NLR Walgreen’s Registers $6 Million Sale-Leasback Deal

The sale-leaseback of a Walgreen’s in North Little Rock tipped the scales at $6.08 million.

WG North Little Rock AR Landlord LLC of Atlanta bought the 2500 McCain Blvd. project from Waltrust Properties Inc. of Deerfield, Ill.

The deal is financed with a 25-year loan of $5.9 million through Wells Fargo Bank Northwest of Salt Lake City.

The 1.7-acre development was purchased for $5 million in December 2006 from NTP North Little Rock LLC of Memphis.

Convenient Transaction

A convenience store project in North Little Rock generated a $3.02 million sale-leaseback deal.

ATIQ II LLC, led by Omar Atiq, acquired the Kum & Go at 5214 JFK Blvd. The seller was KG Store 144 LLC of Des Moines, Iowa.

The transaction is backed with a seven-year loan of $2.4 million from First Federal Bank of Harrison.

The 1.9-acre development previously was tied to an October 2011 mortgage of $2.4 million held by First National Bank of Omaha, Neb.

The location was bought for $1 million in July 2011 from Parks Land Co. LLLP, led by Donald Parks.

VA Development

Redevelopment of the former Cook Jeep dealership in downtown Little Rock is following a $750,000 sale.

SI Property Investments LLC of Grove, Okla., purchased the property at 1000 Main St. from E & P Investments LLC, led by Ethel Cook and Paul Cook Sr. SI Property is led by David and Ethel Irvine and Matthew and Peggy Frederick.

The project, envisioned as a homeless services center for veterans, is funded with a five-year loan of $1.29 million from First Bank & Trust of Wagoner, Okla.

The 0.64-acre property was assembled by the Cooks in two deals totaling more than $403,000. The sellers were Texas and Judy Myers, $320,000 in November 1987; and Heifer Project International Inc., $83,450 in December 1991.

Links Transaction

The sale of Foxwood Golf Club in Jacksonville rang up a $401,000 deal.

Southern Oaks Country Club LLC bought the 145-acre spread at 701 Foxwood Drive from Foxwood Recreation Inc., led by Ted Belden.

The Southern Oaks ownership group is composed of Brian Hagewood of Sherwood and four Jacksonville businessfolk: Joan Zumwalt, Jon Johnson, Jordan Cooper and Harold Gwatney.

Improvements at the club are financed with a nine-month loan of $300,000 from First Arkansas Bank & Trust of Jacksonville and a $100,000 loan from Centennial Bank of Conway.

The property was linked with three mortgages totaling $241,293 in July 2010 that were held by First Arkansas Bank & Trust.

Belden purchased the 165-acre golf spread in June 1989 as part of a $700,000 deal with Foxwood Country Club Inc., led by Alma Faye Walton.

New Quarters

Little Rock’s Alessi-Keyes Construction will relocate to a new home in North Little Rock after a $385,000 deal.

AK Holdings LLC, led by James Alessi and Cloud Keyes, acquired the former Central Industrial Electric project at 10623 Maumelle Blvd. from James and Jolene Edwards.

The 7,700-SF facility is backed with a $690,000 loan from First Security Bank of Searcy. The 1.01-acre development previously was tied to an August 2004 mortgage of $1 million held by Metropolitan National Bank of Little Rock.

The location was bought for $60,000 in February 1994 from Margaret Blazer.

Dollar Development

A Family Dollar Store is under construction in southwest Little Rock after a $290,000 transaction.

Max Alley Investments LLC, led by James Herrington, purchased the location at 10422 Chicot Road. The seller is APS Investments LLC, led by Avtar Momi and Sapal Kamboj.

The 1.46-acre development is funded with a one-year loan of $1.05 million from Peoples State Bank of Texarkana, Texas. The location was acquired for $175,000 in May 2009 from Pearson Family Revocable Living Trust.

Baseline Property

A 6,500-SF warehouse in southwest Little Rock changed hands in a $220,000 sale.

Milton and Amelia Quijano bought the Brooks Carpet project at 8218 Baseline Road from the Zella Mae Brooks Living Revocable Trust.

The deal is financed with a one-year loan of $220,000 from First Arkansas Bank & Trust.

The property was purchased for $38,000 in September 1983 from Trinity Cathedral Parish.

Heights Home

A 4,652-SF home near the Country Club of Little Rock is under new ownership after a $650,000 deal.

Christopher and Acker Bell acquired the house from Terry and Karen Masching. The deal is funded with a 30-year loan of $417,000 from One Bank & Trust of Little Rock.

The residence previously was linked with a July 2003 mortgage of $250,000 originated by Franklin American Mortgage Co. of Franklin, Tenn., and helped secure an August 2011 mortgage of $553,000 from One Bank.

The Masching family bought the property for $545,000 in September 1999 from Richard and Olivia Wyatt.

Carmel Residence

A 3,432-SF home in west Little Rock’s Carmel neighborhood drew a $590,000 transaction. Mauricio Moreno-Vera and Patricia Lopez-Rojas purchased the house from John Seliga Jr. and his wife, Chastity.

The deal is financed with a 30-year loan of $417,000 from Arvest Mortgage Co. of Lowell and a five-year loan of $143,500 from Arvest Bank of Fayetteville.

The location was acquired for $48,000 in August 2004 from Western Land Co., led by Floyd Fulkerson.

Woodlands Edge House

A 4,317-SF home in the Woodlands Edge neighborhood of west Little Rock sold for $519,000.

Thomas and Cherel Chilton bought the house from The Wilson Co., led by Janet Dillon. The transaction is backed with a 30-year loan of $358,375 from Summit Bank of Arkadelphia.

The location was purchased for $65,000 in July 2011 from Rocket Properties LLC, led by Ron Tyne.

Eagle Hill Funding

A 29-acre piece of the Eagle Hill apartment development in west Little Rock was used to secure a $15.1 million funding agreement.

Eagle Hill Ltd. and Eagle Hill Phase IV Ltd., both led by Jim Lindsey, obtained the 10-year loan from Holliday Fenoglio Fowler Ltd. of Houston, Texas.

These pieces of the Eagle Hill project at 2 Eagle Hill Drive previously were tied to a February 1999 mortgage of $15 million held by Laureate Capital Corp. of Columbia, S.C., and a December 2001 mortgage of $1.5 million held by Jonesboro’s Liberty Bank of Arkansas.

Eagle Hill acquired the land in January 1997 as part of a 196-acre deal totaling $1.15 million. The seller was Cabalette Joint Venture, led by Birch Brook Inc. – an arm of Little Rock’s Rector Phillips Morse Inc. real estate company.

Funeral Financing

A North Little Rock mortuary development is backing a $2.4 million financial package.

North Little Rock Funeral Home Inc., led by Jeffrey S. Smith, received the 6.5-year loan from Simmons First National Bank of Pine Bluff.

The 1.8-acre development at 1921 N. Main St. previously was linked with a March 2008 mortgage of $2.5 million held by Centennial Bank. The property was assembled in eight transactions totaling more than $390,000.

The sellers were Christy Properties LLC, led by Chris Christy, $130,000 in September 2005; the estate of Shelby Atkinson, $75,000 in October 1975; the Zarlingo Family Trust, led by Theresa Zarlingo, $56,000 in May 2004; Felix and Mildred Pruss, $55,000 in August 1983; William Patterson Jr. and his wife, Mary, $30,000 in September 1988; the estate of Sarah Wiseman, $20,000 in March 1978; Patricia LaRue, $19,000 in June 1977; and U.E. Moore, $7,500 in May 1970.