Big Slice of Park Avenue Draws $23.4M Transaction (Real Deals)

Big Slice of Park Avenue Draws $23.4M Transaction (Real Deals)
A 12.6-acre piece of the Park Avenue development in midtown Little Rock rang up a $23.4 million sale. The retail deal included 1) ground-floor space in the Park Avenue Lofts project , 2) parking deck, 3) two interior buildings, 4) Cheddar’s, 5) Jared jewelry store and 6) AT&T store.

About 70,200 SF of retail space and a two-story parking deck in midtown Little Rock weighed in at $23.36 million.

IREIT Little Rock Park Avenue LLC, an affiliate of Inland Real Estate Income Trust of Oakbrook, Illinois, purchased six pieces of the Park Avenue project that included a 124,200-SF parking deck.

The two biggest retailing properties are a 25,500-SF building at 416 S. University Ave., home to Staples, Carters, Gigi’s Cupcakes and Radio Shack; and 16,704 SF of ground-floor space in the 258-unit Park Avenue Lofts apartment project at 314 S. University Ave.

Other components included a 10,205-SF building at 410 S. University Ave., home to Verizon Wireless, Mattress Firm, Tropical Smoothie Café and Sport Clips, an 8,051-SF Cheddar’s restaurant at 400 S. University Ave., the 6,014-SF Jared jewelry store at 310 S. University Ave. and the 3,817-SF AT&T store at 300 S. University Ave.

The 12.4-acre piece of Park Avenue previously was linked with a May 2013 mortgage of $18.5 million held by Bank of America of Charlotte, North Carolina.

The seller is SPC Park Avenue Ltd., an affiliate of Strode Property Co. of Dallas.

SPC assembled the land in September 2007 as part of a $22 million deal.

The sellers were Southern Real Estate & Financial Co., led by Charles Cella; the William L. Patton Jr. Family Ltd. LLLP; Arkansas Acquisitions Inc., led by John McDonald; Baird Inc., led by John Schlereth; and the Patton family.

Suites Land

The site for a 115-room Hilton Homewood Suites in downtown Little Rock checked in at $2.25 million.

MHG Little Rock HM Ltd., an affiliate of McKibbon Hotel Group Inc. of Gainesville, Georgia, bought the 1.07-acre site on the south side of Capitol Avenue between Rock Street and River Market Avenue.

The seller is River Market South LLC, led by Jimmy Moses and Rett Tucker.

Construction is backed with a $15 million loan from First Security Bank of Searcy.

The location was purchased in October 2005 as part of a nearly $5 million deal with the Arkansas Teacher Retirement System.

Packaging Purchase

The sale of a 43,750-SF industrial facility in North Little Rock tipped the scales at $2 million.

Sigma Family Ltd., led by Daniel Hamby Jr., acquired the 7701 Industry Drive project. The seller is Arkansas Packaging Products Inc., led by Mark Schaefer.

The 4.39-acre development is now helping secure a seven-year loan of $12 million from Regions Bank of Birmingham, Alabama.

The property previously was tied to a June 2012 mortgage of $1.44 million held by Delta Trust & Bank of Little Rock.

Arkansas Packaging bought the project for $1.8 million in June 2012 from P&M Properties, led by Carl and Mary Peterson.

Storage Foreclosure

A 329-unit ministorage project in Jacksonville is under new ownership after a $650,000 foreclosure sale.

BOE Acquisition Co., an affiliate of Bank of England, recovered Arkansas Public Storage at 405 N. James St. from Thomas, Arleta and Lawrence Dupree.

The 3.76-acre development previously was linked with an April 2006 mortgage of $700,000 held by Bank of England.

Ownership of the property was transferred from the Grace Phelps Dupree Marital Trust in 1985. The Dupree family’s ownership of land in this area of Jacksonville dates to January 1933.

Gallery Sale

A 2,200-SF commercial building in the Heights area of Little Rock changed hands in a $545,000 transaction.

