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WLR retail rings up $4.5 million purchase.

An 8,245-SF retail project in west Little Rock tipped the scales at $4.56 million. An investment group purchased the 11400 Cantrell Road property from Chi-Little Rock LLC of Greenville, South Carolina.

The new ownership is composed of SLLF Investments LLC, led by Jason LaFrance, 42.39 percent; Highway 9 Holdings LLC, led by Kevin Huchingson, 29.61 percent; Cantrell Ridge Holdings LLC, led by Isaac Smith, 20.21 percent; and Joe and Katherine Nance of Marble Falls (Newton County), 7.79 percent.

The deal is financed with a 10-year loan of $2.77 million from Relyance Bank of Pine Bluff. The 2.09-acre development previously was tied to a December 2013 mortgage of $3.95 million held by GrandSouth Bank of Greenville, South Carolina.

The location was acquired a year ago for $1.8 million from Pleasant Ridge LLC, led by Lou Schickel.

Twin Peaks Transaction

A 6,971-SF sports bar and grill in west Little Rock weighed in at $2.31 million.

Spirit Master Funding VIII LLC of Scottsdale, Arizona, bought the Twin Peaks project at 10 Shackleford Drive from TC Little Rock LLC of Phoenix.

The 2.1-acre former Cozymel's site was purchased for $1.35 million in September 2012 from Coastal Restaurants Ltd., led by Jacob Baum.

Downtown Deal

A 15,874-SF commercial project in downtown Little Rock changed hands in a $957,000 transaction. Prachi Investment Inc., led by Dipesh Patel, acquired the 400-408 Louisiana St. project from the Greg L. Hatcher Revocable Living Trust.

The deal is funded with a five-year loan of $585,000 from Arvest Bank of Fayetteville. The 0.32-acre development previously was linked with a March 2014 mortgage of $975,614 held by First State Bank of Lonoke.

The trust bought the property for $500,000 in July 2010 from the heirs of Adolphine Fletcher Terry, who included Elizabeth Terry Foti, Susan Terry Borne, Ellen Fletcher Terry, Tonya Terry, Joan Terry Oliver and Joseph Terry.

Mini Acquisition

A 44,235-SF mini-storage facility in southwest Little Rock rang up a $740,000 sale.

Tisdale Properties & Development LLC, led by Tracy Tisdale, purchased the U Store It project at 7201 Interstate 30. The seller is Cobalt Capital & Consulting LLC, led by Brent Bumpers.

Cobalt Capital provided a $740,000 wrap-around mortgage to finance the deal. The 2.54-acre development is secured by a May 2013 mortgage of $350,158 held by Simmons First National Bank of Pine Bluff.

The project was acquired for $810,000 in May 2009 from M&L Investments Ltd., led by Lee Beasley.

Apartment Purchase

A 12-unit apartment project in midtown Little Rock is under new ownership after a $400,000 transaction.

DWMG LLC, led by Scott Daniel, bought the 3619 W. Markham St. property from Brian and Deborah Wallace. The deal is backed with a four-year loan of $410,000 from First Federal Bank of Harrison.

The 0.32-acre development previously was tied to an April 1999 mortgage of $212,500, an October 2006 mortgage of $40,000, a June 2009 mortgage of $162,211 and an October 2009 mortgage of $34,781 held by Regions Bank of Birmingham, Alabama.

The Wallaces purchased the property for $250,000 in March 1999 from Wycliff Nisbet Jr. and his wife, Theresa, and Ray and Lenore Gabbard.

Sir Loin's Location

A 7,144-SF restaurant project in North Little Rock drew a $210,100 sale.

The Clifton Family LLLP, led by Norman Clifton, acquired the former Sir Loin's Inn project at 801 W. 29th St. The seller is Marple investments LLC, led by Roy and Shirley Marple.

The 0.6-acre development previously was linked with a December 2007 mortgage of $421,000 held by Bank of England.

The property was bought for $379,000 seven years ago from Aaron and Jane Ross.

Rural Residence I

A 4,770-SF home south of Scott tipped the scales at $999,000. Thomas Roy III and his wife, Clara Brown, purchased the 14.3-acre residential spread straddling the Pulaski-Lonoke County line from the R. Craig Stotts Living Trust.

