Midtown Walgreens Sells for $6.1 Million (Real Deals)

A Walgreens in midtown Little Rock tipped the scales at $6.1 million.

Pharmacy Sale Leaseback II Exchange LLC, overseen by Inland Real Estate Group Inc. of Oak Brook, Illinois, purchased the 3901 W. Markham St. project from Walgreen Co. of Deerfield, Illinois.

The 1.72-acre development is helping secure a 10-year loan of $25.6 million from Parkway Bank & Trust of Harwood Heights, Illinois.

The location was assembled in June 2009 in seven buys totaling $2.93 million:

  • $1.69 million for the Economy Inn at a bankruptcy court sale by Neshco Corp., led by Bhulabhai Patel.
  • $282,000 for a 1,809-SF house at 108 S. Pine St. owned by the Joe F. Desalvo & Dorothy J. Desalvo Revocable Trust.
  • $265,000 for a 1,525-SF house at 109 S. Cedar St. owned by Robert Nathan Jr.
  • $209,000 for a 1,257-SF house at 120 S. Pine St. and an adjoining lot owned by the Virgie Mae Loveless Revocable Trust.
  • $188,000 for a 1,290-SF house at 112 S. Pine St. owned by Marjorie Culpepper and the estate of William Gordon Stevens.
  • $175,000 for a 1,160-SF house at 102 S. Pine St. owned by Rodney Cornelius.
  • $122,000 for a 1,079-SF house at 124 S. Pine St. owned by Anita Jay.

Industrial Sale I

A 342,800-SF warehouse in south Little Rock weighed in at $2 million.

Cameron Commercial Properties LLC, led by Robert Cameron, acquired the Space Center at 1900 W. 65th St. The seller is Capital Properties LLC, led by Gus Blass III.

The deal is financed with a five-year loan of $1.6 million from Regions Bank of Birmingham, Alabama.

The 13.21-acre development was purchased for $1.15 million in March 1971 from Space Center Inc., led by William Bell.

Parts Transaction I

A 7,800-SF retail building in southwest Little Rock is under new ownership after a $743,000 sale.

Suntrust Bank of Atlanta bought the 3425 Baseline Road project from ZSF/GPC 2 Trust of New York. The 1-acre development is leased to Genuine Parts Co. of Atlanta.

The property was acquired for $380,000 in November 1998 from Genuine Parts Co. of Atlanta.

Parts Transaction II

A Napa Auto Parts in North Little Rock changed hands in a $631,000 deal.

Spirit Master Funding VI LLC of Scottsdale, Arizona, purchased the store at 8717 Sheltie Drive from James Family Properties LLLP, led by Judith Scherer.

The 0.88-acre development previously was tied to a January 2004 mortgage of $1 million held by Little Rock’s Bank of the Ozarks. The land was bought in July 1983 as part of a $375,000 deal with A.T. Gillespie M.D. P.A., William and Sarah Kay Humphries, the Catherine Jane Howe Trust, James and Jane Flack and William Daniel Thomas Jr. and his wife, Johnnie Nell.

Industrial Sale II

A 24,000-SF industrial building in southwest Little Rock rang up a $537,500 sale. Joyner Holdings LLC, led by Harold Joyner, acquired the 10625 Otter Creek East Blvd. project.

The seller is T&G Properties LLC, led by Ted and Greg Smith. The deal is funded with a five-year loan of $430,000 from IberiaBank of Lafayette, Louisiana.

The 1.38-acre site was assembled in two transactions totaling $125,000. The sellers were Arkansas Builders Supply Inc., led by Douglas Theodore, $106,000 in April 1976; and Otter Creek Development Co., led by Luke Quinn, $19,000 in May 1980.

Sherwood Acquisition

A 3,667-SF office-warehouse in Sherwood drew a $450,000 transaction.

Baeyens Hauk Properties LLC, led by Kathryn Baeyens, Angela Willman-Hauk and Marilyn Baeyens, bought the 8620 Highway 107 project. The seller is SC Roofing LLC, led by Sam Carrasquillo.

The deal is backed with a $125,000 loan from Centennial Bank of Conway.

