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Tech Park Transactions Surpass $12.6 Million (Real Deals)

5 min read

The first round of assembly for downtown’s Little Rock Technology Park topped $12.6 million.

The acquisition encompassed four office buildings and three parking lots. The biggest deal with Five Main LLC, led by Warren Stephens, was valued at $10.8 million:

  • A 0.4-acre parking lot on the east side of Main Street between Fourth Street and Capitol Avenue assembled in three deals totaling $435,000 with Music Box USA Inc., led by Doug Wood, $110,000 in April 2001; Raymond L. Rodgers Living Trust, $150,000 in August 2001; and Tyrone Banderet, $175,000 in January 2002.
  • A 28,572-SF office building at 417 Main St., bought from Union Life Insurance Co. for $289,000 in June 1977.
  • A 48,000-SF office building at 421 Main St., purchased from Phillip and Alice Back for $382,000 in November 1978.
  • A 20,952-SF office building at 114 E. Capitol Ave., acquired from Metropolitan Life Insurance Co. for $70,000 in March 1941.
  • A 0.32-acre parking lot at the northwest corner of Capitol Avenue and Scott Street, bought from C-S-B Partnership I, led by James Conner; Janet Keith Vinsonhaler; and Mary Peirce Keith and Delrena Keith Conner for $100,000 in January 1982.

The combined property previously was tied to a May 2012 mortgage of $6.9 million held by IberiaBank of Lafayette, Louisiana.

415 Main Group LLC, led by Richard Mays, sold its namesake 10,000-SF office building for $1.03 million. The property previously was linked with a May 2003 mortgage of $315,000 held by Simmons Bank of Pine Bluff.

The property was purchased in November 1982 for $90,000 from James and Helen Dyke.

DMT Ventures LLC, also led by Warren Stephens, sold a 0.88-acre parking lot on the west side of Main Street between Fourth Street and Capitol Avenue for $784,000.

The property was assembled in four deals totaling more than $1.2 million. The sellers were Kempner Building LLC, led by Sheila McAdams, $277,000 in October 2003; SVP West 4th LLC of New York, $675,000 in December 2003; Angelo Artemakis, Nicole Cantello and Helen Artemakis, $110,000 in January 2004; and Our House Inc., $200,000 in January 2006.

The acquisition and development by the Little Rock Technology Park Authority is backed with a six-year funding agreement of $17.1 million from a consortium of Arkansas lenders led by Centennial Bank of Conway.

Square Deal

A 93,880-SF retail center in Jacksonville tipped the scales at $1.8 million.

Edprop Development Co. LLC, led by Stephen and Laura Edwards, purchased the Jackson Square project at 301-315 S. James St. The seller is Knight Family Ltd., led by Keith and Kent Knight.

The deal is financed with a five-year loan of $2.3 million from First Arkansas Bank & Trust of Jacksonville.

The 8.92-acre development previously was tied to a September 2011 mortgage of $2.2 million and a December 2014 mortgage of $241,344 held by Centennial Bank.

Knight Family bought the property for $2.27 million more than four years ago from Jackson Square Shopping Center LLP, led by James P. Matthews.

Rural Acquisition

A 134.8-acre spread in north Pulaski County changed hands in an $800,000 sale. 501 Sport Horses LLC, led by Jon Christopher Fletcher, acquired the land along the south side of East Roderweis Road between Alice Cove and Tadpole Road.

The seller is Central Arkansas Ranch & Timber Co., led by Tom Salmon. CAR&T funded $300,000 of the transaction.

The property was assembled in three deals totaling $520,000. The sellers were Erma Hays, $250,000 in February 1999; Kevin and Robin Russell, $215,000 in September 1999; and Echols Investments LLC, led by Joel Echols, $55,000 in November 2000.

Warehouse Purchase

A 19,440-SF warehouse in east Little Rock is under new ownership after a $200,000 transaction.

Ben Davis Properties Management LLC bought the 1637 E. 15th St. project from PC Hardware LLC, led by Haitham Alley.

The 1.67-acre development previously was linked with an April 2012 mortgage of $180,000 and a December 2015 mortgage of $500,000 held by First Security Bank of Searcy.

The property was acquired for $180,000 in April 2012 from Prousnitzer Family Ltd., led by Paul Prousnitzer and Harriet P. Strasberg.

Overlook Residence

A 4,282-SF home in Little Rock’s Overlook Park neighborhood rang up a $745,000 sale. John Harris and Stanley Burns purchased the house from Bradley and Katherine Frieberg.

The deal is backed with a 30-year loan of $417,000 and a five-year loan of $179,000 from Simmons Bank.

The residence previously was tied to a February 2012 mortgage of $375,800 held by BancorpSouth Bank of Tupelo, Mississippi.

The Friebergs bought the property for $240,000 in March 1997 from the William George Reese Revocable Trust and Elizabeth Reese.

Country Club House

A 2,669-SF home near the Country Club of Little Rock sold for $675,000.

Christopher Bequette acquired the house from the Linda Garner Riggs Revocable Trust. The deal is financed with a 30-year loan of $380,000 from Bank of Little Rock Mortgage Corp.

The property was purchased for $325,000 in January 1990 from Joann Richardson.

Bretagne Residence

A 4,547-SF home in the Bretagne Circle neighborhood of west Little Rock’s Chenal Valley development drew a $640,000 transaction.

Nithin Karakala bought the house from Loyd and Kaye Stanley. The deal is funded with a 30-year loan of $512,000 from Pulaski Bank of St. Louis.

The Stanleys acquired the residence for $450,000 in February 2013 from Frances Catenacci.

Oaks House

A 3,558-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development changed hands in a $595,000 sale.

Williams Revocable Trust, led by Dennis and Kathleen Williams, purchased the house. The seller is DFT Trust, led by Donald F. Thompson.

DFT bought the residence for $717,000 in February 2005 from Bradley and Deborah Diner.

Prospect Abode

A 3,627-SF home in Little Rock’s Prospect Terrace neighborhood is under new ownership after a $520,000 deal.

Jamie and Amanda Fugitt acquired the house from Tucker Raney.

The deal is backed with a 30-year loan of $416,000 and a five-year loan of $52,000 from Simmons Bank. The residence previously was tied to a December 2010 mortgage of $300,000 held by Riverland Credit Union of New Orleans.

Raney purchased the property for $540,000 in September 2003 from Zipco of Little Rock, led by J.E. Prause.

U-Haul Mortgage

A moving center project in southwest Little Rock is helping secure a $63 million funding agreement.

Arec 12 LLC and Uhil 12 LLC of Phoenix obtained the 20-year loan from Voya Retirement Insurance & Annuity Co. of New York.

The 3.34-acre U-Haul development at 5518 Baseline Road was bought for $1.6 million in June 2005 from Amerco Real Estate Co., led by Carlos Vizcarra.

Seven-Digit Construction

Mini-Storage Renovation     $2,000,000
8900 Geyer Springs Road, Little Rock
River City General Contractors Inc., Little Rock

Murphy Express    $1,400,000
111 W. Pershing Blvd., North Little Rock
Hart Construction LLC, Searcy

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