Little Rock PetSmart Attracts $4.5M Deal (Real Deals)

A PetSmart store in west Little Rock is under new ownership after a $4.5 million sale.

Cole PM Little Rock AR LLC of Phoenix bought the 26,156-SF project at 11400 Financial Centre Parkway from TFG LLC of Los Angeles.

The deal is financed as part of a 14-month loan of $50 million from JPMorgan Chase Bank of Columbus, Ohio.

The 2.53-acre development previously was tied to a pair of loans: an August 1996 mortgage of $1.97 million and a February 2006 mortgage of $450,000 held by the Union Central Life Insurance Co. of Cincinnati.

The property was acquired for $2.9 million in May 1996 from PMT Investors No. 1 Ltd. of Dallas.

Dealership Development

A relocation site for two west Little Rock auto dealerships tipped the scales at $2.9 million.

Riverside Properties LLC, led by Lisenne Rockefeller, purchased an 8.04-acre parcel near the southwest corner of Col. Glenn and David O. Dodd roads. The property will become the new home for Riverside Acura and Riverside Subaru.

The seller is Terraforma LLC, led by David Bruning and Doug Meyer.

Terraforma bought the property in September 2001 as part of a $1.15 million deal with the Gale Douglass Rush Revocable Trust and the Mary A. Rush Revocable Trust.

Multifamily Land

Land for a 78-unit apartment project in downtown North Little Rock was assembled in three deals totaling $1.26 million.

Argenta Flats LLC, led by Jared Salter, James Salter and Jack Grundfest, acquired nearly 1.9 acres split between two blocks on the east side of Maple Street.

The sellers were City Grove LLC, led by John Gaudin, $978,000 for a 0.97-acre parcel in the 500 block of Maple; Argenta Community Development Corp., led by Kent Walker, $250,000 for an 0.8-acre property at 710 Maple St.; and the city of North Little Rock, $38,000 for a 4,750-SF parcel in the 700 block of Maple.

The Argenta Flats project is backed with a five-year construction loan of $6.18 million from IberiaBank of Lafayette, La.

The City Grove property previously helped secure an April 2012 mortgage of $1.2 million held by Centennial Bank of Conway.

The land was bought in November 2006 as part of a $1.6 million deal with Richmond Holdings Inc., led by Sidney Richmond Jr.

Argenta CDC received its land in December 2008 as a gift from Harold Tenenbaum.

North Little Rock purchased its property for $9,500 in July 1973.

The sellers were Edmund and Mary Louise Pendleton.

Riviera Space

Eight units of office space in the Riverdale area of Little Rock changed hands in a $600,000 deal.

FC Real Estate Group LLC, led by Pat Spivey, bought 8,410 SF on the second floor of Riviera Condominiums at 3700 Cantrell Road.

The seller is Riviera Partners LLC, led by Tom Rystrom. The deal is funded with an 11-year loan of $1 million from Regions Bank of Birmingham, Ala.

The redeveloped 11-story Riviera Apartments previously was used to help secure a $15 million mortgage held by Centennial Bank.

The 3.4-acre apartment project was acquired in April 2007 for $6.6 million from Heartland Properties Corp., led by Larry McGraw.

Commercial Land

A 0.74-acre commercial parcel in west Little Rock drew a $425,000 transaction.

Crain Investments Ltd., led by Larry Crain Sr., and Kelley Commercial Realty LLC, led by Hank Kelley, purchased the property near the southwest corner of Shackleford and Hermitage roads.

The seller is K.D.V. Inc., led by Kantilal Patel.

The land previously was used to help secure a September 2003 mortgage of $2.8 million from First National Bank of Hot Springs.

The property was bought more than 10 years ago for $400,000 from Gene Ludwig.

Chenal Foreclosure

A 6,600-SF home in the Chenal Circle neighborhood of west Little Rock rang up an $808,350 foreclosure sale.

Bank of New York Mellon, as trustee for an investment portfolio of mortgages, recovered the property from Aaron and Julie Young.

The residence was linked with October 2004 mortgages of $1 million that was held in the mortgage portfolio and $125,000 and $60,000 held by One Bank & Trust of Little Rock.

The Youngs acquired the house for $1.25 million in October 2004 from Rick Ferguson Inc.

Hickory Creek House

A 3,086-SF home near the Country Club of Little Rock sold for $581,000.

Bruce Schratz Jr. and his wife, Lindy Landreaux, bought the house from the Nicholson Family Revocable Living Trust, led by Lawrence Nicholson Jr. and Kelli Nicholson Miller.

The deal is financed with a nine-month loan of $500,000 from Arvest Bank of Fayetteville.

The residence was purchased for $550,000 in August 2011 from Perry Lee Wilson.

Grandview Home

A 4,177-SF home in Little Rock’s Grandview neighborhood is under new ownership after a $614,000 transaction.

Randolph and Lisa Nicklas acquired the house from Larry and Shelia Vaught. The deal is backed with a 15-year loan of $417,000 from Delta Trust Mortgage Inc. of Little Rock.

The residence previously was tied to a May 2009 mortgage of $324,175 held by Twin City Bank of North Little Rock.

The Vaughts bought the property for $340,000 in April 2002 from Jeffrey and Kimberly Miller.

Park Hill Residence

A 4,639-SF home on Lake No. 2 in North Little Rock changed hands in a $507,000 sale.

The Rogers Family Trust One, led by Jonathan and Rachel Rogers, purchased the house from Raymond Lackie Jr. and his wife, Vicki.

The Lackies acquired the residence for $120,000 in September 1986 from Boss and Inetta Vest.

Cypress Point Abode

A 4,425-SF home in west Little Rock’s Cypress Point neighborhood drew a $500,000 transaction.

Ahmed Ali and Noha Mohamed bought the house from James and Patricia Touse.

The deal is funded with a 15-year loan of $417,000 from Fifth Third Mortgage Co. of Cincinnati.

The residence previously was linked with a May 2009 mortgage of $410,000 held by Little Rock’s Bank of the Ozarks.

The Touse family purchased the property for $570,000 in December 2007 from Benjamin and Kristen Eiler.

Faithland Refinance

Fifty homes in a west Little Rock residential project are backing a $6.5 million funding agreement.

Faithland Residential Properties 10 LLC, led by Pamela Brown-Courtney and Dr. Willis Courtney Jr., obtained the five-year loan from Simmons First National Bank of Pine Bluff.

The 10-acre Covenant Cove development previously was tied to an October 2012 mortgage of $6.67 million held by One Bank & Trust.

The project is located along Kensington Drive between Romine Road and Leigh Drive

The land was acquired for $100,000 in May 2001 from George A. Brown and Charles Anderson.

Million-Dollar Construction

 
Hank’s Furniture Distribution Center $4,300,000
11250 Smitty Lane, North Little Rock  
Hank’s Furniture Inc., Sherwood  
   
Maverick Transportation Training Facility  
$3,100,000
13301 Valentine Road, North Little Rock  
Clark Contractors LLC, Little Rock  
   
Mini Cooper Dealership $2,275,000
12601 W. Markham St., Little Rock  
Nabholz Construction Corp., Conway  
   
Office Renovation and Addition $1,347,700
Association of Arkansas Counties  
1415 W. Third St., Little Rock  
Kinco Constructors LLC, Little Rock  
   
The Wellington Center at Chenal $1,300,000
15400 Chenal Parkway, Little Rock  
Ross Sparks Builders Inc., Little Rock  
   
First Security Bank Branch $1,110,000
15420 Chenal Parkway, Little Rock  
Alessi-Keyes Construction Co., North Little Rock