North Little Rock Apartment Land Draws $2.8M Sale (Real Deals)


A 64.5-acre tract in North Little Rock tipped the scales at $2.8 million.

Richardson Properties LLC, led by Keith Richardson, purchased the undeveloped land adjoining Foothills Apartments at 2401 Lakeview Road.

The seller is Mlake 1 LLC, an affiliate of Maxus Realty Trust Inc. of North Kansas City, Missouri.

The deal is financed with a $1.82 million loan from Centennial Bank of Conway.

The property previously was linked with a June 2015 mortgage of $1.95 million held by The Woodcrest Co. LLP, led by the James P. Matthews family.

The property was acquired for $2 million 13 months ago from The Woodcrest Co.

Tract Transaction

Undeveloped land totaling nearly 155 acres in north Pulaski County weighed in at $1.3 million.

Lone Pine Holdings LLC, led by Marna Givens, bought the tract, about 1.5 miles north of the North Little Rock Airport between Highway 107 and Kellogg Acres Road, from Farmers Bank & Trust of Magnolia.

The bank entered the ownership picture in July 2014 through a deed in lieu transaction with Semko LLC valued at $1.32 million. The original investment group was composed of Ellen Shinn, Ben Eiler, Eric Morrison, Michael Kinard and Randy Oliver.

New Orbea Home

A 3.25-acre commercial property in downtown North Little Rock changed hands in a $725,000 deal.

The Works at Rockwater LLC, led by James Jackson and Lisa Ferrell, acquired the 36,350-SF Superior Spring Clutch & Gear facility at 700 W. Broadway to house the Orbea bike-making concern.

The seller is Truck Pro LLC of Memphis. The deal is backed with a 5.5-year loan of $1.25 million from Magnolia’s Farmers Bank & Trust.

The location was bought for $101,000 in June 1979 from Beatrice Hurn.

Inter-Denominational Deal

Church property in Sherwood rang up a $700,000 transaction.

North Hills Baptist Church purchased the 1.77-acre development at 9650 and 9700 Hwy. 107 from North Little Rock’s First Pentecostal Church of Jesus Christ Inc.

The deal is funded with a two-year loan of $150,000 and a seven-year loan of $988,886 from Little Rock’s Bank of the Ozarks.

First Pentecostal assembled the property in two deals totaling more than $600,000 with Centennial Bank in June 2010 and North Hills Baptist Church in August 2010.

Multifamily Purchase

A 14-unit apartment project in downtown Little Rock is under new ownership after a $495,000 sale.

Mark Brown and Jill Judy bought the Turner–Karcher House at 503 E. Seventh St. from Karcher Capital LLC, led by Hamlin Au.

The 0.39-acre development is now helping secure a 10-year loan of $955,000 and a two-year loan of $100,000 from Arvest Bank of Fayetteville.

The project previously was tied to a June 2012 mortgage of $382,500 held by Wells Fargo Bank of Sioux Falls, South Dakota.

Karcher Capital purchased the property for $510,000 four years ago from D. Taylor Investment Properties LLC, led by Deborah Taylor.

Parcel Acquisition I

A 5.05-acre commercial parcel in west Little Rock drew a $365,000 transaction

15400 Chenal LLC, led by Larry Crain Jr., acquired the land near the northeast corner of Wellington Hills Road and Chenal Parkway. The seller is Chenal Commercial Partnership, led by Jim Hathaway.

Investors in the partnership include the Morrison Family Partnership, led by James P. Morrison; Dr. David Newbern; the Lyda C. Campbell Revocable Trust; Howard Cockrill Jr.; and Barbara G. Moore.

The partnership, originally operating as CCMN Joint Venture II, bought most of the property in June 1977 as part of an 81.84-acre deal with John F. Pride totaling $445,000 (12.5 cents per SF).

A 1-acre piece was added for $63,000 in a July 2009 deal with Wellington Hills 2007 LLC, led by Jeff Nicholas.

The property previously was linked with a December 2014 mortgage of $585,000 held by Simmons Bank of Pine Bluff.

Parcel Acquisition II

A 1.13-acre commercial parcel in North Little Rock sold for $319,000.

Central Arkansas Veterinary Investment Group LLC, led by Amber Brown, Lynn Beach, William Beirbaum, James Ireland and Cliff Peck IV, purchased the 10500 Maumelle Blvd. site. The seller is MGY LLC, led by Marc Yelenich.

The deal is financed with a one-year loan of $239,250 from Simmons Bank. The location was acquired for $175,000 in June 2006 from Red Hill Partners Ltd., led by Greg Williams.

Turbo Buy

A 5,000-SF office-warehouse in southwest Little Rock changed hands in a $250,000 transaction.

River City Turbo Inc., led by Christopher Wherry, bought the project at 8511 Distribution Drive from Orgil Ganbold.

The deal is backed with a three-year loan of $200,000 from Bank of the Ozarks. The 1-acre development previously was tied to a January 2012 mortgage of $150,000 held by the bank.

Ganbold purchased the property for $275,000 more than four years ago from Easter Vending Service Inc., led by Edward Salazar.

PV Manor

A 5,560-SF home in west Little Rock’s Pleasant Valley neighborhood tipped the scales at $1.2 million

Tejas and Mauli Patel acquired the house from Larry Wood. The deal is funded with a 30-year loan of $1 million from Bank of America in Charlotte, North Carolina.

The residence previously was linked with a December 2003 mortgage of $250,000 held by Metropolitan National Bank of Little Rock.

The property was bought for $246,000 in January 1993 from Anthony and Cathy Fakouri.

Heights Home

A 4,100-SF home in the Heights area of Little Rock rang up an $829,000 sale.

Wilson and Stephanie Bynum purchased the house from Jim Pace Homes LLC. The deal is financed with a 30-year loan of $621,750 from First Financial Bank of El Dorado.

The residence previously was tied to a September 2015 mortgage of $683,200 held by BancorpSouth Bank of Tupelo, Mississippi.

The property was acquired for $305,000 nine months ago from Gerado and Amy Galdamez.

Country Club House

A 3,651-SF home near the Country Club of Little Rock is under new ownership after a $794,000 deal.

Kelly and Ellen Kreth bought the house from Michael and Kirsten Blanchat. The deal is backed with a 15-year loan of $417,000 and a five-year loan of $218,000 from Arvest Bank of Fayetteville.

The residence previously was linked with a June 2015 mortgage of $276,107 held by Wells Fargo Bank of Sioux Falls, South Dakota.

The Blanchats purchased the property for $425,000 in December 1997 from Janet Aronson.

Warehouse Mortgage

The owner of a 67,500-SF warehouse in Little Rock landed a $2 million funding agreement. United Cerebral Palsy of Central Arkansas Inc., led by Larry Stang, obtained the 10-year loan from Simmons Bank.

The 10-acre development at 8121 Distribution Drive previously was tied to an August 2013 mortgage of $680,000 held by Centennial Bank.

The property was acquired nearly three years ago for $850,000 from 8121 Distribution LLC, led by Justin Muller.

Seven-Digit Construction

Remodeling    $1,000,000
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