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Windstream Transaction Adds Up to $8.6 Million (Real Deals)

6 min read

A 30,400-SF data center shifted ownership in a sale-leaseback transaction valued at $8.6 million.

15707 Chenal Parkway LLC, an affiliate of the Windstream Communications Inc. pension fund, bought the 2.7-acre development at 15707 Chenal Parkway. The seller is Windstream Hosted Solutions LLC of Little Rock.

Windstream Hosted acquired the former OneSource facility for $2.56 million in January 2011 from Chenal Parkway Development LLC, led by Sam Alley.

Branch Property

Land for a future bank branch development in the Heights area of Little Rock tipped the scales at $2.2 million.

Regions Bank of Birmingham, Alabama, purchased the 1.4-acre property along R Street on the west side of University Avenue. The seller is R Street Springdale LLC, led by Elizabeth Stephens Campbell

The property represents a future re-placement for the leased Regions location four blocks to the southeast at 1801 N. Fillmore St. The limited liability company assembled the property in two transactions totaling $640,000.

The sellers were Vineyard Community Church of Little Rock Inc., $330,000 in December 2011, and Charles and Brenda Bonner, $310,000 in July 2010.

Packaging Transaction

A 64,800-SF industrial project in south Little Rock changed hands in a $1.62 million sale.

G&K Services Co. of Minnetonka, Minnesota, acquired the St. Jude Packaging facility at 5510 W. 65th St. from IberiaBank of Lafayette, Louisiana.

The property was forfeited in lieu of foreclosure in July 2013 by St. Jude Packaging & Specialties Inc., led by Louis and Patrick Beck.

The 4.5-acre development was tied to a July 2011 mortgage of $1.2 million held by the bank. The location was purchased for $99,000 in November 1998 from Noah Bates Chrysler.

Sterling Project

A 36,672-SF building in downtown Little Rock rang up a $475,000 transaction.

Sterling Development Group LLC bought the former retail project at 229 W. Capitol Ave. from Center West Properties LLC, led by Sy Niksefat.

Sterling Development is composed of Jordan and June Haas, Michael and Akemi Bauer and Dan and Melodi Jones.

The deal is financed with a six-month loan of $380,000 from One Bank & Trust of Little Rock. The 0.28-acre development previously helped secure a December 2006 mortgage of $375,000 held by First Arkansas Bank & Trust of Jacksonville.

Center West acquired the property for $375,000 nearly eight years ago from the Catholic Diocese of Little Rock.

Church Transactions

A church in southwest Little Rock drew a $450,000 sale.

Southside Church of Christ of Little Rock purchased the 9300 Geyer Springs Road facility from Parkview Christian Church.

The deal is funded with a two-year loan of $492,204 from Arvest Bank of Fayetteville.

The 5.41-acre location was bought for an undisclosed sum in January 1968 from Eagle Properties Inc., led by Maurice Mitchell.

On the flip side of the sale, Parkview Christian Church acquired a 0.89-acre property at 15108 Kanis Road from David and Virmarie Depoyster for $225,000.

The west Little Rock location previously was tied to a September 2004 mortgage of $155,000 held by BancorpSouth Bank of Tupelo, Mississippi.

The Depoysters bought the property, which includes a 1,413-SF house, for $155,000 more than 10 years ago from the estate of Irene Hodapp.

Land Purchase

An 11.93-acre commercial site in North Little Rock is under new ownership after a $200,000 deal.

Pure Profit LLC, led by Bruce Hum, acquired the land at 10023 U.S. Hwy. 70 from John and Barry Mosley.

The deal is backed with a $170,000 loan from Centennial Bank of Conway.

The property was purchased for $90,000 in December 1994 from Phyllis Faye White.

Parcel Buy

A 0.65-acre commercial site in west Little Rock sold for $170,000.

Birch-Brook Inc., an affiliate of Little Rock’s Rector Phillips Morse Inc., bought the property at 15905 Cantrell Road from One Bank & Trust.

The bank recovered the property in April 2011 from David and Christina Henson at a $235,000 foreclosure sale.

The land secured an August 2008 mortgage of $248,000 held by the bank.

