Workforce Training Project Produces $4.65M Sale (Real Deals)


Parcel dimensions are approximate.
Parcel dimensions are approximate. (Google Earth)

A 57,079-SF workforce training facility in south Little Rock weighed in at $4.65 million. The Arkansas Division of Workforce Services bought its 5401 S. University Ave. project from Steward & Young Inc., led by J.R. Young.

The 4.26-acre development previously was tied to an August 2017 mortgage of $2.6 million held by Arvest Bank of Fayetteville.

The former Haverty Furniture project was acquired for $1.1 million in October 2008 from Union Rescue Mission Inc., led by William Tollett.

Additional elbow room for parking was added in deals with Little Rock’s Metropolitan National Bank, $162,000 in December 2008; Ronnie and Karen Tyler, $6,000 in March 2009; and Hazel Blakeley, $14,000 in May 2009.

Convenient Trio

The sale of three Pulaski County convenience stores added up to $1.94 million. Lehigh Gas Wholesale Services Inc. of Allentown, Pennsylvania, purchased the properties from CST Arkansas Stations LLC of San Antonio.

The deals encompassed a 2,400-SF store at 10402 Mabelvale West Road in south Little Rock for $801,635, a 4,160-SF store at 9702 U.S. 165 in North Little Rock for $614,268 and a 4,030-SF store at 9250 Brockington Road in Sherwood for $532,639.

The projects were bought in June 2012 in deals with Gardner Oil Co. and Crackerbox LLC, both led by Lewis Gardner: the 2.36-acre Sherwood development, $2.6 million; the 1.28-acre North Little Rock development, $2.5 million; and the 3.35-acre Little Rock development, $934,000.

Sherwood Multifamily

A 28-unit apartment complex in Sherwood tipped the scales at $1.68 million. Powhattan Apartments LLC of Portsmouth, New Hampshire, acquired the 15 and 25 Powhatan Drive project from Alex Craig, Brian Teeter and Jamie Hoffman.

The deal is financed with a 10-year loan of $1.2 million from Pinnacle Bank of Memphis.

The 1.7-acre development previously was linked with a July 2018 mortgage of $1 million held by Central Bank of Little Rock. The apartments were purchased for $675,000 15 months ago from Harding University Inc. of Searcy.

Archives Recycled

A 23,613-SF office-warehouse in North Little Rock changed hands in a $674,000 deal.

Jennifer Burchfield bought the former home of the photo archives and sports memorabilia business of John Rogers at 2401 N. Poplar St. from Centennial Bank of Conway.

The bank recovered the 1.04-acre development from the fraudster as part of a $1.47 million foreclosure sale in January 2016.

Knowledge Acquisition

A 7,644-SF Knowledge Tree project in midtown Little Rock rang up a $580,000 sale. K Tree LLC of Memphis purchased its school supply store at 825 N. University Ave. from the Schlereth Family LLC, led by John Schlereth.

The deal is backed with a 15-year loan of $493,000 from First Tennessee Bank of Memphis.

The 1.01-acre site was assembled in two 1947 deals with C.W. and Sarah Wagner in January and Mark Weedman in March.

Office Transaction

A 3,143-SF office building in west Little Rock drew a $435,000 transaction.

Marierock Properties LLC, led by Dr. Sara Hanna, acquired the Crockett Law Firm Building at 11521 W. Markham St.

The seller is Hock Properties LLC, led by Michael and Holly Crockett.

The 0.31-acre development previously was tied to an August 2010 mortgage of $339,480 held by Centennial Bank.

Hock Properties purchased the project for $348,000 more than nine years ago from Doc’s Inc., led by James Youngblood.

Site Purchase

A 1.8-acre commercial site in west Little Rock sold for $350,000.

Aldersgate Road LLC, led by Ed Willis, bought the location near the southeast corner of Aldersgate and Kanis roads. The seller is OA Land Co. LLC, led by Tad Pruitt.

Construction is funded with a 10-year loan of $2.4 million from U.S. Bank of Cincinnati.

The property previously helped secure a May 2016 mortgage of $8.6 million held by Little Rock’s Bank OZK.

The land was acquired in July 1998 as part of a $708,000 deal with Little Rock’s Baptist Health.

Estates Sale

A 5,475-SF home in west Little Rock’s Bella Rosa Estates neighborhood is under new ownership after a $812,500 deal.

Bradley and Rennie Jenkins purchased the house from Richard and Carrissa Sawyer.

The deal is financed with a 25-year loan of $750,000 from Regions Bank of Birmingham, Alabama.

The residence previously was linked with a September 2010 mortgage of $417,000 held by Little Rock’s One Bank & Trust.

The site was bought for $125,000 in December 2005 from CARD Investments LLC, led by Clint Wilson, Andrew Adkins, Richard Harp and Daniels Bynum.

The Oaks

A 3,418-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development changed hands in a $640,000 deal.

David Nace and Pamela Gist acquired the house from Marvin and Charissa Childers. The deal is backed with a 15year loan of $484,000 from Simmons Bank of Pine Bluff.

The residence previously was tied to a February 2012 mortgage of $417,000 held by Centennial Bank.

The Childers family purchased the property for $613,000 in June 2006 from Ben and Jean Duggan.

PV Residence I

A 3,518-SF home in west Little Rock’s Pleasant Valley neighborhood rang up a $595,000 sale. Richard and Brandy Uekman bought the house from Phillip and Aimee Olinghouse.

The deal is funded with a 26-year loan of $504,900 from Regions Bank.

The residence previously was linked with an April 2013 mortgage of $395,600 held by Bank of Little Rock Mortgage Corp.

The Olinghouses acquired the property for $350,000 in October 2012 from Ricks Properties LLC, led by Jett Ricks.

PV Residence II

A 4,181-SF home in the Pleasant Valley neighborhood drew a $540,000 transaction.

Angel and Hilda Lopez-Candales purchased the house from Paula Johnson.

The deal is financed with a 30-year loan of $484,350 from Bank of Little Rock Mortgage. The residence previously was tied to a March 2012 mortgage of $250,000 held by BancorpSouth Bank of Tupelo, Mississippi.

The property was bought for $548,000 more than seven years ago from the Stephen & Gayelynn Craig Trust.

Shadowlawn Abode

A 2,000-SF home in Little Rock’s Shadowlawn neighborhood sold for $524,000.

Robert and Lynne Pikul acquired the house from Stephen and Laura Raborn. The deal is backed with a 30-year loan of $419,300 from Bank of America in Charlotte, North Carolina.

The property was purchased for $150,000 in August 1995 from Frederick and Carol McMullen.

Wellington House

A 4,120-SF home in west Little Rock’s Villages at Wellington neighborhood is under new ownership after a $516,500 deal.

Marcellous and Alicia Johnson bought the house from L&J Construction & Design LLC, led by Justin Hall.

The deal is funded with a 30-year loan of $464,850 from Highlands Residential Mortgage Ltd. of Dallas.

L&J Construction acquired the property for $308,000 in October 2018 from HLM Inc., led by Hayes McKinnie.