Downtown Office Building Sells for $37.2 Million (Real Deals)

A 600,000-SF office building in downtown Little Rock tipped the scales at $37.2 million.
A group of limited liability companies controlled by Triple Net Properties LLC of Santa Ana, Calif., bought the 30-story Regions Center at 400 W. Capitol Ave. from Regions Bank.
The deal is financed with a $32 million loan from Bank of America in Charlotte, N.C.
Land for the development was assembled through Little Rock’s First National Bank, the predecessor of Regions Bank and Little Rock’s First Commercial Bank.
The deals involved a mix of swaps and cash buys that included Congrega-tion of B’nai Israel, William and Dorothy Stannus, Gwendolyn S. Marshall and her husband, Cheatam; Arlene Pope Barber; and Sher-man Realty Co., led by W.S. Sher-man, in June 1972.
Cash sellers included Metropolitan Trust Co., led by Justin Matthews III, $150,000 in June 1975; Samuel and Barbara Raines, $84,000 in August 1972; and Twilla Ann Harper, $42,000 in August 1972.
Industrial Sale I
Adjoining industrial properties in east Little Rock changed hands in a $3.25 million transaction.
Caleast NAT LLC of Annapolis, Md., acquired the 3.2-acre warehouse property at 1803 E. 22nd St. and almost 10.9-acre truck terminal project at 2301 Bolton St. from Ben and Diane Davis.
The properties previously were linked with an October 2003 mortgage of $2.15 million and a November 2004 mortgage of $200,000 held by One Bank & Trust of Little Rock.
• $1.26 million for truck terminal development in June 1999 from Powell Brothers Inc., led by Don and Jack Powell.
• $650,000 for the warehouse project in October 2003 from Fred and Mimi Selz and Sam Strauss Jr. and his wife, Shirley.
Industrial Sale II
A Maumelle industrial property is under new ownership after an $890,000 deal.
LR Ark Property LLC of Columbus, Ohio, purchased the 8.1-acre location at the north end of Sharkey Drive from Burkhalter Leasing LLC, led by John Burkhalter.
The property previously was used to help secure a July 2004 mortgage of $675,000 held by North Little Rock’s National Bank of Arkansas.
The land was acquired more than two years ago as part of a $750,000 deal with Ron Campbell.
Acreage Acquisition
About 58 acres in west Pulaski County drew an $884,000 transaction.
Gene Ludwig bought the land south of County Farm Road along the Little Maumelle River from Hundley Family Ltd., led by Jeanice Hundley and John Hundley Jr.
The land was part of a 440-acre tract assembled more than 40 years ago for a cattle and Thoroughbred spread. The land was assembled in buys from Harold and Dell Branch, H.A. and Faye Cook and L.V. and Virginia Draper.
Broadway Buy
A pair of commercial properties in North Little Rock rang up a $650,000 sale.
Somers Enterprises Inc., led by Sheila Somers, acquired a small apartment complex at 4624 E. Broadway and a carwash at 4627 E. Broadway. The seller is Buckler Management Inc., led by Allen Buckler.
The deal is funded with a $525,000 loan from One Bank & Trust and a 20-year loan of $205,000 from Six Bridges Capital Corp. of Little Rock.
The 0.6-acre apartment project previously was tied to an October 2005 mortgage of $267,500 held by One Bank & Trust. The property was purchased for $180,000 in October 2005 from Harvey Homes Inc., led by Harvey Gardner.
The 0.7-acre carwash project previously was linked with an October 2005 mortgage of $146,250 held by One Bank. The property was bought for $65,000 in December 1995 from Kelco Inc., led by John Crouch.
Ag Purchase
An agribusiness development in North Little Rock sold for $613,000.
Frank Vallot purchased the 2 Oakley Drive project from Mid-South Seeds Inc. of North Little Rock.
The deal is backed with a 10-year loan of $664,000 from U.S. Bank of North Little Rock.
The 4.1-acre site was acquired for $75,000 in June 1979 from Riverfront Industrial Park Inc., led by Charles Mott Jr.
Carwash Property
A carwash project in southwest Little Rock changed hands in a $550,000 deal.
Abbott Moore Enterprises LLC, led by James and Michelle Moore, bought the 10000 Mabelvale West Road development from the namesake revocable trusts of Richard and Katherine Meyer.
The deal is financed with a five-year loan of $600,000 from Wachovia Bank of Charlotte, N.C. The property previously was tied to a May 2002 mortgage of $98,900 held by Regions Bank.
The property was purchased for $99,000 more than four years ago from Gardner Oil Co., led by Lewis Gardner.
Chenal Sale
A 5,000-SF home in west Little Rock’s Chenal Valley neighborhood is under new ownership after a $772,000 sale.
Judith Tenenbaum acquired the house from Rees Development Inc., led by John Rees.
The residence previously was linked with an August 2005 mortgage of $620,000 held by BancorpSouth Bank of Tupelo, Miss.
The location was bought for $113,000 14 months ago from Kevin Hughes Construction Co.
Walton Heights Abode
A 3,420-SF home in west Little Rock’s Walton Heights neighborhood drew a $715,000 transaction.
Marcus and Carol Fisher purchased the house from Christopher and Jennifer Ligon.
The deal was funded with a 30-year loan of $572,000 from Pulaski Mortgage Co. of Little Rock. The residence previously was tied to an August 2005 mortgage of $150,000 held by One Bank & Trust.
The Ligons acquired the property for $400,000 from James Freeman.
Normandy Home
A 4,461-SF home in the Normandy neighborhood of Little Rock rang up a $643,000 sale.
Christopher and Christy Catlett bought the house from Shannon and William Otto Jr. The deal is backed with a one-year loan of $650,000 from Twin City Bank of North Little Rock.
The residence previously was linked with an August 2006 mortgage of $228,000.
The property was purchased for $400,000 in August 2003 for Jerry and Vanessa Thomas.
River Ridge Residence
A 3,383-SF home in Little Rock’s River Ridge Pointe neighborhood sold for $530,000.
C.S. and Amy Schuh acquired the house from the Irrevocable Credit Shelter Trust, led by William Riley.
The deal is financed with a 15-year loan of $150,000 from Twin City Bank. The residence previously was tied to a November 2002 mortgage of $175,000 held by Metropolitan National Bank of Little Rock.
The homesite was bought for $90,000 in September 1987 from River Ridge Corp., led by Brad Walker.
Captain Funding
Two seafood eateries were used to help secure a $430 million funding agreement.
SHN Properties LLC of Nashville, Tenn., obtained the loan from JP Morgan Chase Bank of Chicago.
The limited liability company purchased the Captain D’s restaurants at 1109 W. Main St. in Jacksonville and at 6301 Asher Ave. in Little Rock from Shoney’s Inc. nine years ago as part of an intra-company transaction valued at $2 million.
Shoney’s acquired the half-acre Jacksonville location in March 1981 for $160,000. 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 half-acre location in southwest Little Rock was bought for $257,000 in October 1979 from WilliamTel Enterprises Inc., led by David Wachtel Jr.