Bank-Owned Property Draws $3.9M Buyer (Real Deals)

A 49,100-SF office building in west Little Rock weighed in at $3.9 million.

Responsive Education Solutions of Lewisville, Texas, purchased the Sedgwick Centre at 400 Hardin Road from Simmons First National Bank of Pine Bluff.

The deal is financed with a 15-year loan of $3.31 million from Northstar Bank of Texas in Denton.

Simmons inherited the 4.8-acre development through its November 2013 bankruptcy court auction purchase of Metropolitan National Bank of Little Rock.

Metropolitan recovered the property from WSLIC Properties II LLC, led by Ralph Olsen II, president of Wonder State Life Insurance Co., at a $5 million foreclosure sale in July 2009.

The project was linked with a February 2006 mortgage of $5.4 million held by Metropolitan.

WSLIC bought the property for $6.4 million back then from R&R Partners, led by David Rees.

Office Park Sale

A four-building, 22,912-SF office project in west Little Rock changed hands in a nearly $1.66 million transaction.

Highway 10 Office Park LLC, led by Isaac Smith, acquired the 16603-23 Cantrell Road. The seller is HTES LLC, led by Todd Hart.

The deal is funded with a 10-year loan of $1.5 million from Greenwood’s State Bank of Lake Mills, Wisconsin.

The 2.3-acre office development was tied to a pair of May 2009 mortgages totaling $3.2 million held by BancorpSouth Bank of Tupelo, Mississippi.

The property was assembled in two deals totaling $810,000.

The sellers were Michael and Rebecca Stallcup, a 0.4-acre parcel for $130,000 in October 2004; and John and Phyllis Saugey, a 1.93-acre parcel for $680,000 in April 2007.

Industrial Transaction

A 100,000-SF warehouse complex in North Little Rock is under new ownership after an $850,000 sale.

JWJ Investments LLC, led by Allen Jenkins, James Wallace and Steven Jenkins, bought the Farmers Market project at 10 Market Plaza Road.

The seller is Kyzer Plants & Produce Inc., led by David Kyzer Sr. and Steve Kyzer Sr.

The deal is backed with a $765,000 loan from Centennial Bank of Conway.

The land was assembled in two buys totaling $240,000.

The sellers were Hattie Mae Faulkner, Anna Faulkner and Ida Faulkner, 10 acres for $90,000 in October 1970; and Gerald Grimes, 1.1 acres for $150,000 in February 1984.

Country Club Manor

A 4,729-SF home near the Country Club of Little Rock changed hands in a $1.1 million deal. The Dwight Hobbs Curry Trust purchased the house from Caroline Morgan Ford Revocable Trust.

The residence previously helped secure a $2.6 million mortgage held by Summit Bank of Arkadelphia.

The property was bought for $1.6 million in May 2006 from Chuck Hamilton Construction Inc.

Maisons House

A 4,342-SF home in the Maisons neighborhood of west Little Rock’s Chenal Valley development sold for $570,000.

Masil George and Appathurai Balamurugan acquired the house from Scott and Stacy Harter.

The deal is financed with a 30-year loan of $570,000 from Arvest Bank of Fayetteville.

The residence previously was linked with a June 2009 mortgage of $363,700 from Regions Bank of Birmingham, Alabama, and a May 2011 mortgage of $269,000 from Amerisave Mortgage Corp. of Atlanta.

The Harters purchased the location for $72,000 in April 2004 from Deltic Timber Corp. of El Dorado.

Hampton Inn Funding

Construction of a 75-room Hampton Inn & Suites in North Little Rock is backed with a $5.2 million funding agreement.

Vishnu Inc., led by Manoj Patel, obtained the loan from Centennial Bank.

Vishnu bought the former Lone Star Steakhouse & Saloon property at 3629 W. McCain Blvd. for $600,000 in July 2010 from a real estate affiliate of Bank Midwest of Kansas City, Missouri.