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Spatial Office Transaction Tops $1.6 Million Mark (Real Deals)

3 min read

A 14,000-SF office project in west Little Rock tipped the scales at $1.65 million.

Environmental & Spatial Technology Inc., a nonprofit led by Matthew Dozier, bought the 6215 Ranch Drive project.

The seller is State Farm Mutual Automobile Insurance Co. of Bloomington, Illinois.

The deal is financed with a seven-year loan of $1.87 million from First Security Bank of Searcy.

State Farm acquired the 2.5-acre site for $375,000 in December 1990 from Ranch Properties Inc., led by Ed Willis.

Stonebriar Foreclosure

A 6,164-SF medical office building in North Little Rock drew a $1.04 million foreclosure sale.

Arvest Bank of Fayetteville recovered the 3320 Springhill Drive project from Stonebriar Imaging of North Little Rock Real Estate LLC of Frisco, Texas.

The 0.79-acre development previously was tied to a May 2012 mortgage of $1.3 million held by the bank.

Stonebriar bought the location for $344,000 in September 2011 from Woodcrest Company LLP, led by James P. Matthews.

Industrial Transaction

A 125,522-SF industrial facility in southwest Little Rock sold for $850,000.

Tri-Star Properties LLC, led by Walter Anderson, purchased the former Colonial Baking project at 4200 Hoerner Road. The seller is R.E.D. Land LLC, led by Frazier Rogers.

The deal is funded with a 25-year loan of $824,100 from Regions Bank of Birmingham, Alabama. The 12.81-acre development previously was linked with an April 2013 mortgage of $750,000 held by Bank of Little Rock.

The property was acquired for $1 million in July 2000 from Commercial Moving & Storage Co., led by Robert Torrans.

Greenbriar Purchase

A 24-unit assisted-living project in Jacksonville is under new ownership after a $300,000 transaction.

Jacksonville Care Manor LLC of Fort Smith bought The Greenbriar at 1500 Graham Road from Greenbriar Inc., led by Leon Catlett II.

The 1.39-acre development previously was tied to a July 2004 mortgage of $500,000 held by Twin City Bank of North Little Rock.

Greenbriar purchased the location for $45,000 in September 1984 from Robert Paul Dougherty and Harry K. Dougherty.

Broadview Home

A 4,086-SF home in the Broadview Terrace neighborhood of Little Rock sold for $661,750.

Christopher and Julie Mehlin acquired the house from Cloud and Nancy Keyes.

The deal is backed with a 30-year loan of $400,000 from One Bank & Trust of Little Rock.

The Keyes family bought the property for $700,000 in September 2005. The seller was the Carrie R. Dickinson Revocable Trust.

Hickory Creek House

A 4,604-SF home in west Little Rock’s Hickory Creek neighborhood is under new ownership after a $505,547 foreclosure sale.

Deutsche Bank Trust Co. Americas of New York, trustee of a mortgage-backed securities portfolio, recovered the house from William and Karen Gregory.

The residence previously was linked with a September 2006 mortgage of $680,000 originated by Bank of Little Rock Corp., an October 2006 mortgage of $125,000 held by USAA Federal Savings Bank of San Antonio and a November 2006 mortgage of $50,000 held by E*Trade Bank of Arlington, Virginia.

The Gregorys acquired the property for $675,000 in July 2004 from Orthon and Wendy Herrera.

Greens Financing

The owner of a 432-unit apartment project in North Little Rock picked up a $24.1 million funding agreement.

The Greens At The Rock Apartments, led by Lyndy Lindsey, obtained the loan from M&T Realty Capital Corp. of Baltimore. The 19.92-acre development previously was tied to a March 2012 mortgage of $25.5 million held by Little Rock’s Bank of the Ozarks.

The site at 8305 Counts Massie Road was purchased for $1.9 million nearly three years ago from Arkansas Realty Development LLC, led by Emily Fan.

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