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Lakewood Manor Buy Checks In at $3.7M (Real Deals)

5 min read

An 85-bed nursing home in North Little Rock tipped the scales at $3.7 million.

Lakewood Manor LLC, led by Michael Morton, bought the Lakewood Nursing & Rehabilitation Center at 2323 McCain Blvd.

The seller is Plaza Health Care Center Inc., led by Leon Catlett II. The deal is funded through a $110 million credit agreement with Tulsa’s Bank of Oklahoma.

The 3.08-acre development previously was linked with a June 2004 mortgage of $2.7 million and a September 2001 mortgage of $250,000 held by Centennial Bank of Conway.

The location was acquired for $420,000 in 1990 from The Crestwood Co., led by James P. Matthews.

Storage Acquisition

A 42,500-SF mini-storage facility in southwest Little Rock weighed in at $2.35 million.

Little Rock Self Storage LLC of Cordova, Tennessee, purchased the Cubby Hole USA project at 8015 Geyer Springs Road.

The seller is Cubby Hole USA 2 Ltd. of Hallsville, Texas.

The deal is financed with a five-year loan of $1.88 million from Centennial Bank. The 4.88-acre development previously was tied to a September 2004 mortgage of $1.9 million held by IberiaBank of Lafayette, Louisiana.

Cubby Hole bought the former Harvest Foods property for $750,000 more than 10 years ago from the Arkansas Teacher Retirement System.

Downtown Buy

A 47,906-SF building in downtown Little Rock changed hands in a $1.6 million deal. The Douglas & Sheree Meyer Family Revocable Trust acquired the 600 Ringo St. project from Karin Briscoe.

The 1.03-acre development previously was linked with an August 2000 mortgage of $165,000 held by Regions Bank of Birmingham, Alabama.

The property was purchased for $675,000 in July 1998 from the Louise Parkin Lynn Revocable Trust.

Shoppes Purchase

A 14,798-SF retail project in west Little Rock rang up a $950,000 sale.

Shoppes At Rodney Parham LLC, led by David Matchet, bought the 10020 Rodney Parham Road project. The seller is Williamsburg Center LLC, led by Evlyn and David Clinton.

The 0.67-acre development previously was tied to a March 2008 mortgage of $505,000 held by Bank of Little Rock.

The location was acquired for $34,000 in January 1972 from Birch-Brook Inc., an affiliate of the Little Rock realty firm Rector Phillips Morse Inc.

Lochridge Lots

Sixty-four lots in the Lochridge Estates development in west Pulaski County drew an $850,000 transaction. Ives & Associates Inc., led by Randall Ives, purchased the property from Simmons First National Bank of Pine Bluff.

The deal is funded with a two-year $765,000 loan from First Security Bank of Searcy.

Simmons inherited the property from its acquisition of Delta Trust & Bank. Lochridge Estates LLC, led by William Phelps and Frances Roberts, forfeited ownership in January 2014 to Delta Trust in lieu of foreclosure on a May 2013 mortgage of $1.6 million.

Seven-Digit Construction

Office Building    $3,200,000
301 Main St., Little Rock
Kinco Constructors LLC, Little Rock

10 Fitness    $1,100,000
6221 Col. Glenn Road, Suite B, Little Rock
EB Construction Inc., Maumelle

Nursing Home Project

Development of a 74-bed assisted living center is in motion after a $745,000 land deal.

MC-Little Rock AR-1 UT LLC of Georgetown, Texas, acquired the nearly 5.7-acre site at 2501 Aldersgate Road from ERC Foundation Inc., led by Mark Davis.

Construction of the 45,000-SF facility is backed with a five-year loan of $9.56 million from Metropolitan Bank of Nashville, Tennessee.

The land was purchased in April 1977 as part of an $88,000 transaction with the Women’s Division of Global Ministries of the United Methodist Church.

WLR Land

A 26-acre tract in west Little Rock sold for $450,000.

Innovation Valley LLC, led by Bruce Murphy, bought Wilson Lake and land along its western, southern and eastern boundary.

