2013.
The bank held two 2007 mortgages totaling almost $2.1 million. A third mortgage of $250,000, dating from February 2009, was held by Little Rock’s Metropolitan National Bank.