Parking Lot Proposal Launches $4.7M Buy (Real Deals)

Wendy's at 8500 Highway 107 in Sherwood

A proposed parking lot redevelopment in downtown Little Rock is in motion after a $4.75 million transaction.

Second & Louisiana Properties LLC, led by Warren Stephens, bought a half-block along the west side of Louisiana Street between Second and Third streets with plans to remove four buildings.

The 1.05-acre property is home to the former 16,975-SF headquarters of the VCC general contracting firm at 216 Louisiana St., the 8,422 Tripp Building at 209 W. Second St., the 5,720-SF LaSalle Place Building at 212 Louisiana, a 5,200-SF office building at 200 Louisiana St. and a parking lot at the northwest corner of Third and Louisiana.

The LaSalle Place Building was sold for $378,000 by 200 Louisiana Street Development Co., led by Sam Alley.

The balance of the property was sold for $4.37 million by Louisiana & Third Properties LLC, led by Haitham Alley,

The Tripp Building and 200 Louisiana project were purchased for $1.64 million three months ago from Cherokee Investments LLC, led by Philip Miron and Lyle Foster.

LaSalle Place was acquired in June 1990 for $250,000 from WJG Co., led by C.D. Williams and David Jones.

The VCC location was bought for $175,000 in August 1988 from Michael and Sue Moore.

The parking lot was purchased in July 2018 in a $725,000 land swap with Susan Rightsell Rice, Peyton Rice Jr., Marvin Thaxton Jr., Rebecca T. Henderson and Gail T. Fogleman.

Wendy’s Deal

A 2,990-SF fast-food eatery in Sherwood weighed in at $1.93 million.

HIRA 8500 AR 107 LLC of Walnut, California, acquired the Wendy’s at 8500 Hwy. 107 from Sherwend LLC of Germantown, Tennessee.

The deal is financed with a nine-year loan of $1.1 million from Arvest Bank of Fayetteville.

Sherwend bought the 1-acre development for $1 million in January 2008 from May Properties LLC, led by Derol and Jessie May.

Postal Transaction

A 10,891-SF postal project in west Little Rock tipped the scales at $1.79 million.

APIF-Arkansas LLC, an affiliate of American Infrastructure Funds in Forest City, California, purchased the post office at 13501 Otter Creek Parkway. The seller is FDI Postal Properties II Inc., led by James Frey.

The 2.19-acre development is now helping secure a $425 million funding agreement with Citizens Bank of Cleveland.

The project previously was tied to a May 2002 mortgage of $1.5 million held by Susquehanna Bank of Lancaster, Pennsylvania.

FDI Postal acquired the post office for $1.56 million 17 years ago from Terry Moore & Associates Inc., led by Terry Moore.

Circle K Land

The future site of a Circle K convenience store in west Little Rock rang up a $700,000 sale.

NLA Colonel Glenn CK LLC, an affiliate of Net Lease Alliance LLC in Nashville, Tennessee, bought the 1.54-acre location at the southeast corner of Shackleford and Col. Glenn roads.

The seller is 10303 Colonel Glenn LLC, led by Dennis Stearns and Drew Holbert. The project is funded with a $2.6 million loan from Origin Bank of Choudrant, Louisiana.

The land was purchased in December 2012 as part of a $4.4 million deal with CG-Shack Properties LLC, led by Kevin Huchingson.

Maumelle Commercial

A 7,000-SF office-warehouse and undeveloped land in Maumelle changed hands in a $535,000 deal.

Kevin Horton Properties LLC acquired the 601 Murphy Drive project and an adjoining 3.6 acres from Gulley Family Trust No. 1, led by David and Mary Gulley.

The combined 4.87 acres was bought for $75,000 in April 1997 from Crockett & Brown PLLC, led by Richard Crockett and R.J. Brown.

Asian Acquisition

A 3,200-SF Vietnamese restaurant in west Little Rock sold for $465,000.

Thanh My LLC, led by Huyen Tran and Tam Nguyen, purchased the Pho Thanh My project at 302 N. Shackleford Road. The seller is A Cut Above Properties LLC, led by L.D. Lance and Sharon Connell.

The seller provided a 15-year loan of $435,000 to back the deal.

The 0.51-acre development was acquired for $221,000 in May 1984 from Wood Insurance Co., led by David Wood.

Edgehill Manor

A 4,565-SF home in Little Rock’s Edgehill neighborhood weighed in at $1.52 million.

Joseph and Olivia Ramsey bought the house from Polly Glotzbach. The deal is financed with a 30-year loan of $991,250 from JPMorgan Chase Bank of Columbus, Ohio.

The residence previously was linked with a September 2017 mortgage of $550,000 held by Financial Federal Bank of Memphis.

The property was purchased for $578,000 in January 1998 from James and Nancy Couch.

Rural Residence

A 5,926-SF home in west Pulaski County drew a $915,000 transaction.

Karen and Gary Mueller acquired the 15-acre residential spread from Bill Nowlin and Cheryl Avants.

The deal is funded with a 30-year loan of $350,000 from IberiaBank of Lafayette, Louisiana.

The residence previously was tied to an April 2012 mortgage of $417,000 from Delta Trust Mortgage Inc. of Little Rock.

The land was bought for $73,000 in January 1993 from John Morgan, Tressie Stockwell, Frances Touchard, Dorothy Horne and Doris Ward.

Ensbury Place

A 4,212-SF home in the Ensbury Place neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $619,000 deal.

Kimberly MacFerran purchased the house from Liberty Construction LLC, led by Mark Shepard.

The deal is backed with a 30-year loan of $484,350 from Simmons Bank of Pine Bluff.

The residence previously was linked with a December 2017 mortgage of $478,400 from Searcy’s First Security Bank.

Liberty acquired the site for $94,000 18 months ago from El Dorado’s Deltic Timber Corp.

Margeaux Abode

A 4,345-SF home in the Margeaux neighborhood of west Little Rock’s Chenal Valley development rang up a $545,000 sale.

John and Jerita DeClerk bought the house from Raymond Terrill. The deal is financed with a 30-year loan of $436,000 from Simmons Bank.

The location was purchased for $50,000 in October 2002 from Deltic Timber.

Courts House

A 4,377-SF home in The Courts neighborhood of west Little Rock’s Chenal Valley development changed hands in a $535,000 deal.

Nadir El Sharawi acquired the house from Michael and Lisa Hodapp. The deal is funded with a 15-year loan of $400,000 from Arvest Bank.

The residence previously was tied to an August 2016 mortgage of $394,000 held by First Financial Bank of El Dorado.

The Hodapps bought the property for $519,000 in March 2006 from Jeff and Jill Bruneteau.

Lamarche Place

A 3,724-SF home in the Lamarche Place neighborhood of west Little Rock’s Chenal Valley development sold for $500,000.

Dan and Dina Buzatu purchased the house from the Stock Living Trust, led by Michael and Beverly Stock.

The residence was acquired for $410,000 in October 2002 from Gerald and Kay Urbani.