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WLR Retail Project Trails $1.8M Land Purchase (Real Deals)

3 min read

An 8,245-SF retail project in west Little Rock is in the works after a $1.8 million land deal.

CHI-Little Rock LLC of Greenville, S.C., acquired the 2.08-acre site at 11400 Cantrell Road from Pleasant Ridge LLC, led by Lou Schickel. The new space will house Verizon Wireless and Mattress Firm.

Construction is backed with a five-year loan of $3.95 million from GrandSouth Bank of Greenville, S.C.

Schickel bought the property for $80,000 in April 1984 from James H. Jones.

Distribution Development

A $1.75 million land buy in North Little Rock is preceding development of a 350,000-SF distribution facility.

Ben E. Keith Co. of Fort Worth, Texas, purchased the 66.8-acre tract near the northwest corner of Interstate 440 and U.S. 70 from George and Cynthia Glover.

The property previously was tied to a November 2008 mortgage of $507,729 from North Little Rock’s National Bank of Arkansas.

The Glovers acquired the land for $500,000 more than five years ago from the heirs of Pearl Lee Smith.

The sellers included Shirley Smith Childress, Bobbie Lee Cordoni, Stacy Lee Rutledge, Timothy Smith, Mary Gale Landry, Mark W. Smith Jr., Diane K. Andrus, Karen Patout and Sherry Singleton Louviere.

Motorcycle Recovery

A north Pulaski County enterprise is under new ownership after a $550,000 foreclosure sale.

OP REO Holdco One LLC recovered Jacksonville Motorcycle Sales at 6105 John Harden Drive from Bobbi and Gary Tackett and their BG&D LLC.

OP REO is an affiliate of Union Fidelity Life Insurance Co. of Overland Park, Kan.

The 10,320-SF facility secured an October 2007 loan of $640,000 originated by General Electric Capital Corp. of Norwalk, Conn., and later sold to Union Fidelity.

The Tacketts bought the 3.39-acre property for $189,000 in March 2007 from Marple Auto Sales Inc., led by Roy Marple.

Country Club House

A 4,526-SF home near the Country Club of Little Rock tipped the scales at $1.05 million.

James McHugh and Christine Althoff purchased the house from Eric and Amy McCay.

The deal is financed with a 30-year loan of $417,000 and a five-year loan of $283,000 from BancorpSouth Bank of Tupelo, Miss.

The residence previously was linked with a July 2011 mortgage of $937,500 held by Allied Bank of Mulberry.

The McCays acquired the property for $500,000 more than two years ago from Thomas and Paige Rystrom.

Riverview Abode

A 4,175-SF home in Little Rock’s Riverview Manor neighborhood changed hands in a $550,000 sale. Ricardo Caceda and Jessica Carbajal bought the house from Stanley and Susan Berry.

The deal is funded with a 30-year loan of $522,000 from Suntrust Mortgage Inc. of Richmond, Va.

The residence previously was tied to a February 2007 mortgage of $165,000 and an October 2010 mortgage of $224,000 held by Simmons First National Bank of Pine Bluff.

The Berrys purchased the property for $385,000 in August 2001 from John Slater Jr. and his wife, Cathryn.

Hatcher Mortgage

An office building in downtown Little Rock is backing a $3.2 million funding agreement.

The Greg L. Hatcher Revocable Living Trust picked up the 15-year loan from Arkansas Federal Credit Union of Jacksonville.

The 0.24-acre Hatcher Agency development at 308 Louisiana St. previously was linked with a December 2009 mortgage of $1.79 million and September 2010 mortgages totaling $500,000 held by Centennial Bank of Conway.

Hatcher assembled the property in two transactions totaling $775,000.

The sellers were P&H Investments LLC, led by John Perry and Robert Hester, $675,000 in August 2009; and 207 West 3rd Development LLC, led by Sam Alley, $100,000 in November 2011.

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