$5.4M Sale-Leaseback Visits Watkins Project (Real Deals)


$5.4M Sale-Leaseback Visits Watkins Project (Real Deals)

A 162,970-SF printing facility in Little Rock’s Otter Creek Industrial Park is under new ownership after a $5.49 million sale-leaseback transaction.

Indian Bayou Farms LLC, led by Stephanie Rae Smith, purchased the 11501 Otter Creek South Road project. The seller is The Watkins Co., led by Richard Watkins.

The deal is funded with a five-year loan of $3.6 million from Relyance Bank of Pine Bluff.

The 12.66-acre development previously was linked with a December 2005 mortgage of $3 million held by Simmons Bank of Pine Bluff.

Watkins bought the property for $3.6 million in November 1996 from the Handleman Co. of Detroit.

Farmland Acquisition
Land to expand the Little Rock Port Industrial Park tipped the scales at $2.9 million.

The city of Little Rock acquired nearly 39 acres from Roseleta Bartholomew for $950,000 and about 273 acres from her R Bar Farms LLC for $1.95 million.

The property is on the west side of Frazier Pike at West Damsite Road.

The Bartholomew family purchased the bulk of the property for $480,000 in November 1988.

The seller was the predecessor of Lyon College of Batesville, Arkansas College.

Shogun Sale
A 5,348-SF restaurant in Little Rock’s Riverdale area changed hands in a $450,000 deal.

East Cantrell Development Group LLC, led by James Harkins and Edward Bailey, bought the Shogun Japanese Steakhouse at 2815 Cantrell Road.

The seller is LSPE Development LLC, led by Steve Im. The deal is financed with a six-month loan of $405,000 from Relyance Bank.

The 0.47-acre development previously helped secure an August 201 mortgage of $5.5 million held by BancorpSouth Bank of Tupelo, Mississippi.

The property was acquired in May 1982 for $312,500. The seller was the Elaine Roescheise Fisher Trust.

NLR Office
An 8,000-SF office property in North Little Rock drew a $436,000 foreclosure transaction.

Little Rock’s Rector-Phillips-Morse Inc., led by Pete Hornibrook and Kris Upton, purchased the 5111 John F. Kennedy Blvd. project and paid an additional $17,361 to cover back taxes owed by the previous owner.

The deal is backed with a $245,000 loan from First Security Bank of Searcy.

RWL Investments LLC, led by Ron Lazenby, defaulted on an April 2015 mortgage of $1.1 million that was partially secured by the half-acre development. The project was bought in September 2008 for $545,000 from 5111 JFK LLC, led by Karen Hall.

Expansion Room
A 0.97-acre commercial site in North Little Rock is under new ownership after a $180,000 transaction.

Little Scholars Academy LLC, led by Amanda and Michael Johnson, acquired the property adjoining the east side of its 10910 Maumelle Blvd. facility.

The sellers are Troy Wilkins Jr. and his wife, Sandra. The Wilkins family carried a $140,000 mortgage to fund the deal.

The property was purchased for $110,000 in August 2002 from James Butler and Lee and Martha Kierre.

Heights Manor
A 5,873-SF house in the Heights neighborhood of Little Rock weighed in at $1.47 million.

Brad and Jodi Thomas bought the house from James and Brooks Klepper.

The deal is financed with an $875,000 loan from First Service Bank of Greenbrier.

The residence previously was linked with an October 2011 mortgage of $417,000 held by Bank of Little Rock Mortgage Corp. and an August 2016 mortgage of $242,000 held by Regions Bank of Birmingham, Alabama.

The Kleppers acquired the property for $320,000 in October 2009 from the Louis E. Bona & Mary K. Bona Joint Revocable Trust.

Rural Residence
A 4,525-SF home in west Pulaski County rang up a $940,000 sale.

Drew and Tiffany Baker purchased the 4.97-acre spread from Mark and Rhonda McMurray.

The deal is funded with a 15-year loan of $350,000 from Primary Residential Mortgage Inc. of Salt Lake City.

The McMurrays bought the residence for $880,000 in May 2016 from Richard and Patricia Farnsworth.

Germay Abode
A 5,463-SF home in the Germay Court neighborhood of west Little Rock’s Chenal Valley development changed hands in a $718,000 transaction.

Loore Moore-Parrish acquired the house from SWLR Properties LLC, led by Rick Ferguson. The deal is backed with a 30-year loan of $574,400 from First Financial Bank of El Dorado.

SWLR Properties purchased the residence for $725,000 in May 2016 from Oscar Washington Jr. and his wife, Doris, and their namesake trust.

Mirabel House
A 3,850-SF home in the Mirabel Court neighborhood of west Little Rock’s Chenal Valley development sold for $556,000.

Thomas Lee Jr. bought the house from Stevens Commercial Contractors Inc., led by Jackie Stevens. The deal is financed with 30-year loan of $472,600 from Ark-La-Tex Financial Services LLC of Plano, Texas.

The residence previously was tied to a May 2016 mortgage of $448,000 held by First Security Bank. The site was acquired for $82,000 in December 2015 from Deltic Timber Corp. of El Dorado.

PV Home
A 4,474-SF home in west Little Rock’s Pleasant Valley neighborhood drew a $529,900 transaction.

Thomas and Jennifer Pledger purchased the house from Twin Oaks Trust, led by William and Rhona Temple.

The deal is backed with a 30-year loan of $423,200 from BNC National Bank of Glendale, Arizona. The property was bought for $385,000 in August 2002 from Brian and Julia Lisles.

Seven-Digit Construction

New Home    $1,908,000
80 Hallen Court, Little Rock
HA Custom Homes LLC, Little Rock