Chunk of Cantrell Heights Registers $8.3M Sale (Real Deals)


Chunk of Cantrell Heights Registers $8.3M Sale (Real Deals)
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A 126-unit piece of a Little Rock apartment complex tipped the scales at $8.3 million.

TMF Legacy LLC, an affiliate of Think Multifamily in Frisco, Texas, purchased the Cantrell Heights project at 6900 Cantrell Road from F4 Little Rock 2 LLC, an affiliate of Anthem Property Ventures of Edmond, Oklahoma.

TMF assumed a June 2020 mortgage of $6.2 million held by Fannie Mae.

F4 acquired the 4.94-acre development for $6.1 million in July 2018 from Cantrell Heights LLC, led by John Bailey.

Benton Building

A 44,532-SF office building in west Little Rock weighed in at $7.1 million.

Leonardo Properties-Westlake LLC, led by Bruce Murphy, and Central Properties Inc., led by John Flake, bought the Benton Building at 10802 Executive Center Drive in an 88.75%/11.25% split. The seller is STP Westlake Ltd., an affiliate of Silver Tree Partners in Dallas.

The deal is financed with a five-year loan of $5.6 million from Simmons Bank of Pine Bluff.

STP Westlake purchased the 2.91-acre development in May 2017 as part of a $45.1 million deal with ISB Investors LLC, led by Jim Irwin.

The Works Transaction

A 36,350-SF office-warehouse in North Little Rock sold for $2.87 million. Il Futuro LLC, led by Wes Martin and Josh Davenport, acquired the 700 W. Broadway project. The seller is The Works at Rockwater LLC, led by Jim Jackson and Lisa Ferrell.

The deal is backed with a seven-year loan of $3.2 million from Relyance Bank of Pine Bluff.

The Works bought the 3.25-acredevelopment for $725,000 in May 2016 from Truck Pro LLC of Memphis.

Maumelle Eatery

A 2,538-SF restaurant in Maumelle changed hands in a $1.22 million deal.

Mr Pancho Inc., led by Sergio Atilano, purchased the Taco Bueno at 102 Savannah Drive. The seller is Restinvest LLC, an affiliate of Quality Brand Management of Tulsa.

The deal is funded with a five-year loan of $952,000 from First Security Bank of Searcy. Restinvest acquired the 0.79-acre site for $396,000 in January 2007 from IHDG Pulaski 2 LLC, led by William Walker.

Circle K Site

A Circle K project is in motion after a $1.05 million transaction in downtown Little Rock. MCL Investments LLC, led by James Harkins, bought the 1,716-SF bank branch at 109 Chester St. from Little Rock’s Bank OZK.

Construction is financed with a five-year loan of $3.4 million from the bank.

Bank OZK purchased the 0.66-acre property for $220,000 in December 2010 from Arkansas Insurance Commissioner Mike Pickens, as receiver for Little Rock’s Signature Life Insurance Co. of America.

Office Purchase I

A 6,132-SF office building in west Little Rock rang up a $799,000 sale. Five Aces LLC, led by Anthony Brooks, acquired Building A at 500 Pleasant Valley Drive.

The seller is Old Blue Properties LLC, led by Kristen Minton. The deal is backed with a five-year loan of $400,000 from Simmons Bank.

Old Blue bought the 0.66-acre development for $710,000 in April 2016 from One Bank & Trust of Little Rock.

Water Plant Buy

A water plant in the Ridgefield Estates neighborhood of west Pulaski County drew a $578,623 transaction.

Central Arkansas Water bought the project on Ridgefield Lane from the Ridgefield Property Owners Association, led by Rex Critzer.

The site was purchased as part of a $514,000 deal with J. William Fulbright in April 1986.

Office Purchase II

A 3,000-SF office building in North Little Rock sold for $425,000.

Tootybird Properties Inc., led by Glenn McCracken, acquired the 2500 Lakeview Road project. The seller is Food Marketing Concepts Inc., led by Arlis Harvey.

The deal is funded with a 25-year loan of $630,000 from Stone Bank of Mountain View.

Food Marketing Concepts bought the 0.67-acre development for $185,000 in August 2013 from John and Angelica Rogers.

Mobile Acquisition

An 8.81-acre mobile home park in south Pulaski County changed hands in a $363,000 deal.

Boynerian LLC, led by Arek Boynerian, purchased the 2900 Lydia Lane project.

The seller is Lydia & Twin Pines Mobile Home Parks, led by Michael Colletto.

The deal is financed with a 45-month loan of $283,500 from Central Bank of Little Rock. The property was acquired in October 2014 as part of an $850,000 deal with Tommy and Tammy Stanley.

Downtown Property

A 1,500-SF office building and adjoining apartment in downtown Little Rock rang up a $312,000 sale.

Southern Magnolia House LLC, led by Andrea Andrews, bought the 1301 Cumberland St. project. The seller is DeRoeck Living Trust, led by George and Cara DeRoeck.

The deal is backed with a five-year loan of $125,192 from First Community Bank of Batesville.

The DeRoecks purchased the 0.17-acre development for $225,000 in July 2009 from Karen and Bill Reddig.

Office Purchase III

A 1,797-SF office building in midtown Little Rock rang up a $279,000 sale.

Michael & Rayanne Building LLC, led by Michael Thomason, acquired the Peters Professional Building at 216 N. McKinley St. The seller is Peters Family LLC, led by Charles and Lujean Peters.

The deal is funded with a $223,200 loan from Centennial Bank of Conway.

The 0.3-acre development was bought for $195,000 in February 2005 from Jacqueline Pereira.

Valley Falls Estates

A 4,581-SF home in west Little Rock’s Valley Falls Estates neighborhood tipped the scales at $1.2 million.

John and Katherine Rees purchased the house from Chris Maris Custom Homes & Remodeling Inc.

The deal is funded with a 15-year loan of $647,200 from Bank of Little Rock Mortgage Corp. The nearly 1-acre site

was acquired for $300,000 in January 2018 from Rick and Deanna Ferguson. n