The 0.49-acre development previously was linked with a March 2012 mortgage of $225,000 held by First Security Bank of Searcy. The property was acquired for $150,000 in September 2010 from James Burge.

Pathfinder Gift

A 3,480-SF office building in Jacksonville was donated in a transaction valued at $180,000. Pathfinder Inc., led by Joan Zumwalt, received the 224 N. Bailey St. project from GEO II LLC, led by the J.C. George Revocable Trust.

The 0.24-acre property was purchased for $89,000 in May 1992 from Jacksonville Office Builders, led by Joseph James, James Davis, Robert McCrary and John Hale.

Canal Pointe Home

A 4,500-SF home in Little Rock’s Canal Pointe neighborhood changed hands in an $882,500 deal.

The Gunnar H. Gibson Revocable Trust acquired the house from the Bauer Revocable Trust, led by Julia Bauer Polk and David Bauer.

The home site was bought for $33,000 in December 1997 from Pleasant Valley Inc., led by Marion Burton.

Hickory House I

A 5,250-SF home in west Little Rock’s Hickory Creek neighborhood is under new ownership after a $774,923 foreclosure sale.

U.S. Bank of Cincinnati recovered the house from David Allan Schmidt. The bank obtained a $690,520 judgment in February against Schmidt.

The residence previously was tied to a May 2009 mortgage of $702,000 held by U.S. Bank.

The property was acquired for $570,000 in July 1995 from George and Lois Schaefer.

Chenal Circle Abode

A 6,600-SF home in the Chenal Circle neighborhood of west Little Rock’s Chenal Valley development rang up a $760,000 transaction.

Philip and Robin Johnson bought the house from Bank of New York Mellon, the trustee of a mortgage portfolio.

The deal is funded with a one-year loan of $620,000 from Summit Bank of Arkadelphia. The property previously was linked with a $1 million loan originated by One Bank & Trust of Little Rock as well as two other October 2004 mortgages held by One Bank totaling $185,000.

Bank of New York recovered the property from Aaron and Julie Young in October 2013 at an $808,300 foreclosure sale.

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

Hickory House II

A 3,871-SF home in west Little Rock’s Hickory Creek neighborhood sold for $685,000.

Willard Chumley Jr. acquired the house from Charles and Kaye Cummings.

The deal is backed with a 30-year loan of $417,000 from Delta Trust Mortgage Inc. of Little Rock and a five-year loan of $131,000 from Delta Trust & Bank.

The residence previously was tied to an October 2012 mortgage of $360,000 held by Discover Home Loans Inc. of Irvine, California.

The property was bought for $630,000 in March 2009 from Cartus Financial Corp. of Danbury, Connecticut.

Riverbend Condo

A 3,246-SF condo in Little Rock’s Riverbend neighborhood drew a $615,000 transaction.

Cloud N. Keyes Revocable Trust purchased the residence from Magalene Hogan Pugh. The deal is financed with a $315,000 loan from First Security Bank.

The property was acquired for $140,545 in December 1986 from Virginia Bailey.

Industrial Mortgage

The owner of a 19,724-SF industrial building in south Little Rock picked up a $3.27 million funding agreement.

Allied Way Ltd., led by James Hericks, obtained the 10-year loan from Comerica Bank of Dallas.

The limited partnership bought the 8.91-acre development at 6600 Allied Way for $540,000 in April 2002 from Capitol Chemical & Supply Inc., led by Gary Dunwoody.

Million-Dollar  Construction

Homewood Suites & Parking Deck |  $13,000,000
400 River Market Ave., Little Rock
Clark Contractors LLC, Little Rock

Upholstery Shop    $5,500,000
Dassault Falcon
3801 E. 10th St.,  Little Rock
Kinco Constructors LLC, Little Rock

Youth Ministry Expansion    $1,900,000
St. James United Methodist Church
320 Pleasant Valley Drive, Little Rock
Bailey Construction & Consulting LLC,
Little Rock
HomeGoods Store    $1,392,000
17625 Chenal Parkway, Little Rock
Hart Construction LLC, Searcy

McDonald’s    $1,125,000
5506 MacArthur Drive, North Little Rock
Davenport Contracting Inc.,
North Little Rock