Lindsey Road Project Sells for $10.8M (Real Deals)

by George Waldon  on Monday, Feb. 4, 2019 12:00 am   4 min read

A 557,950-SF industrial project in east Little Rock tipped the scales at $10.8 million.

6901 Lindsey Road LLC, an affiliate of Investment Grade Loans of Los Altos, California, sold its namesake address. The buyer is 7240 Partnership LLC and Beckett Road Partners LLC, affiliates of Eliken Property Management of New York.

The deal is backed with a five-year loan of $7.4 million from First Security Bank of Searcy.

The 25.53-acre development previously was linked with a January 2011 mortgage of $7.6 million held by GLIC Real Estate Holding LLC of Overland Park, Kansas.

The former General Electric distribution facility was purchased for nearly $13 million in September 2005 from Kansas City Life Insurance Co.

Multifamily Purchase I
Thirty-three apartments in North Little Rock weighed in at $1.87 million.

Dennis Capital LLC, led by the John Zachary Dennis & Anna Louise Dennis Family Trust, acquired seven buildings at 4905, 4909, 5001, 5005, 5009, 5101 and 5105 N. Walnut Road from Johan and Juanita Adineh-Kharat.

The deal is funded with a $1.3 million loan from Central Bank of Little Rock. The 1.94-acre development previously was tied to a January 2017 mortgage of $1.2 million held by First Arkansas Bank & Trust of Jacksonville.

The properties were bought for $600,000 25 months ago from Sharon Smith.

Chuck E. Sale
The Chuck E. Cheese’s in west Little Rock changed hands in a $1.77 million transaction.

FRC Genesis Fundsub III LLC, an affiliate of Four Rivers Capital of Dallas, purchased the 14,352-SF project at 2706 S. Shackleford Road. The seller is Shackleford Crossings Investors LLC, an affiliate of Invesco Real Estate of Dallas.

The deal is financed with a five-year loan of $970,000 from Ramrock Lender LLC of Dallas. The 2.5-acre development previously helped secure a December 2015 mortgage of $36.2 million held by Zions Bancorporation of Salt Lake City.

The property was recovered in July 2011 from Clary Development Corp., led by Steve Clary, as part of a $42 million foreclosure sale.

Pizza Property
A U.S. Pizza project is in motion in west Little Rock after a $980,000 land deal.

Cheski Properties LLC, led by Mark and Paula Lukas, bought the 1.52-acre site near the southeast corner of Chenal Parkway and Rahling Road from PotlatchDeltic Real Estate LLC of Little Rock.

Development of the property is backed with a $1.5 million loan from Centennial Bank of Conway.

Potlatch Corp. of Spokane, Washington, purchased El Dorado’s Deltic Timber Corp. last year in a $1.2 billion merger.

Convenient Buy
A 2,015-SF convenience store and an adjoining 0.67-acre parcel in north Pulaski County sold for $620,000.

Singh Store Inc., led by Gurdev Dogra, acquired the Macon Station convenience store at 22311 Highway 107 and land from Donnie and Mary Miller.

The deal is funded with a $469,000 loan from Centennial Bank.

The 0.75-acre development and land previously were tied to a March 2015 mortgage of $600,000 held by the bank.

The properties were bought for $400,000 in March 2015 from James and Barbara Potter.

Multifamily Purchase II
A seven-unit apartment project in downtown Little Rock is under new ownership after a $609,000 deal.

Tanner Capital Holdings LLC, led by Zeke Tanner, purchased the 403-409 W. Fourth St. project. The seller is LJW Ltd. LLC, led by Larry Williford.

The deal is financed with a three-year loan of $565,188 from Eagle Bank & Trust of Little Rock.

The 0.44-acre development previously was linked with a March 2016 mortgage of $1.2 million held by Little Rock’s Bank OZK.

The site was acquired for $195,000 in October 1995 from Clyde McConnell Building Inc.

Warehouse Transaction
A 10,000-SF warehouse in North Little Rock rang up a $400,000 sale.

ASBE Real Estate LLC, led by John Conner III, Robert Hall Jr. and Walter Howard Jr., bought the 1805 W. 37th Place project from Kevin Carr.

The deal is backed with a five-year loan of $389,500 from First Tennessee Bank of Memphis.

The 0.8-acre property was acquired for $34,000 in November 1996 from Steve and Rebecca Witkowski.

Carr also received from ASBE a 6,250-SF warehouse at 2020 W. 38th St. in North Little Rock. ASBE purchased the 0.54-acre development for $210,000 in October 2017 from the Ronald H. Cox Revocable Trust.

The property previously was tied to a $199,500 mortgage held by First Tennessee.

Rural House
A 4,800-SF home on the western outskirts of Little Rock drew a $975,000 transaction.

William and Jean Jones acquired the 9.6-acre spread from Peggy Powell.

The deal is funded with a 30-year loan of $926,250 from Simmons Bank of Pine Bluff.

The residence previously was linked with a July 2013 reverse mortgage of $938,250 held by Liberty Home Equity Solutions Inc. of Rancho Cordova, California.

The property was purchased for $300,000 in August 2008 from Carolyn and Steve English.

Bella Rosa Abode
A 5,627-SF home in west Little Rock’s Bella Rosa Estates neighborhood changed hands after an $850,000 foreclosure sale.

First National Bank of Paragould recovered the house from Stephen and Carla Boatright.

The residence previously was tied to a December 2009 mortgage of $1.5 million held by One Bank & Trust of Little Rock.

The Boatrights acquired the property for a reported $1.6 million in December 2007 from Rockbell LLC, led by Daniels Bynum.

Woodlands Edge I
A 5,095-SF home in the Woodlands Edge neighborhood of west Little Rock sold in a $609,000 deal.

Pooja Motwani and Ravi Nahata purchased the house from Michael and Kristy Spann. The deal is financed with a 15-year loan of $453,100 from Simmons Bank.

The residence previously was linked with a May 2013 mortgage of $417,000 held by Bank OZK.

The Spanns bought the location for $82,000 in May 2008 from Rocket Properties LLC, led by Ron Tyne.

Rockwater Residence
A 3,500-SF home in North Little Rock’s Rockwater neighborhood drew a $576,263 transaction.

Lea Charlton acquired the house from Summerwood Inc., led by Ronald Harris. The deal is backed with a 30-year loan of $432,197 from Paragould’s First National Bank.

The residence previously was tied to a December 2017 mortgage of $452,200 held by One Bank.

Summerwood purchased the site for $94,000 13 months ago from North Bluffs Development Corp., led by Lisa Ferrell.

Woodlands Edge II
A 4,476-SF home in the Woodlands Edge neighborhood of west Little Rock is under new ownership after a $572,000 deal.

Ann Bryan bought the house from Kyle and Jamie Sheffler.

The residence previously was linked with a November 2016 mortgage of $280,000 held by Wells Fargo Bank of Sioux Falls, South Dakota.

The Shefflers acquired the property for $520,000 in October 2016 from Joy and Jason Ruple.

 

 

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