The seller is Elgor Inc., led by Robert Wilson Sr., which provided a one-year mortgage of $225,000 to finance the deal.

The Wilson family acquired the property in November 1946 as part of a $2,500 transaction with Royce and Alma James.

Office Transaction

A 7,100-SF office building in southwest Little Rock changed hands in a $391,000 transaction.

Lakeland Holdings LLC, led by Paul and Jonathan Pounder, purchased the Office Imaging Solutions project at 1 Trigon Place/11400 Baseline Road from Patricia Pearson.

The deal is funded with a 10-year loan of $212,500 and a one-year loan of $170,000 from IberiaBank.

The 0.79-acre development previously was linked with an August 2008 mortgage of $330,000 held by Summit Bank of Arkadelphia and a November 2008 mortgage of $185,000 through Six Bridges Capital Corp. of Little Rock.

Pearson bought the property for $289,000 more than six years ago from MDK Enterprises LLC, led by Mark Witherspoon, Dan McCullough and Ken Down.

Recycled Property

The former home of Jacksonville Motorcycle Sales is under new ownership after a $300,000 deal.

Haybar Properties LLC, led by Bryan Hosto, acquired the 10,320-SF facility at 6105 John Harden Drive.

The seller is Holdco One Sub 1 LLC. The limited liability company is an affiliate of Fidelity Life Insurance Co. of Overland Park, Kansas.

The 3.39-acre development was recovered from Gary and Bobbi Tackett in December 2013 at a $620,568 foreclosure sale.

The property secured an October 2007 mortgage of $640,000. The Tacketts purchased the location for $189,000 in March 2007 from Marple Auto Sales Inc., led by Roy Marple.

Jacksonville Commercial

A 12,500-SF commercial project in Jacksonville rang up a $200,000 sale.

Greg Gladden and Willard Looper bought the 601-607 N. First St. project from Abdin Family LLC, originally led by Muhammad Abdin.

The deal is financed with a two-year loan of $228,002 from First Service Bank of Greenbrier.

The 2.04-acre development was acquired for $796,000 in October 1986 from H.G. Jones Builders Inc., led by its corporate namesake.

Credit Union Branch

A 954-SF credit union branch in southwest Little Rock drew a $156,000 transaction.

BNBS Properties LLC, led by Jerry Spears, purchased the project at 11600 William Dillard Drive from Dillard’s Federal Credit Union.

The 1.06-acre location was bought for $128,000 in May 2008 from 430 Investments LLC, led by Gene Cauley, and 2610 Acres LLC, led by Rick Ferguson.

Distribution Financing

A 350,000-SF distribution facility in North Little Rock is backed with a $100 million funding agreement.

Ben E. Keith Development Funding LLC of Fort Worth, Texas, obtained the funds from an industrial revenue bond issue through Pulaski County.

The 66.8-acre tract near the northwest corner of Interstate 440 and U.S. 70 was acquired for $1.75 million in November 2013 from George and Cynthia Glover.

Hum’s Mortgage

Construction of a retail project in North Little Rock is in motion with a $4.3 million financial package.

Hum’s Hardware & Furniture Inc., led by Bruce Hum, received the mortgage from Centennial Bank.

The 3.27-acre site at 3913 E. Broadway was assembled in four transactions. Clifton Family LLLP, led by Norman Clifton, $400,000 in May 2013; Pulaski Choice LLC, led by Stephen Whitwell and John Ryles, $95,000 in May 2013; W.L. Studor and Joanne Nichols, $83,000 in May 2013; and the city of North Little Rock, $140,000 in April 2014.

Agri Funding

A 1,145-acre farm in southeast Pulaski County is securing a $3.5 million mortgage.

Kingridge Enterprises Inc., led by Mark Jackson, got the 25-year loan from AgHeritage Farm Credit Services of Little Rock.

Kingridge purchased the land a mile southeast of Sweet Home along Fourche Creek and Harper Road for $2.5 million in May 2011 from Jimmy Winemiller’s U.S. Investment Realty Co.

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