Agri Acreage Yields $11.7 Million Harvest (Real Deals)

Agri Acreage Yields $11.7 Million Harvest (Real Deals)
Mt. Magazine Farms LLC of Monterey, Louisiana, purchased nearly 3,200 acres of land in southwest Pulaski County.

More than 2,635 acres of farmland in southeast Pulaski County tipped the scales at nearly $11.7 million.

Mt. Magazine Farms LLC of Monterey, Louisiana, bought the property from Carlton Farms LLC of Columbia, Illinois. Most of the acreage is about 10 miles south of Scott along Highway 161.

The property previously was linked with a June 2010 mortgage of $4.3 million, a May 2011 mortgage of $231,000 and a June 2012 mortgage of $567,000 held by Rabo Agrifinance Inc. of St. Louis, Rabobank of El Centro, California, and Rabobank Nederland of Utrecht, Netherlands.

The property was assembled in a string of deals totaling $9.3 million.

The sellers were SS Family Farm LLC, led by Stephanie Smith, more than 2,166 acres, for $7.82 million in June 2010; and Maxwell and Pamela Foster, 160 acres for $420,000 in April 2011; Jo Beth and Marty James, 184.7 acres for $627,000 in June 2012; Dorise Page, 60 acres in June 2012 for $207,000; Jan Earp, 57.9 acres in June 2012 for $194,000; the namesake trust of John and Gertrude Ryles, 5 acres in June 2012 for $18,000; and Square Deal Inc., led by Marvin Itzkowitz, 1.6 acres for $6,000 in June 2012.

Village Transaction
About 40,390 SF of west Little Rock retail space weighed in at $4 million.

VARR West LLC, led by Skip Davidson, acquired two pieces of The Village at Rahling Road at 25 and 27 Rahling Road from Deltic Timber Corp. of El Dorado.

The 3.08-acre development now is backed with a five-year loan of $3.2 million from Arvest Bank of Fayetteville.

Deltic Timber purchased the land in December 1956 when it bought Sparkman Lumber Co., led by Roy Sturgis. Sparkman Lumber’s holdings in Pulaski County totaled 16,552 acres at the time.

Riverbike Land
A motorcycle development at Little Rock’s Gateway Town Center is in motion after a $2.38 million land deal.

Riverbike of Arkansas LLC, parent company of Rock City Harley-Davidson of Little Rock, purchased the 5.5-acre site on Gateway Grove Loop. The seller is Gateway Otter LLC, led by Isaac Smith.

The deal is financed with a one-year loan of $1.7 million from Simmons Bank of Pine Bluff. The land previously helped secure a January 2016 mortgage of $6 million held by First Security Bank of Searcy.

Gateway Otter acquired an 89.3 percent stake in the land nearly two years ago as part of a $5.46 million deal with Town Center LLC, led by Tommy Hodges.

Maly Group Purchase
An undeveloped 38.65-acre tract in Pulaski County changed hands in a $784,540 deal.

Maly Group LLC, led by James and Smitha Thomas, bought the land south of Pomegranate Avenue and west of Firestone Lane.

The seller was CAC Properties LLC, led by Paul Reesnes and Mike Gueringer. The deal is funded with a four-year loan of $666,859 from First Service Bank of Greenbrier.

The property previously was tied to a March 2016 mortgage of $510,000 held by Arvest Bank.

The property was assembled in buys totaling $28,900. The sellers were John Gueringer, $20,000 in July 1997; and Janice and Elbert Warner, $8,900 in February 2000.

Sowell Site
A 15,800-SF office project in North Little Rock is following a $386,573 land deal.

Northshore Properties LLC, led by Bill Sowell, acquired a 1.5-acre site at the northwest corner of Northshore Drive and Northshore Lane.

The future location of Sowell Management Services was sold by Mechanics Lumber Co., led by Eugene M. Pfeifer III.

The property previously helped secure a June 2006 mortgage of $2.4 million held by Little Rock’s Bank of the Ozarks.

The land was part of a 600-acre tract along the Arkansas River near the southeast corner of Interstate 430 and Crystal Hill Road that the limited partnership purchased in May 2000 for $2.1 million.

The sellers were Karen Smith Riecke and North Shore Ltd., led by Harold Tenenbaum.

Concrete Acquisition
A commercial site in west Little Rock rang up a $144,446 sale.

Crain Concrete Construction LLC, led by Steven Crain, purchased a 1.74-acre parcel on Otter Creek Circle. The seller is T&G Properties LLC, led by Ted and Gregory Smith.

The property was acquired for $116,000 in January 2007 from Morgan Land & Investments LLC, led by Joe Morgan.

Forest Heights Buy
Eight houses and a vacant lot in the Forest Heights neighborhood of Little Rock are under new ownership after a $1.72 million transaction.

Forest Park Partners LLC, led by Hunter East and Billy Collins Jr., bought the properties from Little Rock Enterprises I-IX LLCs, led by the namesake revocable trust of Edward and Mildred Gruber.

All except one house are in a block bounded by Cantrell Road on the north, Polk Street on the east, P Street on the south and Taylor Street on the west.

The deal is backed with a 30-month loan of $1.4 million from Southern Bancorp Bank of Arkadelphia.

Most of the property was purchased in deals with Nina Gibson, $1,150 in May 1930; Jack and Mary Smith, an undisclosed sum in May 1968; Charles Todd and Mary T. Harris, $56,000 in February 1988; the namesake trusts of Edward and Dorothy Hines, $44,000 in October 1989; Edna Jones and Billie J. Bybee, $42,000 in December 1991; Naomi Hayden, $214,000 in November 2007; Betty and Mark Whitlow, $227,000 in August 2007.

Sologne Manor
A 5,468-SF home in the Sologne Circle neighborhood of west Little Rock’s Chenal Valley development drew a $960,000 transaction.

Stephen LaFrance Jr. and his wife, Wendy, acquired the house from Bobby Rowlett. The deal is financed with a 10-year loan of $768,000 from Simmons Bank.

The residence previously was linked with an October 2015 mortgage of $700,000 held by Bank of Fayette County in Piperton, Tennessee. Rowlett bought the property for $911,000 26 months ago from Brad and Amy Baltz.

Grandview Abode
A 3,774-SF home in the Grandview neighborhood of Little Rock sold for $899,000. William and Candace Rolston purchased the house from Scott and Mary Nelson.

The deal is funded with a 25-year loan of $792,200 from Regions Bank of Birmingham, Alabama. The residence previously was tied to a September 2015 mortgage of $417,000 held by One Bank & Trust of Little Rock.

The Nelsons acquired the property for $253,000 in April 2014 from Paul and Brenda Majors.

Heights Home
A 3,250-SF home in the Heights area of Little Rock rang up an $800,000 deal. Joseph Konrad and Megan Chang bought the house from Laura Taylor.

The deal is backed with a 30-year loan of $760,000 from Bank of America in Charlotte, North Carolina.

Taylor purchased the property for $302,000 in July 2016 from the Mary Stafford Revocable Trust.

Hillcrest House
A 3,104-SF home in Little Rock’s Hillcrest neighborhood changed hands in a $580,000 deal. Jeremiah and Emily Wood acquired the house from River Rock Builders LLC, led by Keith Wingfield.

The deal is financed with a 30-year loan of $424,100 from Simmons Bank.

The residence previously was linked with a November 2015 mortgage of $406,400 held by BancorpSouth Bank of Tupelo, Mississippi.

River Rock bought the property for $157,500 in March 2015 from Therese Williams.