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FedEx Development Delivers $31.7M Deal (Real Deals)

5 min read

The sale of a 311,684-SF FedEx Ground facility in southwest Little Rock weighed in at $31.7 million.

Wilark LLC, an affiliate of Realtech Construction Co. of Los Angeles, bought the 8 Industrial Parkway project. The seller is SDC 26 Little Rock AR LLC, an affiliate of Saad Development Corp. of Mobile, Alabama.

The deal is financed with a seven-year loan of $18 million and an $18 million line of credit from Bank of America in Charlotte, North Carolina.

The 44.38-acre development previously was linked with a November 2014 mortgage of $24.9 million held by Centennial Bank of Conway.

SDC 26 acquired the site for $3.38 million 21 months ago from R&D Holding LLLP, led by Don Thompson.

Legacy Project

A 32-unit apartment complex in downtown Little Rock tipped the scales at $1.64 million.

SN Management LLC, led by Naoman Qureshi, purchased the Legacy Apartments at 1310-1312 Louisiana St. The seller is Legacy Apartments Management LLC, led by Jason Bolden.

The deal is funded with a seven-year loan of $1.39 million from Central Bank of Little Rock. The 0.56-acre development previously was tied to an August 2014 mortgage of $1.1 million held by the bank.

The project was bought for $1.5 million in March 2008 from Legacy Apartments LLC, led by Robert Nicorici.

Church Transaction

A church in southwest Little Rock changed hands in a $650,000 transaction.

Waters Temple Church of God in Christ acquired the former Southwest Community Assembly of God Church at 7400 Lancaster Road from One Life Church.

The deal is backed with a three-year loan of $450,000 from Arvest Bank of Fayetteville.

The 4.68-acre property was purchased for $20,000 in March 1965 from Gann and Louise Nalley.

Office Sale I

A 5,670-SF office building in downtown Little Rock rang up a $510,000 sale.

Lex Properties LLC, led by Allen Carney, Hank Bates and Randall Pulliam, bought the 519 W. Seventh St. project from Angela Rogers Group LLC.

The deal is financed with a 20-year loan of $562,000 from One Bank & Trust of Little Rock.

The 0.24-acre development previously was linked with a January 2015 mortgage of $234,000 and an October 2015 mortgage of $20,000 held by Centennial Bank.

Angela Rogers Group acquired the property for $175,000 in November 2012 from IberiaBank of Lafayette, Louisiana.

Office Sale II

A 7,189-SF office building in North Little Rock is under new ownership after a $400,000 deal.

Leigh Carriers LLC, led by Victoria Leigh, purchased the Port City Building at 2800 Percy Machin Drive. The seller is Whitwell Inc., led by Stephen Whitwell.

The deal is funded with a five-year loan of $416,000 from Little Rock’s Bank of the Ozarks.

The 0.68-acre development previously was tied to a June 2007 mortgage of $318,000 held by North Little Rock’s National Bank of Arkansas.

Whitwell acquired the property for $340,000 in April 1997 from Mortgage Services Inc., led by Debra Buckner.

Old-Fashioned Deal

A Wendy’s in North Little Rock served up a $355,000 transaction.

Arkansas Real Estate Holdings LLC, led by Michael Fritz, bought the 4600 Camp Robinson Road project from ARC CafeHLD001 LLC of Phoenix.

The deal is backed with a 10-year loan of $245,000 from Regions Bank of Birmingham, Alabama.

The 0.79-acre development was purchased for $971,000 in June 2013 from CNL APFD Partners Ltd. of Orlando, Florida.

Retail Purchase

A 3,780-SF retail property in southwest Little Rock drew a $170,000 deal.

Ryan Ahmed LLC, led by Faysal Ahmed, acquired the 9021-27 Geyer Springs Road project from One Bank & Trust. The deal is financed with a five-year loan of $102,700 from IberiaBank.

Marabelle Properties LLC, led by John Childers Jr., forfeited the 0.36-acre development in October 2015 to One Bank in lieu of foreclosure on an April 2004 mortgage of $350,000.

Sologne Manor

A 10,810-SF manor in the Sologne Circle neighborhood of west Little Rock’s Chenal Valley development weighed in at $1.57 million.

Rodney and Michelle Damon purchased the home from the CNC Family Trust, led by Christopher and Claire Pittman.

The deal is funded with a 25-year loan of $1.26 million from BancorpSouth Bank of Tupelo, Mississippi.

The residence previously was linked with a May 2013 mortgage of $1.2 million held by U.S. Bank of Cincinnati.

The Pittmans acquired the property for $1.5 million in August 2012 from Capital Bank of Little Rock.

PV Residence

A 4,659-SF home in west Little Rock’s Pleasant Valley neighborhood sold for $825,500.

Kristopher Magnuson bought the house from Barton and Carol Corley.

The deal is backed with 30-year loans of $417,000 and $283,000 from Bank of Little Rock Mortgage Corp.

The residence previously was tied to an October 2009 mortgage of $147,500 held by IberiaBank Mortgage Co. of Little Rock.

The Corleys purchased the property for $715,000 in November 2008 from Thomas and Jennifer Burnett.

Roland Home

A 4,979-SF home in Roland changed hands in a $630,000 transaction.

Richard Hall II and his wife, Lydia, acquired the 5-acre spread from David Cash and Robbie Cash.

The deal is financed with a 30-year loan of $504,000 from JPMorgan Chase Bank of Columbus, Ohio.

The residence previously was linked with an April 2009 mortgage of $375,000 and a May 2009 mortgage of $417,000 held by One Bank.

The property was bought for $839,000 in December 2006 from Mark and Mara Malcolm.

Maisons Abode

A 4,429-SF home in the Maisons neighborhood of west Little Rock’s Chenal Valley development rang up a $595,000 sale.

Ryan and Jacquelyn Hall purchased the house from Glenn and Amanda Proffitt. The deal is funded with a 25-year loan of $595,000 from Regions Bank.

The residence previously was tied to a June 2012 mortgage of $272,100 held by LoanDepot.com LLC of Foothill Ranch, California.

The Proffitts acquired the location for $77,000 in March 2004 from Deltic Timber Corp. of El Dorado.

Midland House

A 3,406-SF home in Little Rock’s Midland Hills neighborhood is under new ownership after a $505,000 deal.

Timothy Carr Jr. and his wife, Stacy, bought the house from Jon and Kricia Palmer.

The deal is backed with a 30-year loan of $403,700 from Arvest Bank. The residence previously was linked with a May 2012 mortgage of $417,000 held by Fairway Independent Mortgage Corp. of Plano, Texas.

The Palmers purchased the property for $475,000 more than four years ago from Raymond McKinnon.

Multifamily Mortgage

The owner of a 228-unit apartment complex in Little Rock’s Riverdale area landed an $11.3 million funding agreement.

MIMG LXXI Vantage Point LLC of Frank-town, Colorado, received the 15-year loan from Berkadia Commercial Mortgage LLC of Ambler, Pennsylvania.

The 8.3-acre Vantage Point Apart-ments development at 2300 Rebsamen Park Road previously was tied to a February 2015 mortgage of $8.2 million held by KeyBank of Cleveland.

The project was acquired for $11 million 18 months ago from Freg Vantage Point Associates LLC, an affiliate of Versus Capital Group of Denver.

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