FBI's Arkansas Headquarters Attracts $19.5M Sale

FBI's Arkansas Headquarters Attracts $19.5M Sale
The state headquarters of the FBI in west Little Rock was the subject of a $19.5 million transaction .  The 99,000-SF office building is at 24 W. Shackleford Blvd. | (Photo by Wil Chandler)

The Arkansas headquarters of the Federal Bureau of Investigation in west Little Rock tipped the scales at $19.5 million.

USGP II Little Rock FBI Ltd. of Washington, D.C., purchased the 99,000-SF office building at 24 W. Shackleford Blvd. from TRT Shackleford West Bou-levard LLC of Denver.

USGP II assumed the balance of an April 2007 mortgage of $13.6 million overseen by U.S. Bank of Cincinnati.

TRT bought the 6.95-acre development for $21 million in March 2007 from Harris/Hathaway JV LLC, led by Mark L. Harris.

Multifamily Development

A 260-unit apartment project in Little Rock’s Riverdale area is in the works after a $2.57 million land deal.

Riverdale Residences LLC, an affiliate of LIV Development of Birmingham, Alabama, acquired 7.62 acres at the northwest corner of Brookwood Drive and Cedar Hill Road. The seller is Winrock International Institute for Agricultural Development.

Construction is backed with a $26.6 million loan from Regions Bank of Birmingham.

The Rockefeller family has controlled the property for years after first leading the acquisition of the Riverdale Country Club in November 1968.

The deal involved trading 254 acres in west Little Rock to the Riverdale membership and creating the Pleasant Valley Country Club golf course, investing $1.15 million to build the new clubhouse, swimming pool and tennis court complex and assuming $170,000 of outstanding debt.

Gallery Transaction

A 9,460-SF office building in west Little Rock that was the subject of foreclosure proceedings has been sold for $750,000.

Rodney Parham & Breckenridge LLC, led by The Gertrude P. Ryles Revocable Trust, The Stephen E. Whitwell Sr. Revocable Trust and The Watters Revocable Trust, led by Conan Van Watters, bought the Gallery Building at 10121 Rodney Parham Road.

The deal is funded with a $675,000 loan from One Bank & Trust of Little Rock. The seller was 10121 Rodney Parham LLC, led by John Olaimey.

One Bank filed a foreclosure suit in December 2013 on an original loan of $735,250 that dated back to September 2005. According to the suit, the loan had been past due since September 2013, with a total outstanding balance of $689,355.

10121 Rodney Parham, originally led by Gene Cauley, acquired the 0.96-acre development for $850,000 in September 2005 from Galbreck Properties LLC.

The limited liability company was composed of Lowry Barnes and Allan Roberts, 20 percent each; John Newman and H.E. Cummins III, 17.5 percent each; Mark Bentley and Tom Rystrom, 15 percent combined; and Walter Ebel III, 10 percent.

Magnolia Flats Buy

A 12-unit apartment project in downtown Little Rock is under new ownership after a $690,000 deal.

Magnolia Flats LLC, led by Chris Moses, purchased the 401 E. Capitol Ave. project. The seller is Tri-B Realty Inc., led by John Billingsley.

The transaction is financed with a five-year loan of $770,000 from Arvest Bank of Fayetteville.

Tri-B Realty bought the 0.32-acre development for $96,000 in December 1977 from Central Arkansas Christian Schools.

Terrywood Purchase

A 34-unit apartment project in southwest Little Rock rang up a $400,000 sale.

Scott Street Apartments LLC, led by Jason Bolden, Jerry Bedford, C.W. Freedman and Paul Sheptow, acquired Terrywood Apartments at 8711 and 8723 Baseline Road from William Tull Jr.

The deal is backed with a five-year loan of $480,000 from Central Bank of Little Rock. The residence previously was tied to an October 2002 mortgage of $429,250 held by One Bank.

The lender filed an August 2013 foreclosure on the loan, which had a total outstanding balance of $385,727 at the time and had been past due since April 2013.

Tull purchased the 1.57-acre development for $470,000 in October 2002 from Edward and Judith Cecil.

Land Acquisition

A 19-acre tract in southwest Little Rock drew a $400,000 transaction.

DoDa Construction, led by Doug Meyer and David Bruning, bought the land on the north side of Baseline Road, a mile west of Stagecoach Road. The seller is BancorpSouth Bank of Tupelo, Mississippi.

The bank recovered the property from Dreamland Development LLC, led

by Russell Huckaby and Jerome Atchley, as part of a $1.42 million foreclosure sale in March 2010.

The property helped secure a November 2007 mortgage of $3.2 million held by BancorpSouth.

Office Property

A 4,362-SF office building in North Little Rock sold for $182,000.

TMC Properties LLC, led by Craig Luter, purchased the 2011 Fendley Drive project from Kenneth and Alicia Womack.

The 0.49-acre development previously was linked with a May 2009 mortgage of $91,886 held by Arvest Bank.

The Womacks bought the property for $91,000 five years ago from St. Vincent Community Health Services Inc.

Germay Residence

A 6,600-SF home in the Germay Court neighborhood of west Little Rock’s Chenal Valley development weighed in at $1.05 million.

Kevin and Victoria Kordsmeier ac-quired the house from Blake and Tia Murchison.

The deal is funded with a 30-year loan of $700,000 from Regions Bank.

The residence previously was tied to an October 2005 mortgage of $895,000 and a September 2010 mortgage of $152,700 held by Regions.

The home site was purchased for $230,000 in May 2005 from Chateau Customer Homes Inc., led by David McFatrich.

Two Harbors Home

An 8,500-SF home in the Two Harbors neighborhood on the edge of Little Rock flipped ownership.

CBM Appraisals Inc., led by Chris Maris, bought the house from Zammarud and Nadeem Siddique for $973,000.

The residence previously was linked with an October 2012 mortgage of $500,000 held by First Security Bank of Searcy.

CBM then sold it for $715,000 to Randy Machen for $715,000. The deal is financed with a one-year loan of $750,000 from Bank of Little Rock.

The Siddiques acquired the property for $653,000 in October 2012 from M&T Bank of Buffalo, New York.

Country Club House

A 2,780-SF home near the Country Club of Little Rock is under new ownership after a $590,000 transaction.

Sara and Jay Mitchell purchased the house from Morgan and Jennifer Keyes. The deal is backed with 30-year loans of $417,000 and $55,000 from Bank of Little Rock Mortgage Corp.

The residence previously was tied to a November 2010 mortgage of $240,859 held by Wells Fargo Bank of Sioux Falls, South Dakota.

The Keyes family bought the property for $570,000 from The Jessica N. Waschka Living Revocable Trust.

PV Abode

A 3,381-SF home in west Little Rock’s Pleasant Valley neighborhood rang up a $520,000 deal.

Alex and Angela Orsini acquired the house from The Bob & Margie Raff Living Trust. The deal is funded with a 30-year loan of $380,800 from Bank of America in Charlotte, North Carolina.

The Raffs purchased the property for $240,000 in June 1988 from Margie Browne.