Promenade Retail Draws $4.3 Million Transaction (Real Deals)


Promenade Retail Draws $4.3 Million Transaction (Real Deals)
17801 Chenal Parkway in Little Rock (Jason Burt)

An 8,880-SF retail project in west Little Rock tipped the scales at $4.3 million.

Chenal Promenade LLC, an affiliate of HDA Properties of Los Angeles, bought the home of Bonehead’s Grill, Menchies Frozen Yogurt and more at 17801 Chenal Parkway.

The seller is Promenade at Chenal Little Rock LLC, an affiliate of Thompson Thrift Development Inc. of Terre Haute, Indiana.

The deal is backed with a 14-year loan of $2.52 million from Genworth Life & Annuity Insurance Co. of Overland Park, Kansas.

The 1.45-acre development previously was tied to a May 2014 mortgage of $2.47 million held by Associated Bank of Indianapolis.

Promenade at Chenal Little Rock purchased the site for $1 million 17 months ago from Little Rock Development Co. LLC, led by two New York firms: O’Connor Capital Partners and Wafra Investment Advisory Group Inc.

Therapeutic Acquisition

A 10,796-SF pediatric therapy center in west Little Rock is under new ownership after a $1.89 million transaction.

Princess Investments LLC, led by Jane Prince, acquired the Grow Learning Centre project at 5 Remington Cove and an adjoining 1.38-acre parcel. The seller is BWWP Ventures LLC, led by David Prewitt.

The deal is funded with a seven-year loan of $2.8 million from Simmons First National Bank of Pine Bluff.

The 1.38-acre development and land previously were linked with an April 2011 mortgage of $1.56 million and a March 2014 mortgage of $1.49 million held by First Security Bank of Searcy.

BWWP bought the property in September 2007 as part of a $775,000 deal with Billie Lewis Gay and her husband, Carlos.

Charles Place Buy

A nine-unit condo project in downtown Little Rock changed hands in a $640,000 deal.

Broadway Park LLC, led by Brett Pitts, purchased the Charles Place project at 117 Daisy Bates Drive from Angela and John Dougan.

The 0.18-acre development previously was tied to a September 2008 mortgage of $41,503 held by United Bank of Springdale.

The Dougans acquired the property for $465,000 in July 2007 from All-Star Inc., led by Jeanette Fulmer.

Executive Decision

A 6,099-SF office building in west Little Rock rang up a $525,000 sale.

Scott Ventures LLC, led by Cory Scott, bought the Executive Recruiters Building at 14 Office Park Drive from Aaron and Sandra Lubin.

The deal is financed with a five-year loan of $432,000 from Arvest Bank of Fayetteville.

Aaron Lubin purchased sole ownership of the 0.56-acre development for $325,000 in 1986 from his fellow partners in Eight Office Park West, which included Steve Hansen, Max Hooper, John Toney and Boyd Bond.

Star Bolt Transaction

An 11,520-SF industrial facility in downtown North Little Rock shifted ownership in a transaction valued at $460,000.

Edge5 Real Estate Holdings LLC, led by Nick Edgar, acquired the Star Bolt project at 500 N. Olive St. The seller is Edgar Properties LLC, led by Brenda Kent.

The deal is backed with a five-year loan of $460,000 from Capital Bank of Little Rock.

The 1.25-acre property was assembled in deals totaling $320,000. The sellers were John and Betty Sink, $260,000 in January 1989; Associates Financial Services Co. of Irving, Texas, $16,000 in January 2000; Arkansas District Council Assemblies of God, $44,000 in June 2000.

National Drive Purchase

An 11,970-SF office building in southwest Little Rock drew a $390,000 sale.

NSE Properties LLC, led by Norma James, purchased the 8001 National Drive project. The seller is Sorrells, K.E., Research Associates Inc., led by Cecil Sorrells.

The deal is funded with a seven-year loan of $670,000 from Little Rock’s Bank of the Ozarks. The 2.08-acre development previously was linked with a January 2008 mortgage of $412,800 held by Regions Bank of Birmingham, Alabama.

Sorrells acquired the property for $485,000 in January 2008 from National Drive LLC, led by Marilyn Chowning.

Waterview Manor

A 5,704-SF home in the Waterview Estates neighborhood of west Pulaski County weighed in at $1.4 million.

Jackson Carpenter bought the nearly 16.3-acre spread from Boyd and Lynn Corley. The deal is financed with a 30-year loan of $1.1 million from Bank of Little Rock Mortgage Corp.

The residence previously was tied to a November 2011 mortgage of $960,000 held by U.S. Bank of Cincinnati and a September 2012 mortgage of $190,000 held by Summit Bank of Arkadelphia.

The Corleys purchased the location for $345,000 in February 2009 from Waterview Estates LLC, led by Rick Ferguson.

Country Club House I

A 3,020-SF home near the Country Club of Little Rock sold for $850,000.

Evan and Jennifer Gregory acquired the house from Nicholas and Mischelle Papan.

The deal is backed with a 30-year loan of $417,000 and a five-year loan of $263,000 from Simmons First National Bank.

The residence previously was linked with an April 2012 mortgage of $645,200 held by Regions Bank.

The Papans bought the property for $725,000 more than three years ago from William and Peggy Marshall.

Arbors Residence

A 3,905-SF home in The Arbors neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $727,000 deal.

Sam Richardson III and his wife, Sara, purchased the house from Jay and Magen Stewart. The residence previously was tied to a May 2015 mortgage of $350,000 held by First Security Bank.

The Stewarts acquired the location for $102,000 in December 2012 from Deltic Timber Corp. of El Dorado.

Austin Lakes Home

A 4,818-SF home in the Austin Lakes neighborhood of Sherwood changed hands in a $633,750 transaction.

The Dean E. Dimichele Trust bought the house from Alvin and Sheryl Schultz. The deal is funded with a 15-year loan of $415,000 from Centennial Bank of Conway.

The residence previously was linked with a December 2010 mortgage of $263,000 originated by Morgan Stanley Credit Corp. of Riverwoods, Illinois.

The location was purchased for $130,000 in August 2003 from Austin Lakes on the Bay LLC, led by Marian Botsford.

Estates Sale

A 4,815-SF home in the Maumelle Valley Estates neighborhood rang up a $572,000 sale.

Michael and Kerry Flannery acquired the house from Kimberly Lester.

The deal is financed with a 30-year loan of $417,000 from Franklin American Mortgage Co. of Franklin, Tennessee, and a $97,800 loan from Bank of Augusta.

The residence previously was tied to a March 2014 mortgage of $450,000 held by Bank of America in Charlotte, North Carolina.

The location was bought for $73,000 in November 2011 from Maumelle LLC, led by Gilbert Carpenter.

Miramar Place

A 3,732-SF home in the Miramar Place neighborhood of west Little Rock’s Chenal Valley development drew a $522,000 transaction.

Jerry and Debra Ware purchased the house from Dillon Group Inc., led by Janet Dillon.

The deal is backed with a 30-year loan of $417,600 from U.S. Bank of Cincinnati.

Dillon Group acquired the site for $84,000 in February 2014 from Deltic Timber Corp.

Country Club House II

A 2,576-SF home near the Country Club of Little Rock sold for $515,000.

Julie Hagood bought the house from Madeleine Deming and Farshad Aduli.

The deal is funded with a 30-year loan of $412,500 from Bank of America.

The property was purchased for $425,000 in April 2008 from AC/DC Investments LLP, led by Dennis Cooper.