WestLake Corporate Park Draws $45.8M Transaction (Real Deals)

WestLake Corporate Park Draws $45.8M Transaction (Real Deals)

A 40.92-acre office park in west Little Rock tipped the scales at $45.8 million.

STP Westlake Ltd. of Dallas purchased the six-building WestLake Corporate Park and 16.3 acres of undeveloped land. The sellers are ISB Investors LLC and ISB Westlake LLC, both led by Jim Irwin. The office buildings include:

  • The 95,960-SF Danville Building at 10810 Executive Center Drive;
  • The 86,551-SF Searcy Building at 10809 Executive Center Drive;
  • The 73,340-SF Shannon Building at 10801 Executive Center Drive;
  • The 66,624-SF Redding Building at 1701 Center View Drive;
  • The 44,532-SF Benton Building at 10802 Executive Center Drive; and
  • The 44,556-SF Conway Building at 10816 Executive Center Drive.

The deal is financed with a seven-year loan of $32.9 million from First Security Bank of Searcy. The development previously was tied to a $20 million mortgage held by Bear State Bank of Little Rock.

ISB acquired the former Koger Center and adjoining undeveloped land in March 1999 for $30.4 million.

The seller was Koala Little Rock Realty Holding Co., an affiliate of J.P. Morgan Investment Management Inc.

Shepherd’s Buy
A 25,600-SF building in downtown Little Rock is under new ownership after a $700,000 sale.

Capital Group Investors LLC, led by Norman Hale, Jameel Wesley and William Peyton, acquired the former home of Shepherd’s office supply at 603 W. Markham St. The seller is HK Value LLC, led by Bryan Hosto.

The deal, which included 20 parking slots, is backed with a five-year loan of $595,000 from Little Rock’s Bank of the Ozarks.

HK Value purchased the 0.48-acre development for $285,000 in March 2014 from the estate of Barbara Lee Johnson, who suffered from advanced dementia.

No appraisal was done on the property prior to the court-approved sale, which required her estate to pay $37,675 in closing costs.

The guardian of Johnson’s estate, Gene Jennings at Simmons First Trust Co., relied on three valuations by Ed Penick Jr. of Little Rock’s Coldwell Banker Commercial Hathaway Group, $275,000; Fletcher Hanson of North Little Rock’s Newmark Grubb Arkansas, $262,500; and Todd Rice of Little Rock’s Colliers International, $260,000.

Parts Purchase
A 21,400-SF office-warehouse in west Little Rock changed hands in a $570,000 deal.

West Holdings LLC, led by Randy and Susan West, bought the National Auto Parts project at 10118 Col. Glenn Road from United Commerce Centers Inc. of Dallas.

The deal is funded with a five-year loan of $484,500 from Signature Bank of Fayetteville.

The 1.91-acre development was purchased for $446,000 in September 2006 from LLR LLC, led by Rollin Caristianos, Jon Luer and John Henry.

On the flipside of that, West Holdings sold its 1.18-acre property at 4411 Asher Ave. for $120,000 to Club Gemini Inc., led by Tracy Johnson.

West Holdings acquired the property for $137,000 in January from Anchor Termite & Pest Control Inc., led by Ronnie Bradford.

The real estate previously helped secure a $637,500 mortgage held by Anchor Termite.

Land Purchase I
A 1.21-acre commercial site in North Little Rock rang up a $206,000 sale.

LHW Properties LLC, led by Leigh Ann and Howard Wiechern, purchased the site on the east side of Northshore Lane at Northshore Place.

The sellers are Carnatom LLC, led by Donald Coulter II; Spider Webb LLC, led by John Coulter; and the Dixie Faye Johnson Testamentary Trust.

The property is now helping secure a seven-year loan of $980,980 from Regions Bank of Birmingham, Alabama.

The land was bought for $190,000 in August 2009 from Dell Pharmaceuticals Inc., led by Dell McCarley.

Greathouse Deal
A 6,470-SF home in Little Rock’s Greathouse Bend Estates neighborhood weighed in at $1.37 million.

Zachary and Charrell Roe acquired the house from Ernie and Karen Cline

The deal is financed with a 30-year loan of $1.3 million from Arvest Bank of Fayetteville. The residence previously was linked with a July 2008 mortgage of $1.3 million held by Centennial Bank of Conway.

The Clines purchased the location for $205,000 in March 2007 from Greathouse Bend Estates LLC, led by Chris Robertson Sr.

Normandy Abode
A 3,575-SF home in Little Rock’s Normandy neighborhood sold for $600,000.

Carla Pumphrey bought the house from Julie Embry and Theresa McCallie. The deal is backed with a 25-year loan of $499,900 from Regions Bank.

The residence previously was tied to April 2013 mortgages totaling $585,000 held by Little Rock’s Metropolitan National Bank.

The property was acquired for $650,000 in April 2013 from the Henry Esposito & Lisa Riley Esposito Living Trust.

Forest Heights Home
A 4,050-SF home in Little Rock’s Forest Heights neighborhood is under new ownership after a $595,000 transaction.

Lance and Angela Wilcox purchased the house from Robert and Tracy Harrelson.

The deal is funded with 30-year loans of $424,100 and $114,000 from Bank of Little Rock Mortgage Corp.

The residence previously was linked with an October 2012 mortgage of $417,000 held by Riverside Mortgage Co. of Little Rock. The Harrelsons bought the property for $170,000 in September 1998 from Paul Brizzolara.

Hickory Pointe Sale
A 4,370-SF home in west Little Rock’s Hickory Pointe neighborhood changed hands in a $570,000 deal.

Mary Lane-Thompson acquired the house from John and Anne Gillenwater.

The residence previously was tied to a March 2007 mortgage of $512,000 held by National Mortgage Corp. of Greenwood.

The Gillenwaters purchased the location for $95,000 in March 2006 from George and Linda Gleason.

Hickory Grove House
A 3,423-SF home in west Little Rock’s Hickory Grove neighborhood rang up a $564,000 sale.

Don and Sue Beasley bought the house from Billy Hartness Construction Co.

The residence previously was linked with a July 2016 mortgage of $434,000 held by First Security Bank. The location was acquired for $115,000 a year ago from EvMark Development LLC, led by Jim Markus.

Hillcrest Residence
A 2,968-SF home in the Hillcrest area of Little Rock drew a $545,000 transaction. Jerry Sallings and Monica Gutherie purchased the house from Paolo Lim.

The deal is financed with a 15-year loan of $265,000 from Bank of Little Rock Mortgage. The residence was bought for $475,000 in May 2012 from Matthew and Kelly Steliga.

Midland Hills Abode
A 3,545-SF home in Little Rock’s Midland Hills neighborhood sold for $535,000.

Marie Sandusky and Elizabeth Black acquired the house from Wilbur Hitt Jr. and his wife, Alison. The deal is backed with a 15-year loan of $424,100 and a 30-year loan of $57,400 from Bank of Little Rock Mortgage.

The Hitts purchased the property for $485,000 in July 2009 from Thomas Peterson and Marie Sandusky.

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