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Bank Branch Trio Generates $3.45M Sale (Real Deals)

5 min read

Three former Metropolitan National Bank branches combined for a $3.45 million transaction.

First Arkansas Bank & Trust of Jacksonville bought a 3,743-SF branch at 2030 John Harden Drive in Jacksonville and a 3,582-SF branch at 121 Bill Foster Memorial Highway in Cabot for $2.2 million.

The bank also acquired a 3,484-SF branch at 3607 E. Kiehl Ave. in Sherwood for $1.25 million. The seller in both deals is Simmons First National Bank of Pine Bluff, which purchased Metropolitan last year.

The 0.73-acre Jacksonville property was bought for $400,000 in October 2002 from TTRL LLC, led by Tommy Lasiter.

The 1.81-acre Cabot site was purchased for $224,000 in April 2005 from Billy and Margaret Russell.

The 0.95-acre Sherwood location was acquired for $240,000 in May 2005 from Jacob Van Pelt.

Crain Transaction

A 3-acre parking lot in west Little Rock is under new ownership after a $1.7 million deal.

Crain Investments Ltd., led by Larry Crain Sr., purchased the property adjoining the north side of Crain Ford at 4601 Col. Glenn Plaza Drive.

The seller is Crain Family Holdings LLC, led by Larry Crain Jr.

Crain Family bought the land for $1.1 million in October 2013.

The sellers were LLEJ V LLC, led by Leonard Boen, and CG 430 LLC, led by Hank Kelley.

Motel Purchase

A 50-room motel in Jacksonville changed hands in a $1.2 million deal.

K&D Hospitality LLC, led by Hemisbhai Patel and Mahesh Patel, acquired the Cranbury Inn & Suites at 2110 John Hardin Drive.

The seller is Vrindavan LLC, led by Ashok Patel.

The deal is financed with a 15-year loan of $850,000 from Cross County Bank of Wynne.

The 3.1-acre development previously was tied to a November 2004 loan of $1.36 million through Arkansas Capital Corp. of Little Rock.

Vrindavan purchased the project for $1.5 million in November 2004 from Jacksonville Motel LLC, led by Nilesh Patel.

Dry Cleaners Buy

A dry cleaning development in west Little Rock rang up an $850,000 transaction.

Leonard R. Ellis Properties Inc., led by Michael Ellis, bought Chenal Laundry & Dry Cleaners at 401 S. Bowman Road. The seller is Nineteenth Hole Development Co. LLC, led by Jeff Shaneyfelt.

The deal is backed with a 20-year loan of $512,576 from BancorpSouth Bank of Tupelo, Mississippi. The 0.64-acre development previously was linked with a January 2008 mortgage of $830,000 held by Bank of America in Charlotte, North Carolina.

Nineteenth Hole acquired the location for $390,000 in April 1996 from Bernard Kaiser III and Willis and Angela Smith.

Agri Acquisition

Nearly 50 acres of farmland in south Pulaski County drew a $200,000 sale.

The Arkansas State Police Foundation purchased the land about a mile east of Wrightsville on the north side of Frazier Pike.

The sellers are Harold and Betty Thomas.

The Thomas family bought the property for $300,000 as part of a 552-acre transaction with the Prudential Insurance Co. of America in Newark, New Jersey.

Office Transaction

Medical office space on the Baptist Health campus in west Little Rock sold for $197,030.

Eye Care Equipment LLC, led by Robert Berry, acquired a 2,074-SF piece of the 9800 Baptist Health Drive project from Baptist Health.

The site was purchased in September 1970 as part of a $16,000 deal with Alice Elizabeth Leigh.

PV Abode

A 5,345-SF home in west Little Rock’s Pleasant Valley neighborhood is under new ownership after an $830,000 transaction.

The Jimmy Loyd English Living Revocable Trust bought the house from Avery Martin.

The residence previously was tied to July 2013 mortgages of $417,000 held by Merchants & Planters Bank of Collierville, Tennessee, and $283,000 held by Bank of Augusta (Woodruff County).

Martin acquired the property for $875,000 14 months ago from Ted Skokos Jr.

Condo Purchase

A high-rise condominium in downtown Little Rock changed hands in a $746,240 deal.

Lisa McNeir purchased the 2,816-SF unit on the 18th floor of the River Market Tower at 315 Rock St. from RMT II LLC, led by Jimmy Moses and Rett Tucker.

The property helped secure April 2014 mortgages of $18.68 million held by First Security Bank of Searcy and $3.38 million held by Citizens Bank of Batesville.

The 1.2-acre site on the east side of Rock Street between Third and Fourth streets was bought in October 2005.

The property was part of a $5.08 million deal with the Arkansas Teacher Retirement System.

Bretagne Home

A 5,873-SF home in the Bretagne Circle neighborhood of west Little Rock’s Chenal Valley development rang up a $650,000 sale.

Steven and Victoria Aldy acquired the house from Kevin and Karen Hughes.

The deal is funded with a 30-year loan of $375,000 from One Bank & Trust of Little Rock.

The residence previously was linked with a September 2004 mortgage of $222,300 held by Metropolitan National Bank.

The Hughes family purchased the site for $90,000 in November 1995 from Deltic Farm & Timber Co. of El Dorado.

Hillcrest Residence

A 3,564-SF home in the Hillcrest area of Little Rock drew a $605,000 transaction.

Martha Bushmiaer-Heiple and her husband, Tim, bought the house from Ebissa Williams II.

The deal is financed with a $479,280 loan from Wells Fargo Bank of Sioux Falls, South Dakota. The residence previously was tied to a Jan-

uary 2012 mortgage of $48,000 held by IberiaBank Mortgage Co. of Little Rock.

The property was acquired for an undisclosed sum in April 1968 from Theo Dillaha Jr. and his wife, Mary.

Scenic Heights House

A 3,034-SF home in Little Rock’s Scenic Heights neighborhood sold for $525,000.

Arden Boyce purchased the house from the Dena Rae Reynolds Revocable Trust.

The residence previously was linked with a June 2011 mortgage of $130,000 held by Regions Bank of Birmingham, Alabama, and an April 2012 of $197,500 held by First Financial Bank of El Dorado.

The property was bought for $264,000 in May 1985 from Mary Sue Rogers.

Hickory Grove Home

A 3,531-SF home in west Little Rock’s Hickory Grove neighborhood changed hands in a $522,750 transaction.

Kimberly Marchant acquired the house from Markus-Evans LLC, led by James Markus. The deal is funded with a five-year loan of $395,000 from First Security Bank.

The residence previously was tied to a February 2007 mortgage of $606,000 held by Metropolitan National Bank.

The land was bought in July 2003 as part of a $725,000 deal with First Baptist Church of Little Rock.

Building Permits

Outlet Mall              $30,005,018
Gateway Town Center
11400 Interstate 30, Little Rock
CDI Contractors LLC, Little Rock

Warehouse Addition        $7,500,000
Moon Distributors
2800 Vance St., Little Rock
Dave Grundfest Co., Little Rock

Restroom Renovations      $2,178,000
Bill & Hillary Clinton National Airport
1 Airport Drive, Little Rock
Flynco Inc., Little Rock

Safe Room                         $1,600,000
Christ the King
4000 N. Rodney Parham Road, Little Rock
Bailey Construction & Consulting LLC,  Little Rock

Renovation                         $1,100,000
Market Place Shopping Center
11121 N. Rodney Parham Road, Little Rock
Hydco Inc., North Little Rock

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