Storage Development Draws $1.4M Sale (Real Deals)

Storage Development Draws $1.4M Sale (Real Deals)
Ferndale Storage at 27000 Kanis Road. (Heritage Building Systems)

A 240-unit mini-storage project in west Pulaski County weighed in at $1.4 million.

Tisdale Properties & Development LLC, led by Tracy and Terre Tisdale, bought the Ferndale Storage project at 27000 Kanis Road.

The seller is Ferndale Storage LLC, led by Byron House and Andy Bowie. The deal is financed with a five-year loan of $1.12 million from Little Rock’s Bank of the Ozarks.

The 5.28-acre development previously was tied to a June 2006 mortgage of $1.18 million and a December 2008 mortgage of $100,000 held by Eagle Bank & Trust of Little Rock.

The location was purchased for $200,000 in March 2004 from Earl Simmons.

Kramer Recycled

A 24-unit loft project in downtown Little Rock is under new ownership after a $455,000 foreclosure sale.

Little Rock Historic Properties LLC, led by Mark Brown and Jill Judy, acquired the Kramer School Artloft at 715 Sherman St.

The deal is backed with a three-month loan of $561,000 from Central Bank of Little Rock.

The auction was prompted by the Arkansas Development Finance Authority, which held a first mortgage of $452,164 dating from July 2011.

The former owner was Kramer School Artloft Ltd., operated since then by the Downtown Little Rock Redevelopment Corp.

The limited partnership originally was led by Todd Rice and Paul Esterer, who were replaced as general partners four years ago.

The 1.4-acre redevelopment also was linked with a December 1996 Community Development Block Grant loan of $830,000 through the city of Little Rock.

The city gave the property to Kramer School Artloft in December 1996.

Bindery Purchase

A 12,065-SF bindery facility in south Little Rock changed hands in a $330,000 transaction.

ER Asset Management LLC, led by Brad Scott, purchased the 3506 Mabelvale Pike project. The seller is B&C Bindery Inc., led by Bill Buddenberg.

The entire deal was funded through a mortgage carried by the William H. Buddenberg Jr. & Sherri E. Buddenberg Irrevocable Trust.

The 0.39-acre location was assembled in two deals totaling $112,000. The sellers were Don and Carolyn Kirkpatrick, $102,000 in December 1984; and Buster Loveday, $10,000 in June 1986.

Sologne Manor

A 6,642-SF home in the Sologne Circle neighborhood of west Little Rock’s Chenal Valley development tipped the scales at $1 million.

Anthony and Audra Thomas bought the house from James Works Jr. and his wife, Julia.

The deal is financed with a 30-year loan of $415,000 from Bank of America in Charlotte, North Carolina.

The residence previously was tied to a March 2012 mortgage of $780,000 held by One Bank & Trust of Little Rock.

The Works family purchased the property for $975,000 in January 2012 from Steven and Susan Smith.

Woodland’s Residence

A 3,870-SF home in the Woodland’s Edge neighborhood of west Little Rock sold for $505,750.

Stephen and Joanne Ulmschneider ac-quired the house from Sharlow Builders & Developers LLC, led by Reggie Clow.

The deal is backed with a 30-year loan of $200,000 from Eagle Bank & Trust.

The residence previously was linked with an April 2015 mortgage of $422,250 held by One Bank & Trust.

The location was bought for $75,000 in April 2014.

The seller was Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

Million-Dollar Construction

BMW of Little Rock    $6,784,000
4621 Colonel Glenn Plaza Drive, Little Rock
R.G. Brinkmann Co., Chesterfield, Missouri

Redevelopment    $1,425,000
Retail and apartments
615 Main St., Little Rock
Central Construction Group, Little Rock