Onkav LLC, led by Gary Childers, purchased the Heights Gallery project at 5801 Kavanaugh Blvd. from Mitchell and Lee-Ann Jansonius.

The Jansonius family acquired the property for $120,000 in April 1982 from Margaret Ann Sutterfield.

Closet Acquisition

The 9,920-SF Closet Factory building in downtown Little Rock rang up a $450,000 deal.

900 West 7th LLC, led by Jimmy Moses, bought its namesake property from Mar-Lis Properties LLC, led by Mark Leggett.

The deal is financed with a three-month loan of $450,000 from IberiaBank of Lafayette, Louisiana.

The property was tied to a May 2006 mortgage of $212,000 originated by Arkansas Certified Development Corp. of Little Rock and a July 2006 mortgage of $457,200 held by Metropolitan National Bank of Little Rock.

The 0.34-acre development was purchased for $455,000 in September 2005 from Chuck Hamilton Construction Inc.

Ranch Residence

A 5,739-SF home in west Little Rock’s Glenn Johnson Ranch neighborhood sold for $950,000.

Paulo and Teresa Ribeiro acquired the house from the Cynthia Gail Wilcox Revocable Trust.

Wilcox bought the 5.16-acre spread for $950,000 in March 2006 from Kerry and Linda Ozment.

Greathouse Abode

A 4,051-SF home in Little Rock’s Greathouse Bend Estates neighborhood drew a $730,000 sale.

The Kelli N. Miller Revocable Trust purchased the house from Joe Peacock.

Peacock acquired the property for $700,000 in April 2011 from Ted and Maranda Bailey.

Country Club House

A 3,134-SF home near the Country Club of Little Rock is under new ownership after a $629,500 deal.

Lee and Lauren Strother bought the house from Julie and Monty Whatley.

The deal is funded with a 30-year loan of $503,616 and a two-year loan of $50,000 from First Federal Bank of Harrison.

The residence previously was linked with a November 2010 mortgage of $404,772 held by Caliber Funding LLC of Irving, Texas.

The Whatleys purchased the property for $525,000 in September 2008 from Beverly and Ronald Kuerner.

Greenbrier Home

A 4,068-SF home in the Greenbrier neighborhood of Little Rock changed hands in a $580,000 sale.

Jill Mhyre acquired the house from David and Barbara Pryor.

The deal is backed with a 15-year loan of $417,000 and a five-year loan of $130,000 from IberiaBank Mortgage Co. of Little Rock.

The residence previously was used to secure a September 1998 credit line mortgage of $200,000 with Bank of America.

The Pryors bought the property for $385,000 in September 1998 from Cherry Light.

Sezanne Domicile

A 5,232-SF home in the Sezanne Court neighborhood of west Little Rock’s Chenal Valley development was purchased for $545,000.

Joshua Woolley and Margaret Ege purchased the house from Charles and Ginger Wepfer.

The deal is financed with a 25-year loan of $490,500 from Regions Bank.

The residence previously was tied to September 2008 mortgages of $417,000 and $175,100 held by Centennial Bank of Little Rock.

The Wepfers acquired the property for $658,000 more than five years ago from ODS Enterprises LLC, led by Oscar D. Washington.

Restaurant Funding

Two half-acre seafood eatery developments were used to help secure a $95 million financial package.

SHN Properties LLC and Captain D’s LLC, both of Nashville, Tennessee, received the loan from Bank of America.

The Captain D’s location at 1109 W. Main St. in Jacksonville was bought for $160,000 in March 1981.

The seller was Blue Roof Co., led by Dan Robinson II, Ed Willis, Larry Brashears, E.S. Estes, J. Leonard Venable and Jerry Grigsby.

The project at 6301 Col. Glenn Road in Little Rock was purchased for $257,000 in October 1979.

The seller was WilliamTel Enterprises Inc., led by David Wachtel Jr.