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Fox Ridge Pair Combine For $46M Transaction (Real Deals)

5 min read

Two Fox Ridge assisted living centers in Pulaski County generated eight-digit transactions.

ARHC FRLTRAR01 LLC bought the 115,062-SF project at 23101 Chenal Valley Drive in west Little Rock for $27.46 million.

ARHC FRNLRAR01 LLC acquired the 58,004-SF project at 17 Parkstone Circle in North Little Rock for more than $19.13 million.

The affiliates of American Capital Realty of Dresher, Pennsylvania, assumed mortgages of $17.8 million and $11 million held by Red Mortgage Capital LLC of Dallas.

The sellers were Chenal Holdings LLC and Parkstone Holdings LLC, both led by Rodney Thomason.

The west Little Rock land was assembled in two February 2004 transactions totaling $909,000. The sellers were the Methodist Little Rock District Board of Missions & Church Extension Inc., 7 acres for $600,000; and El Dorado’s Deltic Timber Corp., 2.02 acres for $309,000.

The 2-acre North Little Rock location is leased from the city of North Little Rock in an April 2006 deal.

Order Up

A 2,200-SF fast-food stop in North Little Rock served up a $1.88 million sale.

Harry Vamos of Calabasas, California, and his Harry Vamos 2012 Irrevocable Gift Trust purchased the Taco Bell at 11525 Maumelle Blvd. from 2565 E. Tropicana Blvd. LLC of Carson City, Nevada.

The project was bought for $1.5 million in February 2012 from Fortuna Investments LLC, an affiliate of Fort Smith’s K-Mac Enterprises Inc.

Pawn Purchase

A 39,200-SF pawn shop in west Little Rock weighed in at $1.2 million. Leonard R. Ellis Properties Inc., led by Michael Ellis, acquired the iPawn project at 11108 N. Rodney Parham Road from the Steven J. Landers Jr. Trust.

The deal is financed with a 20-year loan of $682,000 from BancorpSouth Bank of Tupelo, Mississippi.

The 0.9-acre former USA Drug development was purchased for $800,000 in May 2013 from the Hayes Family LLC, led by Mary Hayes.

Park Acquisition

A 13.54-acre mobile home park in Little Rock changed hands in an $880,000 sale.

PG Assets LLC, led by Ross Ponthie, bought the Loma Alta Mobile Home Park at 7813 Kanis Road. The seller is EDC LLC, led by Edwina Kanis Atkinson and Drexel Atkinson.

The deal is backed with a two-year loan of $849,433 from Red River Bank of Alexandria, Louisiana.

The Kanis family acquired the property from F.M. Crawford in February 1903 for an unrecorded sum.

NLR Dirt

A 1.03-acre commercial site in North Little Rock drew a $745,000 transaction.

CGP Maumelle MF LLC of Birmingham, Alabama, purchased the land on the west side of the Burger King at 11941 Maumelle Blvd. from Simmons First National Bank of Pine Bluff.

Simmons bought the location for $694,000 in April 2008 from FRP Maumelle LLC, led by David Flis.

Downtown Deal

Adjoining commercial projects in downtown Little Rock rang up a $400,000 sale.

Canana Investments Inc., led by Sam Carrasquillo, acquired the 5,000-SF former home of Reynolds Rubber Stamp at 800 W. Markham St. and the 3,900-SF former home of Romás by Linda Rowe Thomas at 806 W. Markham St. The sellers are Thurman and Mary Woodworth.

The deal is funded with a three-year loan of $438,000 from First Security Bank of Searcy. The 0.32-acre development previously was tied to an August 2011 mortgage of $112,000 held by U.S. Bank of Cincinnati.

The Woodworths purchased the properties for $200,000 in September 1999 from the John B. Bond Family Trust.

CAW Acreage

A 75.28-acre patch of woods on the north side of Lake Maumelle is under new ownership after a $354,112 transaction.

Central Arkansas Water bought the land from Derek and Jill Franklin.

The Franklins acquired the property for $160,000 in October 2013 from IberiaBank of Lafayette, Louisiana.

The bank recovered the land in March 2013 from 2610 Acres LLC, led by Rick Ferguson. The transfer was connected with a restructuring of 2610 Acres’ debt.

Apartment Buy I

A fourplex apartment project in Little Rock sold for $276,500.

Robinco Holdings LLC, led by Michael Robinson, purchased Omering Apartments at 411 W. 19th St. from Joyce Murphree Stroud and her husband, Larry, and the namesake trust of Donald and Martha M. Shafarman.

The deal is financed with a seven-year loan of $221,200 from IberiaBank.

The Murphree family bought the property in April 1996 from Dale and Vickie Davis for an unrecorded sum.

Industrial Sale I

A 7,200-SF industrial building in south Little Rock changed hands in a $225,000 deal.

Roling Property Holdings LLC, led by Robert and Jennifer Roling, acquired the 2923 W. 60th St. project from Randy Burris.

The deal is backed with a $225,000 loan from Centennial Bank of Conway.

The 3.42-acre property was purchased for $90,000 in June 2002 from Larry and Rhonda Kuca.

Industrial Sale II

An 8,000-SF office-warehouse in Jacksonville rang up a $184,250 sale.

Lead Management Group LLC, led by John and Marsha Kitterman, bought the 920 N. Redmond Road project from Morris and Belvia Bourland.

The Bourlands acquired the property for $33,000 in February 2003 from Fred and Marjorie Clark.

Apartment Buy II

A small apartment project in Little Rock’s Capitol View neighborhood drew a $159,000 transaction.

Stonekey Properties LLC, led by Laura Carrera, purchased the fourplex at 219 Barton St. from Josh and Jennifer Malone.

The deal is funded with a five-year loan of $146,400 from Simmons First National Bank.

The 0.16-acre development previously was linked with a May 2009 mortgage of $93,800 held by BancorpSouth Bank.

The Malones bought the property for $117,000 nearly seven years ago from Abdulhamid and Yasmin Patel.

Country Club Home

A 3,994-SF home near the Country Club of Little Rock is under new ownership after an $878,500 deal.

David and Kaiulani Meador acquired the house from MMCC Development LLC, led by Mona McClelland and Cindy Childers.

The deal is financed with a 25-year loan of $702,800 from Bank of America in Charlotte, North Carolina.

The property was purchased in February 2013 at a $173,000 foreclosure sale. The previous owner was Michael Cash.

Courts House

A 4,031-SF home in The Courts neighborhood of west Little Rock’s Chenal Valley development sold for $550,000.

Donald and Rhonda Bradley bought the house from James and Charlet Priest.

The deal is backed with a 30-year loan of $412,000 and a 15-year loan of $82,500 from Arvest Bank of Fayetteville.

The residence previously was tied to a January 2009 mortgage of $280,000 held by Centerra Mortgage Corp. of Tulsa.

The Priests acquired the property for $575,000 in June 2006 from Coburn Construction LLC, led by Roger Coburn Jr.

Residential Funding

Construction of the 17-unit Ranch West Villa project in west Little Rock is in motion with a $2.5 million funding agreement.

Crain Family Holdings LLC, led by Larry Crain Jr., obtained the two-year loan from First Security Bank.

The 2.3-acre site near the southeast corner of Valley Ranch Drive and Valley Ranch Court was purchased for $286,000 in August 2015 from FC Grass Farms LLC, led by Ed Willis.

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