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Convenient Redevelopment Drives $2.9M Transaction (Real Deals)

5 min read

A west Little Rock convenience store development is in motion after a $2.9 million transaction.

Murphy Oil USA Inc. of El Dorado bought the former Sears Auto project at 12600 Chenal Parkway from Starmax Properties Ltd., led by Barksdale McKay.

The 1.33-acre location was bought for $692,000 in March 1996 from the Roman Catholic Diocese of Little Rock.

Foothills Land

An undeveloped 64.5-acre apartment tract in North Little Rock tipped the scales at $2 million.

MLAKE1 LLC, an affiliate of Maxus Realty Trust Inc. of North Kansas City, Missouri, purchased land adjoining the Foothills Apartments at 2401 Lakeview Road. The seller is North Little Rock’s Woodcrest Co. LLP, led by the James P. Matthews family. The deal is funded by a three-year loan of $1.95 million held by Woodcrest.

The land was assembled over the years in deals that included H.E. and Capitola Gibbs, $1,590 in May 1926; William Haines, $7,500 in April 1931; the state of Arkansas, $1,031 in November 1935; and $453 in March 1939.

Triple Play

Two small apartment projects in the Hillcrest area of Little Rock accounted for most of a $995,000 deal.

Gumbo Properties LLC, led by Matthew and John Mazoch, acquired the 1425 and 2100 Kavanaugh Blvd. properties along with a 3,000-SF house in the Grandview neighborhood from William Watt. The deal is financed with a five-year loan of $845,000 from Bear State Bank of Little Rock.

Watt assembled the properties in deals with:

  • Ray Kemp Jr. and his wife, Margaret, $188,000 for the seven-unit 2100 Kavanaugh project in March 1996.
  • Mark and Nancy Wyatt, $185,000 for the Grandview house in August 2003.
  • Nancy Watson, $169,000 for the nine-unit 1425 Kavanaugh project in July 1996.

Auto Acquisition

A 6,850-SF retail project in Jacksonville is under new ownership after a $350,000 deal.

Harold Gwatney Chevrolet Co. bought the former Advance Auto Parts project at 1304 N. First St. from the Shefflette Family Trust, led by Patrick and Lois Shefflette.

The 0.77-acre development was acquired for $843,000 in April 2004 from Copia LLC, led by Ronald Kirby; Robert and Anne Friesen; Michael and Bea Fields; and Ralph and Rosa Ronalter Jr.

Medical Land

A 2.87-acre commercial site in Maumelle changed hands in a $207,243 sale.

Med South Medical Inc., led by Billie Graham, purchased the property at the southeast corner of Burkhalter and Sharkey drives.

The seller is Burkhalter Leasing LLC, led by John Burkhalter.

The deal is backed with a one-year loan of $166,400 from IberiaBank of Lafayette, Louisiana.

Burkhalter bought the land in July 2004 as part of a 97.4-acre tract in a $750,000 deal with Ron Campbell.

Diner Purchase

A 1,618-SF eatery project in Jacksonville rang up a $160,000 transaction.

JBK Properties LLC, led by Rebecca Kirby, acquired the James Street Diner at 505 S. James St.

The seller is RAD Holdings 3 LLC, led by Robert Davidson.

The 0.42-acre development previously was tied to a June 2010 mortgage of $285,465 held by First Security Bank of Searcy.

The property was purchased for $65,000 in November 2004 from the estate of P.W. Dupree Jr.

Longfellow Home

A 4,100-SF home in the Longfellow neighborhood of Little Rock weighed in at $999,000.

The Verona Belle Spatz Revocable Trust bought the house from the Barbara S. Nowlin Revocable Trust. The deal is funded with a 25-year loan of $800,000 from BancorpSouth Bank of Tupelo, Mississippi.

The property was acquired for $400,000 in May 1995 from the King A. Crow Irrevocable (Longfellow) Trust.

Country Club House I

A 2,734-SF home in Little Rock’s Country Club Heights neighborhood sold for $775,000.

The Coffield Revocable Trust, led by Ellen Stevens Coffield, purchased the house from the Desselle Family Revocable Trust, led by Michael and Susan Desselle.

The residence previously was linked with a July 2014 mortgage of $749,000 held by BancorpSouth Bank.

The Desselles bought the property for $749,000 14 months ago from Melissa Graves.

Germay Abode

A 4,811-SF home in the Germay Court neighborhood of west Little Rock’s Chenal Valley development drew a $690,000 transaction.

The Dunlap Living Trust, led by James and Kelley Dunlap, acquired the house from Richard and Sharon Rogala.

The deal is financed with a 30-year loan of $552,000 from Stifel Bank & Trust of St. Louis. The residence previously was tied to a November 2009 mortgage of $417,000 from One Bank & Trust of Little Rock.

The Rogalas purchased the property for $620,000 nearly six years ago from Scott and Juliana Holtzhouser.

Country Club House II

A 2,897-SF home in Little Rock’s Country Club Heights neighborhood is under new ownership after a $530,000 sale.

David Nix and Stacy Jones bought the house from Ed and Melinda Smith.

The deal is backed with a 25-year loan of $417,000 from Quicken Loans Inc. of Detroit. The residence previously was linked with a May 2010 mortgage of $534,000 held by Little Rock’s Bank of the Ozarks.

The Smiths acquired the property for $185,000 in June 2002 from Robert and Elizabeth Brave.

Oaks Residence

A 3,133-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development changed hands in a $515,000 deal.

The Bobby H. Dennis Revocable Trust purchased the house from James and Diane Hobson.

The Hobsons bought the property for $520,000 in June 2013 from The David T. Matchett Revocable Trust.

Christian Mortgage

A private school in west Little Rock is backed with a $9.4 million funding agreement. Little Rock Christian Academy Inc. obtained the financial package from Bank of the Ozarks.

The funding is split between a 10-year loan of $7.4 million and a three-year line of credit of $2 million.

The 53-acre campus at 19010 Cantrell Road previously was tied to a July 2008 bond issue of $10.2 million through the Arkansas Development Finance Author-ity.

The property also secures a July 2012 mortgage of $3 million held by Bank of the Ozarks.

The land was assembled in deals with Highway 10 Real Estate LLC, led by Scott Ford, $2 million in April 2005; Frances Pauline Ulmer and her son, John Ulmer Jr., $1.4 million in August 1996, and Gene Pfeifer and his wife, Linda, $271,500 in September 2000; and PCD LLC, led by Gene Pfeifer, 3.8 acres donated in December 2007.

Hotel Refinance

A 98-room hotel in North Little Rock was used to secure a $6.8 million mortgage.

Shree Jalaram Bapa Associates, led by Alpesh Patel, got the five-year loan from First Arkansas Bank & Trust of Jacksonville.

The Courtyard by Marriott at 4339 Warden Road previously was linked with a July 2012 mortgage of $7.2 million held by Farmers Bank & Trust of Magnolia.

The 3.01-acre property was acquired for $1.45 million from CC Acquisitions Ltd., an arm of New York Life Insurance Co.

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