Riverview Manor

A 3,678-SF home in Little Rock’s Riverview Manor neighborhood weighed in at $1.15 million.

The Gene Graves Revocable Trust purchased the house from the Jane Boyd Prince Revocable Trust. The deal is financed with a 15-year loan of $650,000 from One Bank & Trust.

The residence previously was linked with a December 2010 mortgage of $355,000 and a September 2012 mortgage of $417,000 held by Metropolitan National Bank of Little Rock.

The property was bought for $965,000 in November 2010 from the Edwards Osborne Living Trust, led by Jerry Edwards and Ann Osborne.

Country Club House I

A 2,497-SF home near the Country Club of Little Rock changed hands in a $710,000 teardown sale.

Curtis Finch Jr. and his wife, Jackye, acquired the house from O&B LLC, led by Jack Hartsell and Bobby Wilkerson.

The residence previously was tied to a September 2009 mortgage of $637,500 held by Allied Bank of Mulberry (Crawford County).

O&B purchased the property for $638,000 more than five years ago from Jay Brainard Jr. and his wife, Sally.

Country Club House II

A 2,949-SF home near the Country Club of Little Rock rang up a $687,000 transaction.

Michael and Michelle Mantuano bought the house from JVRC LLC, led by Jett Ricks.

The deal is funded with a 30-year loan of $300,000 from Simmons First National Bank of Pine Bluff.

The residence previously was linked with a November 2013 mortgage of $431,630 held by BancorpSouth Bank.

The property was purchased for $369,500 11 months ago from Lee Maris Jr. and his wife, Kristin.

PV Residence

A 3,657-SF home in west Little Rock’s Pleasant Valley neighborhood is under new ownership after a $625,000 sale.

John and Mary King acquired the house from David and Allison Wood.

The deal is backed with a 30-year loan of $417,000 from First Financial Bank of El Dorado. The Woods bought the property for $575,000 in March 2008 from Elizabeth Thweatt.

Waterview Home

A 4,791-SF home in the Waterview Meadows neighborhood of west Pulaski County drew a $610,000 transaction.

Joel and Heather Baker purchased the house from Kimric Inc., led by Randy Ferguson. Kimric provided a $565,000 loan to finance the deal.

The location was sold in a November 2010 transaction valued at $95,000 by Waterview Meadows LLC, led by Rick Ferguson.

Carrington Mortgage

A 202-unit multifamily project in west Little Rock is securing a $14.2 million funding agreement.

IRT Carrington Apartments Owner LLC of Philadelphia obtained the 10-year loan from Amerisphere Multifamily Finance LLC of Omaha, Nebraska.

IRT bought Carrington Park Apart-ments at 1801 Champlin Drive for $21.5 million in May from a string of sequentially numbered tenants-in-common limited liability companies with a common name: USA Carrington Park of Napa, California.

Apartment Funding

Construction of a 59-unit apartment project in downtown Little Rock is in motion with a $6.4 million financial package.

River Market South LLC, led by Jimmy Moses and Rett Tucker, received the 27-year loan from BancorpSouth Bank.

The 1-acre site at 400 E. Capitol Ave. previously was tied to an October 2005 mortgage of $4.75 million and a June 2013 mortgage of $711,000 held by Metropolitan National Bank.

The MacArthur Commons site was acquired nine years ago as part of a nearly $5 million deal with the Arkansas Teacher Retirement System.

Convenient Loan

The owner of a convenience store and fast-food eatery combo in Sherwood picked up a $4 million mortgage.

Summerwood Partners LLC, led by David and Douglas Hendrix, got the two-year loan from First Federal Bank of Harrison.

The 0.92-acre Fina/Burger King development at 3900 E. Kiehl Ave. was purchased for $1.34 million in December 1998 from Ray A. Jones & James E. Hoover LLC.

New Construction

Sanctuary & Family Life Center    $4,000,000
First Baptist Church of Highland Park
3800 W. 18th St., Little Rock
Carson & Associates Inc., Little Rock

Chuy’s                                            $1,623,000
5105 Warden Road, North Little Rock
Parkway Construction & Associates, Lewisville, Texas

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