West Little Rock Retail Project Sells for $1.4 Million (Real Deals)

A 21,000-SF retail project in west Little Rock tipped the scales at $1.48 million.

8509 W. Markham Street LLC, led by Justin Muller and Herman Scott, acquired its namesake property. The seller is Booe Properties LLC, led by James, Gerald and Mar Lynn Booe.

The deal is backed with a five-year loan of $1.4 million from Bank of Augusta. The 1.74-acre development previously was tied to a June 2005 mortgage of $337,330, a May 2008 mortgage of $375,318 and a July 2011 mortgage of $66,250 held by Metropolitan National Bank of Little Rock.

The property was bought for $12,000 in January 1963 from Flora Ashby.

Multifamily Sale

Two four-plex apartments in North Little Rock were sold in a $575,000 transaction.

Rainwater Holt & Sexton Properties LLC, led by Michael Rainwater, James Holt and Robert Sexton, purchased 10930 and 10950 Frenchmen Loop from Eagle Bank & Trust of Little Rock.

The deal is funded with a 10-year loan of $517,500 from the bank.

Eagle Bank & Trust recovered the 0.3-acre developments from Barry Rancifer and Patrick Williams at a $600,000 foreclosure sale in November 2011.

Office Condo Deal

A 2,515-SF medical office changed hands in a $257,000 deal.

Baptist Health Foundation bought the ninth-floor space in the Medical Towers Building at 9601 Lile Drive from Bova Joint Revocable Trust, led by Barbara and Stephen Bova.

The property was purchased for $100,000 in May 1974 from Medical Towers Inc., led by James Bearden.

Apartment Loan I

The owner of a 240-unit apartment project in Jacksonville picked up a $4.5 million funding agreement.

Valdovinos Properties LLC, led by the Ignacio Valdovinos Revocable Trust, obtained the five-year loan from BancorpSouth Bank of Tupelo, Miss.

The 11.4-acre Oakwood Apartments development at 1310 Smithwick Drive previously was linked with February 2007 mortgages of $4.2 million and $170,000 held by the bank.

The project was acquired for $5 million more than five years ago.

The seller was Oakwood Apartments, led by the Edwin T. & Doris

M. Gray Family Trust and the Sue F. Johnson Revocable Trust.

Pinnacle Station Refi

A 25,000-SF commercial project in west Little Rock was refinanced with a $4.3 million mortgage.

Pinnacle Station LLC, led by John Rees, received the five-year loan from Jonesboro’s Liberty Bank of Arkansas.

The 8.95-acre Pinnacle Station development at 14524 Cantrell Road previously was tied to a September 2004 mortgage of $2.9 million and a September 2008 mortgage of $245,582 held by BancorpSouth Bank and a September 2008 mortgage of $2.9 million and a November 2008 mortgage of $1.1 million held by Metropolitan National Bank.

The site was assembled as part of two June 2004 deals.

The sellers were Kenneth Duckworth, $787,000, and Linda and Maurice Converse, $252,000.

Apartment Loan II

The owner of an 88-unit apartment project in west Little Rock secured a $2.28 million financial package.

Stash Properties LLC, led by Ricky Starks, got the three-year loan from Arvest Bank of Fayetteville.

The 4.56-acre Breckenridge Square development at 1001 Breckenridge Drive previously was linked with March 2011 mortgages of $2.29 million and $1.19 million held by Central Bank of Little Rock.

The property was bought for $2.7 million 15 months ago from Breckenridge Associates II Ltd., an affiliate of The Omnicorp Group.