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Party City Purchase Tops $2.8 Million (Real Deals)

5 min read

An 8,100-SF retail project in west Little Rock weighed in at more than $2.8 million.

Capview Income & Value Fund IV Ltd. of Dallas bought the Party City at 11218 N. Rodney Parham Road from PC Partners LLC, led by Ted Mitchell.

The property is helping secure a $90 million funding agreement with Bank of America in Charlotte, North Carolina.

The 0.58-acre development previously was linked with a February 2013 mortgage of $1.1 million held by U.S. Bank of Cincinnati.

PC Partners acquired the project for $1.2 million in June 2009 from Harvey Manufacturing Corp., led by Edward D. Harvey.

Three-Piece Meal

A 1,866-SF KFC in Little Rock changed hands in a $1.65 million sale.

VRE Little Rock LLC of Southlake, Texas, purchased the 500 W. Roosevelt Road project from JC123 Holdings LLC of Guadalupe, Arizona.

The deal is financed with a one-year loan of $1.4 million from Patriot Bank of Tulsa.

JC123 bought the property three months ago for $1 million from Raheel Realty Inc. of Encino, California.

Raheel recovered the 0.42-acre development from the Triny J. Peller Living Trust in April at a $675,000 foreclosure sale.

Warehouse Sale

A 13,190-SF warehouse in North Little Rock rang up a $625,000 transaction.

MJG Family Ltd., led by Michael Goshen, acquired the 4232 E. 43rd St. project from Donald and Margaret Horton.

The Hortons assembled the property in deals with Reed and Katherine McConnell for an undisclosed sum in December 1969; and Corley Manufacturing Co., led by E.A. Clevenger.

Land Acquisition

A 2.6-acre commercial site in west Little Rock sold for $163,750.

Wellington Plaza LLC, led by Ryan O’Quinn, bought the land on the west side of Wellington Hills Road north of Chenal Parkway. The seller is Chenal Commercial Partnership, led by Jim Hathaway.

Investors in the partnership include the Morrison Family Partnership, led by James P. Morrison; Dr. David Newbern; Lyda C. Campbell Revocable Trust; Howard Cockrill Jr.; and Barbara G. Moore.

The land previously was tied to a December 2012 mortgage of $245,000 held by Delta Trust & Bank of Little Rock.

The partnership, originally operating as CCMN Joint Venture II, acquired most of the property in June 1977 as part of an 81.84-acre deal with John F. Pride totaling $445,000 (12.5 cents per SF).

A 1-acre piece was added for $63,000 in a July 2009 deal with Wellington Hills 2007 LLC, led by Jeff Nicholas.

Country Club Manor

A 4,577-SF home near the Country Club of Little Rock tipped the scales at $1.17 million.

John and Laura Landreaux purchased the house from the Dwight Hobbs Curry Trust.

The deal is backed with a one-year loan of $1.17 million from BancorpSouth Bank of Tupelo, Mississippi.

The trust bought the property for $1.1 million in April 2014 from the Caroline Morgan Ford Revocable Trust.

Hickory Home

A 6,312-SF home in west Little Rock’s Hickory Hills neighborhood is under new ownership after an $863,000 foreclosure sale.

U.S. Bank recovered the residence from Steve and Cynthia Clary after their bankruptcy case closed. The bank held an April judgment of more than $700,000 against the Clarys.

His personal pledges on debt associated with business ventures helped form a line of creditors behind U.S. Bank with combined claims on the property of more than $18 million including Centennial Bank of Conway, $350,000. Others are:

  • Banc of America Leasing & Capital, a $3.7 million default judgment;
  • Regions Bank of Birmingham, Alabama, a $1.3 million default judgment;
  • Hendren Family LLLP, led by James Hendren of Little Rock, $1.1 million default judgment;
  • Hank Kelley of Little Rock, a $263,748 default judgment;
  • Naftal Family Ltd., led by Mark Naftal of Atlanta, a $527,497 default judgment;
  • Whiz Kid Ventures LLC, led by Phil Whisenhunt of Little Rock, $1 million;
  • Waterford Investors LLC of Okla-homa City, a $6 million judgment;
  • Valley View Bank of Overland Park, Kansas, a default judgment of $1 million;
  • Hall 3000 Internet Ltd. of Frisco, Texas, a $1.7 million default judgment;
  • BancorpSouth Bank of Tupelo, Mis-sissippi, a $300,000 default judgment; and
  • Hickory Hills Property Owners Association, a default judgment of $20,544.

The Clarys purchased the house for $1 million in August 2001 from the Timothy Sambrano Qualified Personal Residence Trust.

Heights House

A 3,966-SF home in the Country Club Heights neighborhood drew a $735,000 transaction.

Johann and Kristen Braunfisch acquired the house from Mark Bailey Jr.

The deal is funded with 30-year loans of $417,000 from IberiaBank Mortgage Co. of Little Rock and $110,000 from IberiaBank of Lafayette, Louisiana.

The residence previously was linked with an October 2012 mortgage of $607,750 held by U.S. Bank.

Bailey purchased the property for $715,000 in February 2013 from William Joseph Childers and his wife, Jill.

River Abode

A 2,619-SF home in Little Rock’s River Heights neighborhood changed hands in a $616,000 sale.

James Beachboard and Amber Brewer bought the house from Edward and Patricia Watford.

The deal is financed with a 30-year loan of $417,000 and a 15-year loan of $50,000 from First Financial Bank of El Dorado.

The Watfords acquired the property for $575,000 in December 2007 from Jane Forester.

Woodland’s Buy

A 5,319-SF home in west Little Rock’s Woodland’s Edge neighborhood rang up a $572,000 transaction.

Dirk and Tracy Haselow purchased the house from RLA Watkins Ltd., led by Robert and Laura Watkins.

The deal is backed with a 15-year loan of $417,000 and a five-year loan of $97,800 from One Bank & Trust of Little Rock.

The residence previously was tied to a March 2012 mortgage of $250,000 held by IberiaBank.

The limited partnership bought the location for $76,000 in March 2011 from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

PV Residence

A 3,636-SF home in west Little Rock’s Pleasant Valley neighborhood sold for $530,000. Shea Bryant acquired the house from Janie Hathoot.

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

The residence previously was linked with a $930,000 reverse mortgage held by Leader One Financial Corp. of Overland Park, Kansas.

Hathoot purchased the property for $465,000 in March 2005 from Marvin and Frankie Nordlund.

Taekwondo Funding

Construction of the ATA International headquarters in Little Rock’s Riverdale area is in motion with an $8 million funding agreement.

Martial Arts Services Inc., led by Edward Wright, obtained the one-year loan from U.S. Bank.

The 3.39-acre site previously was tied to a December 2013 mortgage of $550,000 held by Goldthwaite Corp., led by Lee Bodenhamer.

Martial Arts bought the land for $1.85 million 20 months ago from Goldthwaite.

Multimillion-Dollar Construction

217 Units    $10,000,000
Bowman Pointe Apartments    
3321 S. Bowman Road, Little Rock
Richardson Builders LLC, North Little Rock

Renovation    $1,800,000
Arkansas Heart Hospital
1701 S. Shackleford Road, Little Rock
Nabholz Construction Corp., Conway

Renovation    $1,350,000
Country Club of Little Rock
4200 Country Club Blvd., Little Rock
East-Harding Inc., Little Rock

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