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LA Fitness Works Out $11.9 Million Transaction (Real Deals)

3 min read

A 52,700-SF LA Fitness project in midtown Little Rock weighed in at $11.9 million.

The Jim Hooper Trust of Upland, Calif., purchased the 1.64-acre development at 304 S. University Ave. from LAF LR Ltd. of Dallas.

The deal is financed with a five-year loan of $7.6 million from Bank of the West in San Francisco.

The property previously was linked with a January 2013 mortgage of $7.3 million from First Security Bank of Searcy.

LAF bought the location in the Park Avenue development for $2.18 million 15 months ago.

The seller was SPC Park Avenue Ltd., an affiliate of Strode Property Co. of Dallas.

Outlet Dirt

The planned site for an outlet mall in west Little Rock tipped the scales at $5.2 million.

NED Little Rock LLC of Newton, Mass., acquired the 29.7-acre location in the Gateway Town Center development from Town Center LLC, led by Tommy Hodges.

The land previously was tied to a June 2012 mortgage of $3.5 million held by Malvern National Bank.

The land was part of a four-part assembly of 176 acres in January 2002 deals totaling more than $2.4 million.

The sellers were Canadian Pacific Properties Inc. of Alberta, Calgary, $1.46 million; Otter Creek Development Co. LLC, led by Robert McGinnis and Byron Eiseman, $784,000; Cynthia Keaton, $143,000; and Jennifer Mae Kochtitzky Trust No. 2, $81,390.

KFC Purchase

California investors were on both sides of a $1.1 million fast-food sale in southwest Little Rock.

Ben and Bita Azizi of Beverly Hills, bought the KFC project at 8220 Geyer Springs Road from Donna Webben of Long Beach.

The 0.57-acre development previously was linked with a September 2005 mortgage of $950,000 originated by First Bank of Beverly Hills, Calif.

Webben acquired the property for $1.6 million more than eight years ago from Sovereign RF LLC of Palo Alto, Calif.

Dollar Location

The site for a Dollar General Store in the Landmark community in south Pulaski County rang up a $265,000 transaction.

Argen Holdings (Argen) LLC, led by Leonard Boen, purchased the 1.83-acre location at 14600 Arch Street Pike.

The seller is Koon Properties LLC, led by Walter and Diane Koon.

The property previously was tied to a May 2009 mortgage of $62,652 from Peoples Bank of Sheridan.

The land was assembled in two transactions with Teddy and Bonnie Lawson, $81,000 in March 2006; and the Lewis Caron Dortch estate, $67,000 in July 2012.

Rural Residence

A 3,482-SF home in west Pulaski County changed hands in a $700,000 transaction.

Thomas and Jennifer Burnett acquired the house from Sandra Holloway. The deal is backed with a 25-year loan of $400,000 from Regions Bank of Birmingham, Ala.

The 10.7-acre residential spread previously was linked with a February 2006 mortgage of $301,400 held by Citibank Federal Savings Bank of Reston, Va.

The location was purchased for $119,000 in April 1994 from Fletcher and Linda Clement.

St. John’s Home

A 3,125-SF home in Little Rock’s St. John’s Wood neighborhood sold in a $520,000 sale. Arthur and Angela Chandler bought the house from Michael and Marilyn Ledbetter.

The residence previously was tied to a March 2009 mortgage of $122,000 held by JPMorgan Chase Bank of Columbus, Ohio.

The Ledbetters acquired the property for $430,000 in July 2002 from George and Patricia Cannady.

Purcell Financing

A 12,514-SF auto service facility in southwest Little Rock was used to help secure a $6 million funding agreement.

Purcell Properties II Ltd., led by Robert and Juanita Purcell, obtained the five-year loan from Bank of America in Charlotte, N.C.

The 2.48-acre Purcell Tire & Service Center location at 11501 Mabelvale West Road was purchased for $76,000 in August 1983 from Otter Creek Development Co., led by Luke Quinn.

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