Afco Metals Transaction Tops $14M Mark (Real Deals)


Afco Metals Transaction Tops $14M Mark (Real Deals)
Ryerson metal facility at 7701 Lindsey Road in Little Rock. (Google Maps)

The sale-leaseback of a 291,924-SF industrial complex in east Little Rock tipped the scales at $14.17 million.

Afco Metals Inc., owned by Ryerson Holding Corp. of Chicago, sold its metal processing and distribution center at 7701 Lindsey Road to Spirit Realty Ltd., an affiliate of Spirit Realty Capital of Dallas.

The 21.74-acre property was sold for $4.9 million in September 1993, five years after Afco was sold to a Ryerson affiliate. The sellers were Fred I. Brown III, Robert S. Brown, Thomas M. Brown, Mary Patricia Brown, Carolyn Louise Brown, J. Willis Brown, Sarah B. Hopkins and Josephine B. Osborne.

Golden Arches Sale

A 5,120-SF McDonald’s in downtown Little Rock served up a $2.44 million transaction.

McDonald’s Real Estate Co. of Chicago bought its eatery at 515 W. Sixth St. from Buckhead Investments and the 2012 Fuqua Family Revocable Trust of Atlanta.

The 0.96-acre location was purchased for $925,000 in May 2010 from Tower LR YMCA LLC of Woodland, California.

Multifamily Buy I

Five apartment buildings in west Little Rock weighed in at $1.55 million.

Mid-South Meredith Court LLC of San Diego acquired 40 units at 1, 3, 5, 6 and 8 Meredith Court from Starks Property Management LLC, led by Rick Starks.

The deal is financed with a five-year loan of $1.2 million from Little Rock’s Encore Bank.

The combined 1.37-acre property previously was tied to a February 2012 mortgage of $1.1 million held by Arvest Bank of Fayetteville.

The apartments were assembled in three deals with Steve and Janet Kinzler and George and Mary Wildgen, $184,000 in July 1997; Gold Family Rental Properties LLC, led by Allan and Laura Gold, $250,000 in September 2004; and Malcom LLC, led by Patrick and Peggy Malmstrom, $850,000 in February 2007.

Inmon Acquisition

The 9,500-SF Inmon Truck Sales project in North Little Rock changed hands in a $950,000 deal. Atara Inmon LLC, led by Thomas Darragh, bought the 3.03-acre development at 79 Inmon Drive and an adjoining 3.8-acre parcel.

The seller is Inmon Truck Sales Inc., led by David Inmon.

The deal is funded with a 10-year loan of $760,000 from Regions Bank of Birmingham, Alabama.

The properties were acquired as part of two deals with Securities Investment Co. of St. Louis, $98,000 in March 1962; and Royal Acres Co., led by DeMatt Henderson and Max Harris, $8,000 in October 1977.

Multifamily Buy II

A 22-unit apartment project in Jacksonville rang up a $775,000 sale.

TCB Investments LLC, led by Brian Teeter, Keith Craig and James Hoffman, purchased the Overview Apartments at 719 S. Redmond Road.

The seller is DCMLW LLC, led by Dennis and Marsha Ward. The deal is backed with a three-year loan of $835,550 from Citizens Bank of Batesville.

The 0.91-acre property was bought for $125,000 in September 1994 from the Marshall L. Smith Family Trust.

Industrial Quad

Four industrial buildings in North Little Rock drew a $630,000 transaction.

Dante Capital LLC, led by John Hall III and Theresa Hall, bought the 8,000-SF buildings at 6111, 6115, 6121 and 6127 Carnegie Drive.

The seller is Rablaco LLC, led by Mark Ramm. The deal is financed with a 10-year loan of $510,000 from Little Rock’s Bank OZK.

The combined 2.66-acre locations were purchased in deals with Mike Barrow, W.A. Rand, Bobby Osborne, Henry Mariani, Leon Matthews, Jim Moseley, Curtis Cook, Jimmy Jenkins, the Brothers Dietz Inc., led by James Dietz; and Vouk Trust Brokerage Co., led by Kearney Dietz, $27,000 in December 1981; and James and Elizabeth Osborne, $30,000 in April 1983 and $79,000 in September 1985.

Office Transaction

A 1,920-SF office building in downtown Little Rock sold for $315,000.

NE Corner 4th & P LLC, led by Blake Miller and Christopher Beaty, acquired the 1230 W. Fourth St. project from LHI Holdings LLC of Memphis.

The property is now securing an 18-month loan of $2 million from Union Bank & Trust of Monticello. The 0.26-acre development was bought for $131,000 in February 1985 from Mary Madigan.

Mini Purchase

An 88-unit mini-storage project in south Little Rock is under new ownership after a $285,000 sale.

4716 Baseline LLC, an affiliate of Baltimore’s Equity Warehouse, bought the 8801 Doyle Springs Road property.

The seller is 8801 DSR LLC, led by Melony Bain. The deal is funded with a six-month loan of $283,000 from Kaine Investments LLC of Baltimore.

The 1.18-acre development previously was linked with a July 2007 mortgage of $220,418 held by Central Bank of Little Rock.

The property was acquired in July 2007 for $247,000 from Marchant & Reese Hotel LLC, led by John Reese.

Park Hill

A 12,449-SF manor in North Little Rock’s Park Hill neighborhood tipped the scales at $1.32 million.

Joseph Folen IV purchased the gated 5.54-acre spread off Snake Hill from Richard and Patricia Elimon.

The Elimons bought the house built by sports memorabilia fraudster John Rogers from Centennial Bank of Conway in August 2016 for $1.2 million.

Canal Pointe

A 3,703-SF home in Little Rock’s Canal Pointe neighborhood changed hands in a $882,500 deal.

Steve and Jill Bauman acquired the house from Ann Parke.

The location was purchased in January 1993 from Barry and Lynda Sorrells for $120,000.

Prospect Terrace

A 2,588-SF home in Little Rock’s Prospect Terrace neighborhood rang up a $509,000 sale.

Robert and Elizabeth Barnes bought the house from Daniel and Jeanne Spencer. The residence previously was tied to a July 2018 mortgage of $300,000 held by Central Bank.

The Spencers acquired the property in September 1994 from Allen and Betty Ann Bullard for $217,000.