Technology Office Project Draws $16M Transaction (Real Deals)


Technology Office Project Draws $16M Transaction (Real Deals)
The sale of the four-story, 100,000-SF 1001 Technology Drive project in west Little Rock closed at $11.7 million. (Jason Burt)

A 100,456-SF office building in west Little Rock weighed in at $16 million.

MDIH CR 1101 LLC, an affiliate of Little Rock’s Caprocq Core REIT, purchased the four-story project at 1001 Technology Drive.

The sellers were divided in a 91.2%-8.8% ownership split between 1001 Technology LLC, led by Kevin Huchingson; and 1001 Technology-BCP Allied LLC, led by Haitham Alley.

The deal is backed with a seven-year loan of $11.2 million from Encore Bank of Little Rock. The 7.25-acre development was linked with a December 2013 mortgage of $7.6 million held by USAble Life of Little Rock.

1001 Technology acquired the project for $11.7 million in December 2013 from an ownership group of Acxiom Corp., 50%; Kelley Commercial Realty LLC, led by Hank Kelley, 25%; and John and Karen Flake, 25%.

Office-Warehouse Combo

A 3,200-SF office building and 8,850-SF warehouse in North Little Rock rang up a $664,000 sale.

Cecil Properties LLC, led by John and Rachel Cecil, bought the 3001 E. Washington Ave. project. The seller is United Fence Properties LLC, led by Billy Briggs.

The 2-acre property was assembled in four transactions with the estate of Shelby Atkinson, $9,000 in January 1966; the secretary of Housing & Urban Development, an undisclosed sum in June 1986; Charlie and Hildra Martin, $17,000 in June 2004; and J.A. and Barbara Penney, $40,000 in February 2004.

Diplomatic Acquisition

A 7,544-SF diplomatic project in Little Rock drew a $440,000 transaction.

Pabani Brothers LLC, led by Aziz and Akbar Pabani, acquired the Mexican Consulate at 3500 S. University Ave. from Centennial Bank of Conway.

The bank recovered the 0.92-acre development in January 2016 at a $680,000 foreclosure sale from the Burrow Family Trust, led by Bruce Burrow.

The property previously was tied to a May 2007 mortgage of $1.1 million held by Centennial.

Rural Retail

A 7,600-SF retail project north of the Landmark community sold for $375,924.

K.T.H.M. Investments LLC, led by Gurkirpal Singh, purchased the neighborhood shopping center at 11200 Arch Street Pike. The seller is VAPS Investment Group LLC, led by Avtar Momi.

The deal is funded with a three-year loan of $349,906 from Portland’s HomeBank of Arkansas. The 1.64-acre development previously was tied to a June 2013 mortgage of $400,000 held by HomeBank.

The property was acquired for $417,000 in June 2012 from Tracy and Mary Bush.

Industrial Land

A 0.51-acre parcel in the Little Rock Port Industrial Park is under new ownership after an $81,250 transaction. Lexicon Inc., led by Patrick Schueck, bought the land adjoining the southwest corner of the company’s custom metals facility at 8914 Fourche Dam Pike.

The seller is Waste Management of Arkansas Inc. of Houston, Texas.

Waste Management purchased the property in December 1995 as part of a 12.7-acre, $222,250 deal with the city of Little Rock.

Hickory Creek

A 5,180-SF home in west Little Rock’s Hickory Creek neighborhood tipped the scales at $1.3 million.

Steve and Sandra Landers acquired the house from Carolyn Kirkpatrick.

The site was bought for $200,000 in February 2001 from William Keith Richardson and his wife, Robyn.

Chenal Circle

A 5,021-SF home in west Little Rock’s Chenal Circle neighborhood changed hands in a $957,500 deal.

Paul and Charlene Nony purchased the house from Bobby and Mary Stewart. The deal is financed with a 30-year loan of $718,125 from IberiaBank of Lafayette, Louisiana.

The residence was linked with an August 2016 mortgage of $840,000 held by Little Rock’s Bank OZK.

The Stewarts acquired the property for $1.2 million nearly four years ago. The sellers were Ted Snider Jr. and his wife, Jan.

PV Residence

A 5,400-SF home in west Little Rock’s Pleasant Valley neighborhood rang up an $875,000 sale.

Teri and Cade Cox bought the house from Carolyn Manning.

The deal is backed with a 30-year loan of $787,500 from Bank of America in Charlotte, North Carolina.

The site was purchased for $17,000 in August 1972 from Pleasant Valley Inc.

Hillcrest Townhome

A 3,772-SF townhome in Little Rock’s Hillcrest area drew a $770,000 transaction.

Madonna Badger acquired the residence from the estate of Ronald A. Robinson.

The property was bought in February 2000 for $400,000 from Mary Lynn Dudley.

Falstone Court

A 4,400-SF home in west Little Rock’s Falstone Court neighborhood sold for $719,000.

Thomas and Riley Lide purchased the house from MJ Innovative Builders Corp., led by Jamal Solaimanian.

The deal is funded with a 30-year loan of $694,320 from Mortgage Research Center LLC of Columbia, Missouri.

The residence previously was tied to a June 2019 mortgage of $480,000 held by Centennial Bank.

The location was acquired a year ago for $105,000 from PotlatchDeltic Real Estate LLC, an affiliate of PotlatchDeltic of Spokane, Washington.

The Arbors

A 4,552-SF home in the Arbors neighborhood of west Little Rock is under new ownership after a $570,000 deal.

John and Verna Tatum bought the house from MTGLQ Investors Ltd., an affiliate of Goldman Sachs.

The deal is financed with a one-year loan of $570,000 from First National Bank of Paragould.

The residence was linked with a February 2006 mortgage of $760,000 originated by Bank of America.

The residence was recovered in June 2019 at a $709,000 foreclosure sale from Michael and Martha Joshua.

Miramar Place

A 3,746-SF home in west Little Rock’s Miramar Place neighborhood changed hands in a $530,000 transaction.

Casey Clark acquired the house from the Kenneth M. Turner Revocable Trust. The deal is backed with a 30-year loan of $330,000 from Riverside Mortgage Co. of Little Rock.

The residence previously was tied to a November 2018 mortgage of $326,000 held by Highlands Residential Mortgage Ltd. of Dallas.

The property was bought for $520,000 20 months ago from Lauri Wolfe.

Villages at Wellington

A 4,534-SF home in the Villages at Wellington neighborhood of west Little Rock rang up a $520,000 sale.

Rahul Kumar and Shabana Jiwani purchased the house from Paul and Lacy Brown.

The deal is funded with a 30-year loan of $494,000 from Centennial Bank.

The residence was linked with a January 2012 mortgage of $335,000 held by Kansas State Bank of Manhattan.

The Browns acquired the property for $443,000 in February 2008 from ODS Enterprises LLC, led by Oscar Washington.

Garrison Road

A 2,705-SF home in west Pulaski County’s Garrison Road neighborhood drew a $500,000 transaction.

The Gibson & Murphy Family Revocable Trust bought the 19.18-acre spread from Jack and Kathy Walton.

The Waltons purchased the property for $175,000 in March 1989 from Clifton Peck IV and his wife, Kathryne.