A 126,288-SF retail center in midtown Little Rock tipped the scales at $41.45 million.
IREIT Little Rock Midtowne LLC, an affiliate of Inland Real Estate Income Trust Inc. of Oakbrook, Illinois, purchased the Midtowne Little Rock project at 201 N. University Ave.
The seller is IMI MTLR LLC, a co-investment venture owned by an affiliate of Miller Capital Advisory Inc. of Skokie, Illinois, and CalPers, the nation’s largest public pension fund.
The deal is financed with a five-year loan of $20.7 million from JPMorgan Chase Bank of Columbus, Ohio. IMI MTLR LLC bought out the interest of Strode Property Co. of Dallas for $3.5 million in September 2011.
The 10.5-acre site was assembled in 24 deals totaling about $5.1 million. The sellers during a nine-month period were:
- September 2003: A.M. Sullivan Jr., Dorothy Sullivan and James Sullivan, $1.06 million; and the 1999 Annette S. Storthz Revocable Trust, $450,000.
- October 2003: James Spencer Paxton estate, $210,000; William A. Joyce and the Irma L. Joyce Trust, $168,000; Roberta Robinson, $135,000; Irtle Paxton, $105,000; Pamela Lange and Lester and Murphy Hamaker, $95,000 each; Margaret Talley, $82,000; Sybil O’Neal, $79,000; Wilson Bynum, $75,000; and B&P Properties LLC, led by Patricia Callahan, $73,000.
- November 2003: Kenneth Holeman, $80,000.
- December 2003: Elizabeth and Donald Mahan, $92,000; and 3B Properties LLC, led by Blake Miller, David Bush and Boyce Holmes, $83,000.
- January 2004: St. Vincent Infirmary Medical Center, $1.1 million; Jim and Deborah Moore and John Lindquist, $125,000; Betty Ann Bullard, $65,000; and Adkins Properties, led by Andrew Adkins, $45,000.
- February 2004: O.C. and Louise Walthall, $333,000.
- March 2004: Georgeann and Ben Freasier, $222,000.
- April 2004: Ricardo and Albina Paulino, $162,000; and Pamela Lange, $105,000.
- May 2004: Lou Schickel, $80,000.
Retail Development
Construction of a 9,000-SF retail building in west Little Rock is trailing a $1 million land deal.
Promenade at Chenal Little Rock LLC, an affiliate of Thompson Thrift Development Inc. of Terre Haute, Indiana, bought the 1.45-acre site on the west side of Chenal Parkway in front of The Promenade at Chenal.
The development is funded with a one-year loan of $2.47 million from Associated Bank of Indianapolis.
The seller is Little Rock Development Co. LLC, led by two New York firms: O’Connor Capital Partners and Wafra Investment Advisory Group Inc.
The land is part of the original 37.8-acre Promenade site purchased for $10.25 million in September 2006.
The seller was Deltic Timber Corp. of El Dorado.
Noah’s Site
Development of a Noah’s event center in west Little Rock is following an $859,636 land sale.
NC Little Rock 642 LLC of Frisco, Texas, acquired the 1.7-acre site at 21 Rahling Circle from Deltic Timber Corp.
Deltic Timber entered the Pulaski County real estate scene in December 1956 when it bought Sparkman Lumber Co., led by Roy Sturgis. The land holdings in the county totaled 16,552 acres at the time.
Mapco Redevelopment
A Mapco convenience store development in west Little Rock was set in motion by a $920,000 land assembly process.
NTI John Barrow Road LLC of Franklin, Tennessee, put together the 1.2-acre property at the northeast corner of Kanis and Barrow roads in two deals.
The sellers were William Sutton, the Boyce R. Love Testamentary Trust and William L. Patton Family Ltd., a Regions Bank branch at 8818 Kanis Road, $625,000; and JP Mortgage & Investments LLC, led by Danny Priest, the Diamond Medical facility at 8700 Kanis Road, $295,000.
The branch location was purchased for $95,000 in April 1973 from Grand Western Tire Co., led by Ray Hubbard.
