On the Border Serves $4.3M Deal (Real Deal)

A 1.51-acre eatery development in Sherwood tipped the scales at $4.3 million.

Manganaro’s Hero Boy Inc. of New York bought the On the Border project at 6000 Warden Road from OTB Acquisition LLC of Irving, Texas.

OTB acquired the location for $918,000 in April 2013 from Sherwood Forest LLC of San Antonio.

School Assembly

Land for a middle school campus in west Little Rock was assembled in two deals totaling $4.2 million. The Little Rock School District purchased 43.5 acres, most of which is on the east side of Katillus Road north of Cantrell Road.

The sellers were the William L. Adams Family Trust and William and Iva Adams, 40 acres for $3.4 million; and Professional Property Co. LLC, led by Sam Winstead, 3.5 acres near the northwest corner of Katillus and Cantrell roads.

The PPC parcel was part of the 26.7-acre Leisure Arts development at 5701 Ranch Road. However, it was excluded from the $12.5 million sale to Baptist Health in April 2013.

Leisure Arts bought the land as part of a $1.4 million deal with Johnson Ranch Partnership, led by Ed Willis.

The Adams family had owned their property since striking a deal with F.R. and Effie Worstel in 1942.

Trane Transaction

A 60,000-SF office-warehouse facility in west Little Rock shifted ownership in a $2.75 million transaction.

VHV Partnership, led by Robert Vogel, acquired the 50 percent stake in the Trane Arkansas project at 19 Col. Glenn Plaza Drive. The seller is Lay Family Revocable Trust, led by Gary Lay.

The other half of the development is owned by Robert A. Vogel Management LLC.

The 5.82-acre location was part of a 110-acre tract purchased for $3.8 million in January 1998 from St. Vincent Infirmary Medical Center of Little Rock.

Ryder Acquisition

A 5.72-acre property in North Little Rock changed hands in a $475,000 sale.

Ryder Vehicle Sales LLC of Miami bought the property at 11501 Interstate 40 from Harris Family Co. LLC, led by Bolton Harris II.

The Harris family has owned the land since B.T. and Floy Harris bought it as part of a July 1950 deal with Butane Wholesale Gas Co.

Courts House

A 4,388-SF house in The Courts neighborhood of west Little Rock’s Chenal Valley development rang up a $523,000 transaction.

Phillip and Keya Pointer purchased the house from Jeremy and Jennifer Nipps. The deal is financed with a three-year loan of $496,850 from First Security Bank of Searcy.

The residence previously was tied to an April 2010 mortgage of $414,878 held by Little Rock’s Bank of the Ozarks.

The Nipps family bought the location for $63,000 in December 2004 from KT Builders Inc., led by Kenny Whitfield.

Chapel Ridge Funding

A 122-unit apartment project in Little Rock is backed with a $6.24 million funding agreement.

Little Rock Housing Associates II Ltd., led by Ernest R. Coleman Jr., received the loan through Red Mortgage Capital LLC of Dallas.

The 10.1-acre Chapel Ridge Southwest development at 9400 Stagecoach Road previously was linked with a November 2002 bond issue of $6.6 million through the Pulaski County Public Facilities Board.

The limited partnership acquired the site for $433,000 in November 2002 from Ann Terry Pincus and Terry Family Ltd., led by F. William Terry.

Walgreens Mortgage

The owner of a Walgreens project in west Little Rock picked up a $4.4 million financial package.

Merlander Family Irrevocable Trust of Palos Verdes Estates, Calif., obtained the five-year loan from Wells Fargo Bank of Sioux Falls, S.D.

The 1.67-acre development at 15500 Chenal Valley Parkway previously was tied to a November 2008 mortgage of $4.73 million held by Bank of the West of San Franciso.

The project was purchased for $7.75 million more than five years ago from Chenal & Wellington Hills 2007 LLC, led by Jeff Nicholas.

All locations on map approximate.