Rock Plaza Transaction Tops $9 Million Mark (Real Deals)

Rock Plaza Transaction Tops $9 Million Mark (Real Deals)
(Google Earth)

A 54,772-SF office building in Little Rock’s Riverdale area weighed in at $7.95 million.

River Walk Office LLC and River Walk Office II, both led by Sam Alley, bought Rock Plaza at One Information Way from Simmons Bank of Pine Bluff.

The limited liability companies also purchased a nearby 2.04-acre commercial site at the northwest corner of Riverfront and Morgan Keegan drives for $1.13 million.

The seller is Little Rock’s Winrock International Institute for Agricultural Development. The deals are financed with a seven-year loan of $8.9 million from Simmons Bank.

The 4.14-acre Rock Plaza development was recovered by Simmons when it took ownership of Heartland Bank in August 2017 after a loan default by its parent company, Rock Bancshares Inc.

The Winrock nonprofit, established by the late Gov. Winthrop Rockefeller, gained ownership of the Riverdale property in March 2014 through a Rockefeller-controlled entity: Pleasant Valley Inc.

The corporation developed its namesake subdivision in west Little Rock and negotiated a swap with Riverdale Country Club members.

In exchange for the Riverdale property, Pleasant Valley Inc. gave the members a 254-acre spread and invested $1.15 million to build the Pleasant Valley Country Club. Pleasant Valley Inc. also assumed $170,000 of outstanding debt.

ATV Acquisition
A 19,392-SF all-terrain vehicle project in North Little Rock sold for $1.2 million.

ESB Acquisition LLC, an investment group led by Tony Runions, acquired the McDonald ATV facility at 7700 Counts Massie Road from the John W. McDonald Revocable Trust.

The 0.93-acre location was bought for $30,000 in December 1997 from Andrew and Angelina Dunlap.

Multifamily Sale
Twenty apartments in midtown Little Rock tipped the scales at $1.15 million.

Midrock Properties LLC, led by Donna and Paul Sammons, purchased Chickadee Place at 601-615 Chickadee Drive. The seller is Martin Operations LLC, led by Nancy Martin.

The deal is backed with an $862,500 loan from Gateway Bank of Rison. The 1.05-acre development previously was tied to an August 2010 mortgage of $950,000 held by BancorpSouth Bank of Tupelo, Mississippi.

Martin Operations acquired the project for $1.3 million more than eight years ago.

The seller was Tisdale Properties & Development LLC, led by Tracy Tisdale.

Office-Warehouse I
A 16,000-SF North Little Rock office-warehouse rang up a $750,000 sale. Lonnie Roberts and Kevin Green bought the TEC Electric project at 9221 Maumelle Blvd. from Felkins & Dupwe of Maumelle LLC, led by Keith Felkins and Warren Dupwe.

The 2.6-acre development is helping secure a $3 million mortgage held by the limited liability company, Felkins, Dupwe and their TEC of North Little Rock Inc. and TEC of Jonesboro Inc.

The land was purchased for $80,000 in March 1993 from Ben and Phyllis Lambreth.

Office-Warehouse II
A 34,670-SF North Little Rock office-warehouse changed hands in a $600,000 deal.

Clifton Family LLLP, led by Norman Clifton, acquired the 700 Sam Evans Drive project from Victory Transload LLC of Roanoke, Texas.

Victory Transload bought the 5.34-acre development for $380,000 in March 2015 from CMC Steel Fabricators Inc. of Irving, Texas.

Tri-Star Foreclosure
A 125,522-SF industrial facility in Little Rock is under new ownership after a $510,000 foreclosure sale.

THG Payne LLC, led by Bryan Hosto and David Payne, purchased the former Colonial Baking project at 4200 Hoerner Road.

The 12.81-acre property previously was owned by Tri-Star Properties LLC, led by Walter Anderson.

The deal is funded with a five-year loan of $408,000 from Arvest Bank of Fayetteville.

The project previously secured an August 2015 mortgage of $824,100 held by Regions Bank of Birmingham, Alabama.

Tri-Star acquired the property for $850,000 in August 2015 from R.E.D. Land LLC, led by Frazier Rogers.

Mail Building
A postal project in Gravel Ridge drew a $457,000 transaction.

Maddox Investments LLC of Malden, Missouri, bought the U.S. Post Office at 7907 Jacksonville-Cato Road from SW Land & Cattle LLC of St. Petersburg, Florida.

The deal is financed with a three-year loan of $396,578 from Sterling Bank of Poplar Bluff, Missouri.

The 0.69-acre development was purchased for $420,000 in April 2003 from the J.R. Young Revocable Trust.

Retail Purchase
A 10,776-SF retail project in Little Rock sold for $390,000.

Haybar Properties LLC, led by Bryan Hosto, acquired the commercial home of Shipley Do-Nuts and Sims Bar-B-Que at 1307 John Barrow Road.

The seller is R.W. Butler Family Ltd., led by Paul Eaton Sr.

The 0.59-acre development was bought for $205,000 in May 1979 from Mid State Land Co., led by Kelton Brown.

Hickory House
A 4,149-SF home in west Little Rock’s Hickory Creek neighborhood changed hands in a $882,500 deal.

Robert and Edie Stewart purchased the house from Christopher and Shelli McGhee.

The deal is backed with a 30-year loan of $453,000 from Bank of England.

The residence previously was linked with a June 2015 mortgage of $620,000 held by Bank of Little Rock Mortgage Corp.

The McGhees acquired the property for $775,000 more than three years ago from Price and Sara Gardner.

Woodlands Abode
A 4,680-SF home in the Woodlands Edge neighborhood of west Little Rock rang up a $779,900 sale.

Christopher and Sarah Wherry bought the house from Richard and Alicia Riley. The deal is funded with a 30-year loan of $453,099 from NTFN Inc. of Lewisville, Texas.

The residence previously was tied to a September 2015 mortgage of $594,964 held by Wells Fargo Bank of Sioux Falls, South Dakota.

The Rileys purchased the property for $743,705 three years ago from Chenal Valley Construction Inc., led by James Miles.

Lamarche Home
A 4,593-SF home in the Lamarche Place neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $575,000 deal.

Meer Ali and Khadija Khan acquired the house from Diane Irby. The deal is financed with a 30-year loan of $586,500 from Simmons Bank.

Irby bought the residence for $565,000 in August 2015 from Candy and Raymond Nosler.

Riverview Residence
A 2,670-SF home in Little Rock’s Riverview Manor neighborhood drew a $502,000 transaction.

Adam Zimmerman and Chuanlei Zhang purchased the house from John and Patricia Erwin.

The deal is backed with a 30-year loan of $401,600 from Quicken Loans Inc. of Detroit.

The residence previously was linked with an August 2012 mortgage of $412,000 held by Bank of Little Rock Mortgage.

The Erwins acquired the residence for $385,000 in June 2005 from John and Rhonda Zahnen.