JP Mortgage acquired its property for $270,000 in October 2005 from Roach Ltd. No. 1, led by Gary Roach Sr. and his wife Candis. It previously secured a $229,500 mortgage held by First Security Bank of Searcy.
Overlook Residence
A 5,144-SF home in Little Rock’s Overlook Park neighborhood is under new ownership after a $900,000 transaction.
Gareth Morgan bought the house from Haley Revocable Trust, led by John and Danette Haley.
The residence previously was linked with a September 2007 mortgage of $400,000 from Regions Bank of Birmingham, Alabama.
The Haleys purchased the property for $600,000 in April 1999 from Allen McDowell and Deborah McDowell Diner.
Country Club House
A 3,000-SF home near the Country Club of Little Rock rang up a $549,000 sale.
James and Toga Tuite acquired the house from Dorsey and Lucy Jackson.
The deal is funded with a 30-year loan of $417,000 from Simmons First National Bank of Pine Bluff.
The Jacksons bought the property for $65,000 in June 1975 from Jerry and Mary Dollins.
Courts Home
A 4,222-SF home in the Courts neighborhood of west Little Rock’s Chenal Valley development drew a $502,000 transaction.
Joel Poythress purchased the house from Donald Cottingame II and his wife, Tonya.
The deal is backed with a 15-year loan of $402,000 from Cartus Home Loans LLC of Mount Laurel, New Jersey.
The residence previously was tied to February 2013 mortgages of $385,206 and $24,075 held by Metropolitan National Bank of Little Rock.
The Cottingames acquired the property for $482,000 from James and Nancy Davis.
MISO Funding
A $22 million bond issue is backing an office development in west Little Rock.
Funding for the regional operations center for Midcontinent Independent System Operator Inc. of Carmel, Indiana, was obtained through industrial development revenue bonds issued by Pulaski County.
MISO bought the 6.2-acre site at 1700 Centerview Drive for $1.93 million in November 2013 from ISB Westlake LLC, led by Jim Irwin.
Methodist Mortgage
A west Little Rock congregation secured a $5.5 million financial package.
St. James United Methodist Church obtained the five-year loan from Regions Bank.
The 13-acre campus largely was assembled in two transactions with Pleasant Valley Inc., led by R.A. “Brick” Lile, $26,000 in July 1969, and the Little Rock School District, $250,000 in June 2003.
Convenient Financing
A North Little Rock convenience store project is helping secure a $4.7 million funding agreement.
J&P Flash Inc., led by Oscar and Carol Patterson, received the five-year loan of $4.7 million from FNBC Bank of Ash Flat.
The 1.94-acre development at 2541 Highway 161 previously was linked with a May 2010 mortgage of $1.7 million and an April 2012 mortgage of $300,000 held by the bank.
The project was acquired as part of $1.5 million deal in June 1999 with Troutman Oil Co., led by Toby Troutman.
Doda Loan
The owner of an education property in west Little Rock picked up a $2.16 million mortgage.
Doda Construction, led by David Bruning and Doug Meyer, got the 20-year loan from BancorpSouth Bank of Tupelo, Mississippi.
The 2.4-acre development at 1309 Old Forge Road previously was linked with a January 2014 mortgage of $1.49 million held by the bank.
Doda bought the 14,248-SF Heritage College project for $2.7 million seven months ago from Family Center Proper-ties LLC, led by Paschal Gagliardo.
Building Permits
Riverdale Residences $20,265,000
1200 Brookwood Drive, Little Rock
Golden & Associates LLC, Birmingham, Alabama
Geyer Springs Baptist Church Addition $5,109,018
12400 Interstate 30, Little Rock
Nabholz Construction Corp., Conway
Ring Container Technologies Warehouse Addition $2,257,304
9000 Frazier Pike, Little Rock
Al J. Mueller Construction Co., St. Joseph, Missouri
Six Apartments $1,300,000
1301 S. Louisiana St., Little Rock
Charles Jordan Builders, Little Rock
Firestone Auto Care $1,257,617
1426 Cantrell Road, Little Rock
Hart Construction LLC, Searcy
Sign up for Daily E-news