The deal is financed with a seven-year loan of $850,000 from iberiaBank of Lafayette, Louisiana.

The land was acquired for $84,000 in October 2008 from Charles A. Freeman.

St. John's House I

A 5,398-SF home in Little Rock's St. John's Place neighborhood changed hands in an $832,500 transaction.

William Bank bought the house from the Phoebe Darby Norman Revocable Trust. The deal is funded with a seven-year loan of $416,000 from IberiaBank.

The site was purchased for $110,000 in September 1989 from St. John's Place, led by Bishop Andrew McDonald and Dickson Flake.

Deauville Abode

A 4,720-SF home in the Deauville Place neighborhood of west Little Rock's Chenal Valley neighborhood sold for $817,475.

Shane and Kim Sweetin acquired the house from Randy James Construction Co. The deal is backed with a 15-year loan of $640,000 from AgHeritage Farm Credit Services of Little Rock.

The residence previously was tied to a November 2013 mortgage of $500,000 held by Arvest Bank. The location was bought for $120,000 in May 2013 from Shawn and Janetta Andrews.

St. John's House ll

A 5,398-SF home in Little Rock's St. John's Place neighborhood rang up a $698,000 transaction. Shirley Sizemore purchased the house from J. Mark Davis.

The residence previously was linked with a March 2005 mortgage of $511,784 held by Riverside Mortgage Co. of Little Rock and a January 2007 mortgage of $155,000 held by Citibank of Sioux Falls, South Dakota.

The location was acquired for $152,000 in August 2000 from John O'Conner III and his wife, Juliannah.

Ridge Home

A 3,725-SF home in The Ridge neighborhood of Little Rock is under new ownership after a $580,000 sale.

Mary Vogler bought the house from John Riggs IV and his wife, Anna.

The property was purchased for I $545,000 in June 2004 from John and Angela Leake.

Rural Residence II

A 16-acre residential spread north of Roland drew a $565,000 transaction.

The Gary Hall Revocable Trust acquired the 3,615-SF house from Richard and Carol Seago. The residence previously was tied to a July 2009 mortgage of $356,000 held by lberiaBank Mortgage Co. of Little Rock and an October 2012 mortgage of $115,000 held by IberiaBank.

The Seagos bought the land in May 1990 as part of a $60,000 transaction with Blanche Thebom.

Woodland's Property

A 3,445-SF home in west Little Rock's Woodland's Edge neighborhood sold for $500,000. Brett Edwards purchased the house from Edwards Custom Homes Inc., led by Katherine Edwards.

The residence previously was linked with a December 2013 mortgage of $335,600 held by First Security Bank of Searcy.

The location was acquired for $68,000 a year ago from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

Warehouse Funding

A 70,000-SF warehouse in Maumelle was used to secure a $6.5 million financial package. LR-Ark Property LLC of Columbus, Ohio, received the five-year loan from Arvest Bank. , The 8.16-acre Resenius Medical Care development at 600 Sharkey Drive previously was linked with a May 2009 mortgage of $3.9 million held by the bank.

The location was bought for $860,000 in August 2006 from Burkhalter Properties LLC, led by John Burkhalter.

Express Financing

The owner of a Holiday Inn Express in North Little Rock picked up a $4 million funding agreement.

Kilpatrick Hotels Two LLC, led by George Kilpatrick, obtained the five-year loan from Progressive Bank of Monroe, Louisiana.

The 1.5-acre development at 4306 E. McCain Blvd. previously was tied to a June 2008 mortgage of $5.5 million held by JP Morgan Chase Bank of Columbus, Ohio.

Kilpatrick acquired the 70-room project for $6.8 million more than six years ago from McCain Hotels LLC, led by Rajesh Mehta.

George@ABPG.com
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Title Annotation:Real Deals; Wholesale line rental
Comment:WLR retail rings up $4.5 million purchase.(Real Deals)(Wholesale line rental)
Author:Waidon, George
Publication:Arkansas Business
Geographic Code:1U7AR
Date:Dec 22, 2014
Words:1315
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