$2M Deal Advances Residential Development (Real Deals)


$2M Deal Advances Residential Development (Real Deals)

A 39.52-acre residential development just outside the western city limits of Little Rock is in motion after a $2 million transaction.

Woodland Hills Valley LLC, led by Graham Smith and Scott Hurley, acquired the land on the south side of Cooper Orbit Road at Kanis Road. The seller is Moon Distributors Inc., led by Stan Hastings.

Development is funded by a three-year loan of $4.8 million from First Security Bank. The property was purchased for $16,000 in August 1958 from J.W. and Erkle Smith.

Brookwood Purchase

A former Kroger in North Little Rock weighed in at $1.87 million.

Brookwood-Pershing NLR LLC, an affiliate of Brookwood Properties in Baton Rouge, bought the 2.7-acre property at 900 W. Pershing Blvd. from Rapak Investments LLC of San Diego.

Rapak acquired the grocery store project for nearly $2.9 million in February 2011 from the Niksefat Family Trust, led by Salim and Fouzieh Niksefat.

Skyline Transaction

A 28-unit apartment project in North Little Rock tipped the scales at $1.82 million.

Aoraki Capital Inc., led by Hadar Orkibi; AR 28 SKL LLC of San Jose, California; and MIH Realty Arkansas 28 LLC of Ponte Vedra Beach, Florida, purchased Skyline Apartments at 1570 Skyline Drive.

The seller is the Agnes F. Villiger Revocable Trust. The deal is financed with a five-year loan of $1.4 million from Bank of Little Rock.

The 3.06-acre apartment location was assembled in 1973 in transactions totaling $25,000 with Metropolitan Trust Co., then led by Justin Matthews III.

Residential Land

A 42.21-acre tract in Maumelle rang up a $1.65 million sale.

Daryl Brock Custom Homes Inc. of Conway acquired the land at the north end of Country Club Parkway from Colony CC LLC, led by Arby Smith.

The deal is backed with a 10-year loan of $1.6 million from First Service Bank of Greenbrier. Colony CC purchased the property for $1.2 million in July 2015 from Country Club Development LLC, led by John T. Wright.

Embassy Property

A 4.44-acre commercial site in west Little Rock drew a $1.09 million transaction.

RTK Investments LLC, led by Raouf Kassissieh, bought the parcel on the east side of Embassy Suites Drive south of the Embassy Suites at 11301 Financial Centre Parkway.

The seller is JDHQ Land Holding LLC, an affiliate of Atrium Holding Co. of Phoenix. The deal is funded with a one-year loan of $810,000 from First Community Bank of Batesville.

The land was acquired in May 2018 as part of a $3.6 million deal with the bankruptcy estate of the John Q. Hammons Revocable Trust of Springfield, Missouri.

Office-Warehouse Buy

A 56,800-SF office-warehouse in North Little Rock sold for $840,000.

Half Off Holdings LLC, led by Alejandro Moreno and Eric Moreno, purchased the 2 Oakley Drive project from FNBAR LLC of Ponchatoula, Louisiana.

The 4.54-acre development was bought for $613,000 in August 2006 from Mid-South Seeds Inc., led by Michael Reed.

Convenient Sale

A 2,015-SF convenience store and an adjoining 0.67-acre parcel in north Pulaski County changed hands in a $700,000 deal.

KZ Properties LLC, led by Cernelia Jones, acquired the Macon Station convenience store at 22311 Hwy. 107 and land.

The seller is Singh Store Inc., led by Gurdev Dogra.

The deal is financed with a $645,000 loan from Centennial Bank of Conway and a $115,000 loan from Singh Store.

The 0.75-acre development and land were purchased for $620,000 in December 2018 from Donnie and Mary Miller.

Storage Expansion

A 2.03-acre commercial site in North Little Rock rang up a $500,000 sale.

Absolute Storage Of Maumelle LLC of Cordova, Tennessee, bought the land adjoining the north side of its 8700 Counts Massie Road project from Teri Cox.

The deal is backed with a five-year funding agreement of $6 million with First National Bank & Trust of Memphis.

The land was acquired for $205,000 in November 2006 from Country Club Development LLC, led by John T. Wright.

Hallen Court

A 5,984-SF home in west Little Rock’s Hallen Court neighborhood tipped the scales at $1.09 million.

George Morledge IV and his wife, Amy, purchased the house from Stevens Commercial Contractors Inc., led by Jackie Stevens.

The deal is funded with a 15-year loan of $595,000 from First Security Bank.

The location was bought for $138,000 in September 2019 from PotlatchDeltic Real Estate LLC.

Forest Park

A 4,680-SF home in Little Rock’s Forest Park neighborhood drew a $985,000 transaction.

William and Christine Borror acquired the house from Brad and Megan Delco.

The deal is financed with a 30-year loan of $985,000 from First Horizon Bank of Memphis.

The Delcos purchased the residence for $899,000 in July 2017 from David and Lisa Rapp.