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Midtown Transaction Reaches $44 Million (Real Deals)

5 min read

A multibuilding commercial development in midtown Little Rock weighed in at $44 million.

Little Rock Midtown Ltd., an affiliate of Provident Realty Advisors Inc. of Dallas, purchased the five-building, 30-acre development at the northwest corner of Interstate 630 and University Avenue.

The sellers are a pair of New York investment groups, Little Rock Medical Associates IV LLC and Little Rock Medical Associates V LLC.

The transaction is funded with a three-year loan of $36.9 million from Centennial Bank of Conway and a $5.7 million loan from CNS Strategies Ltd. of Dallas.

The deal encompasses the 212,906-SF Doctors Building at 500 S. University Ave., the 69,734-SF Midtown Medical Park Building at 6119 Midtown Ave., the 56,060-SF Doctors Plaza at 600 S. McKinley St., the 162,082-SF former Sears store at 600 S. University Ave. and the 14,137-SF former Sears Auto & Tire Center at 602 S. University Ave. along with the adjoining parking lots and parking deck.

The properties previously were linked with a May 2013 mortgage of $28.4 million held by Little Rock’s Bank of the Ozarks.

The property was acquired for $22.5 million in November 1978 from Little Rock Land Co., led by William Humphries Jr.

Multifamily Sale
An 80-unit apartment complex in Little Rock tipped the scales at $3.5 million.

Bader Carmax Tennessee LLC of Santa Rosa, California, bought the Normandy Place project at 7111 Indiana Ave.

The seller is Normandy Place LLC, led by Max Mehlburger. The deal is financed with a five-year loan of $3.1 million from Great Southern Bank of Springfield, Missouri.

The 1.44-acre development previously was tied to a December 2008 mortgage of $200,000, an April 2012 mortgage of

$1.79 million and an April 2014 mortgage of $37,505 held by Centennial Bank.

The project was purchased in August 1974 from Norman and Carroll Holcomb for $1.06 million.

Village at the Gateway
A 59.6-acre residential tract in Alexander changed hands in a $1.35 million deal.

Big Rock Development LLC, led by Bob Francis and Russell Huckaby, acquired the land at the northwest corner of Vimy Ridge and Pleasant Hill roads from the Little Rock Municipal Property Owners’ Multipurpose Improvement District No. 2006-300.

The transaction is backed with a $1.35 million loan from First Community Bank of Batesville.

Construction of 145 duplexes in the Village at the Gateway project is funded with one-year loans of $1.7 million, $729,000 and $300,000 and a two-year loan of $816,000 from First Community.

The property was recovered at a $100,708 foreclosure sale in August 2010 from MW Properties LLC, led by Nick McDaniel and John and Jacqueline Williams.

The failed project, known as The Ridge Estates, was tied to a February 2007 bond issue of $1 million and an August 2005 mortgage of $1.2 million held by One Bank & Trust of Little Rock.

MW Properties bought the land for $425,000 in May 2005 from Property Development Group LLC, led by Richard Williams and Mark Middleton.

Office Transaction
A 7,592-SF office building in west Little Rock rang up a $957,000 sale.

Ranch CRA LLC, led by Victor Jacuzzi, purchased the 6301 Ranch Drive project. The seller is Consulting Management Innovators Inc., led by Cheryl Lattimer.

The deal is financed with an $828,750 loan from Malvern National Bank.

The 1.88-acre development previously was linked with a December 2014 mortgage of $150,000 held by Bank of the Ozarks and an August 2015 mortgage of $663,062 held by Regions Bank of Birmingham, Alabama.

The project was acquired for $940,000 in October 2006 from PRX Holdings Corp. of Elmwood Park, New Jersey.

Club House
A 5,076-SF house near the Country Club of Little Rock is under new ownership after a $1.79 million deal.

Ed Penick III and his wife, Jill, bought the house from Robert Porter Jr. and his wife, Marilynn. The deal is backed with a 10-year loan of $1.4 million from Simmons Bank of Pine Bluff.

The residence previously was tied to a September 2016 mortgage of $850,000 held by Farmers Bank & Trust of Blytheville and an April 2015 mortgage of $530,000 held by IberiaBank of Lafayette, Louisiana.

The Porters purchased the property for $1.28 million in March 2010 from Wayne Moore Construction Co.

Deauville Abode
A 4,530-SF home in the Deauville Place neighborhood of west Little Rock’s Chenal Valley development sold for $800,000.

The Amy Denise McDuffie Trust acquired the house from George and Linda Gleason.

The Gleasons bought the residence for $847,000 in April 2007 from Bill Hannah Homes Inc.

Robinwood Home
A 4,213-SF home in Little Rock’s Robinwood Valley neighborhood drew a $648,700 transaction.

Chanda and Carlo Chacon purchased the house from Shannon and Denise Palmer.

The deal is funded with a 30-year loan of $417,000 from Eagle Bank & Trust of Little Rock.

The residence previously was linked with a September 2012 mortgage of $270,000 held by PrivateBank & Trust of Chicago.

The Palmers acquired the property for $560,000 in September 2011 from Kevin Barre and Karen Barre.

Orle Residence
A 5,261-SF home in the Orle neighborhood of west Little Rock’s Chenal Valley development changed hands in a $635,000 sale.

Feliciano Yu Jr. and his wife, Wilma, bought the house from Dumitru and Lidia Rotaru.

The deal is financed with a 30-year loan of $417,000 and a 10-year loan of $154,000 from IberiaBank. The residence previously was tied to a May 2011 mortgage of $400,000 held by Moore Mortgage Inc. of Little Rock.

The Rotarus purchased the property for $630,000 more than five years ago from Mark and Misty Bartlett.

Arbors Dwelling
A 4,978-SF home in The Arbors neighborhood of west Little Rock’s Chenal Valley development rang up a $599,000 transaction.

Kevin and Judith Forte acquired the house from Brady and Nancy Chambers. The deal is backed with a 25-year loan of $599,000 from Regions Bank.

The residence previously was linked with an October 2012 mortgage of $417,000 held by Bank of the Ozarks.

The Chambers family bought the house for $758,000 in September 2005 from Coburn Construction LLC, led by Roger Coburn Jr.

Courtyard Mortgage
The owner of downtown Little Rock’s 120-room Courtyard by Marriott landed a $16.2 million funding agreement.

McKibbon Hotel Group obtained the seven-year loan from First Security Bank of Searcy.

McKibbon Hotel Group bought the space on the first six floors of the First Security Center at 521 E. President Clinton Ave. for $9.09 million in October 2004 from Clinton & Sherman Building LLC, led by Jimmy Moses and Rett Tucker.

Seven-Digit Construction

Lowe’s    $5,800,000
1100 S. Bowman Road
James R. Vannoy & Sons Construction Inc., Jefferson, North Carolina
Renovations    $2,800,000
Arkansas Blue Cross & Blue Shield
601 S. Gaines St., Little Rock
Baldwin & Shell Construction Co., Little Rock

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