Former Alltel Properties Dial Up $26M Transaction (Real Deals)

A 303,355-SF office building provided the centerpiece of a $26 million transaction in Little Rock’s Riverdale area.

The Arkansas Development Finance Authority bought Building 4 on the former Verizon/Alltel campus at 1 Allied Drive from Alltel Corp., an affiliate of Verizon Communications Inc. of New York.

In addition to the 17.47-acre office development, the deal includes an 11.6-acre parking lot along Riverfront Drive and Cottondale Lane and a 9.28-parking lot-soccer field on the south side of Cedar Hill Road between Riverfront Drive and the Little Rock & Western Railway tracks.

Alltel purchased the land as part of deals with Virginia Bailey, $900,000 in December 1992, and Pleasant Valley Inc., led by Marion Burton, $4.3 million in July 1994.

Convenient Purchase
A 5,700-SF super convenience store in west Little Rock weighed in at $5.8 million.

Bayrock Seven LLC, an affiliate of Bayrock Investment Co. in Charlotte, North Carolina, acquired the Kum & Co. project at 15617 Chenal Parkway. The seller is KG Store 139 LLC, an affiliate of the Kum & Go chain in West Des Moines, Iowa.

The deal is funded with a $3.7 million loan from First Internet Bank of Indiana in Fishers. The 1.57-acre development previously was linked with a May 2018 mortgage of $4 million held by First National Bank of Omaha, Nebraska.

The location was bought for nearly $1.8 million in January 2018 from Chenal & Wellington Development LLC, led by Haitham Alley.

Medical Office Buy
A 5,566-SF medical office project in west Little Rock tipped the scales at $2.47 million.

SCF RC Funding IV LLC, an affiliate of SCF Realty Capital in Princeton, New Jersey, purchased the Arkansas Maxillofacial Surgery Center at 5400 Highland Drive. The seller is Schoen Properties LLC, led by Scott Schoen.

The 1.13-acre development previously was tied to a January 2015 mortgage of $2.5 million held by U.S. Bank of Cincinnati.

Schoen acquired the land as part of August 2004 deals with Pfeifer Family Ltd. No. 2, led by Gene Pfeifer, $360,000; and Jim and Gay Hathaway, $91,000.

Dollar General Sale
A Dollar General Store in southwest Little Rock rang up a $942,000 sale.

Little Rock (Mabelvale) DG LLC, an affiliate of Capital Growth Buchalter of Birmingham, Alabama, bought the 8,990-SF project at 7501 Mabelvale Cut-Off Road from J&P Associates of New York.

The deal is financed with a two-year loan of $891,000 from ServisFirst Bank of Homewood, Alabama.

The 0.95-acre development previously was linked with an April 2012 mortgage of $576,000 held by First Place Bank of Warren, Ohio. J&P purchased the property for $960,000 nearly seven years ago from PB General Holdings (Chicot) LLC, led by Leonard Boen.

Gravel Ridge Land
A commercial parcel in Gravel Ridge is under new ownership after a $535,000 transaction.

Hwy 107-10.3 LLC, led by Byron McKimmey, acquired the 10.2-acre property at 14177 Highway 107 from Cecil Bailey, Charles Fortson, Leanna Fortson Reed and Mary Bailey Fortson.

The land was bought by C.D. and Vida Bailey for $200 in January 1943 from C.B. Beall.

Islamic Acquisition
A 4,658-SF office-warehouse project in Little Rock sold for $100,000.

The Islamic Center of Little Rock Inc. purchased the 1.26-acre development at 3200 Mary St. from the Robert J. Shell Revocable Trust and Baldwin & Shell Construction Co.

The property was assembled in two deals with Lyman and Margaret Lamb, for an undisclosed sum in January 1950, and the Lyman Lamb Living Trust, $20,000 in August 2002.

Edgehill Tandem
Two homes in Little Rock’s Edgehill neighborhood changed hands in successive deals topping $1 million.

The Steve & Jaimie Moss Joint Revocable Trust bought a 4,620-SF home from Noelle Nikpour for $1.6 million.

The deal is backed with a 30-year loan of $1.2 million from CIBC Bank USA of Chicago. The residence previously was tied to a September 2007 mortgage of $200,000 held by Relyance Bank of Pine Bluff. The property was acquired for $1.3 million in February 2004 from Ben and Nelda Johnson.

Nikpour purchased a 4,850-SF home for $1.9 million from the Roberts Living Trust, led by Chris and Beth Roberts.

The residence previously was linked with a July 2017 mortgage of $1.7 million held by BancorpSouth Bank of Tupelo, Mississippi.

The Roberts family bought the house for $1 million in July 2006 from Betty Brown.

Heritage Place
A 4,999-SF home on the western edge of Little Rock drew a $799,500 transaction.

Justin and Brittan Sanders acquired the house in the Heritage Place neighborhood from Lindy Smith.

The residence previously was tied to a March 2017 mortgage of $497,700 held by Malvern National Bank.

The 3.4-acre property was purchased for $200,000 in January 2017 from Heritage Land & Timber LLC, led by John White.

Fontenay Circle
A 4,506-SF home in the Fontenay Circle neighborhood of west Little Rock’s Chenal Valley development rang up a $590,000 sale.

Sheryl and Ottie Kerley III bought the house from Joseph and Patricia Buchman. The deal is financed with a 15-year loan of $462,400 from SunTrust Bank of Atlanta.

The location was acquired for $85,000 in January 1992 from Deltic Farm & Timber Inc. of El Dorado.

Courts House
A 3,815-SF home in The Courts neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $515,000 deal.

Christian Olsen and Lindsay Holma purchased the house from Thomas and Gail Abramo. The deal is funded with a 30-year loan of $463,500 from Draper & Kramer Mortgage Corp. of Downers Grove, Illinois.

The property was bought for $449,000 in September 2013 from Sherry Quick.