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Industrial Space Attracts $5.6 Million Transaction (Real Deals)

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A 223,880-SF industrial project in Little Rock tipped the scales at $5.6 million.

7400 Scott Hamilton LLC, led by Rick Ferguson, sold off its namesake project to an investment group composed of 901 5th (Daytona) LLC, 34.55 percent; Scott Hamilton LM LLC, 30.19 percent; LAF Brothers Properties LLC, led by Jason LaFrance, 21.98 percent; and Huntsville investors LLC, 13.28 percent.

The deal is financed with a 10-year loan of nearly $4.2 million from Bear State Bank of Little Rock.

The 23.1-acre development previously was tied to an August 2008 mortgage of $4.5 million held by American Equity Investment Life Insurance Co. of Des Moines, Iowa.

The property was acquired in June 2007 as part of a $5.8 million deal with Celestica Corp. of Toronto.

Muswick Acquisition
A 58,168-SF warehouse in Little Rock weighed in at $1.3 million.

Muswick Investments LLC, led by Murad Mandani, Charles Garland and Sadiq Ali, bought the 3801 W. 65th St. project from Arkansas Rice Depot Inc.

The deal is backed with a five-year loan of $1 million from Simmons Bank of Pine Bluff.

The 4.29-acre development previously helped secure a June 2013 mortgage of $1.5 million and a December 2015 mortgage of $175,000 held by IberiaBank of Lafayette, Louisiana.

The property was purchased for $850,000 in February 2005 from Little Rock Distributing Co., led by Bennett Glazer and Michael Glazer.

Lone Purchase
A Jacksonville convenience store changed hands in a $1.2 million sale.

Sadaat Enterprises Inc., led by Syed Naqvi, acquired the Valero project at 1605 S. J.P. Wright Loop Road. The seller is Lone’s Jacksonville Inc., led by Shahlla Lone.

The deal is funded with a three-year loan of $640,000 from Arkansas Bank & Trust of Jacksonville and a $150,000 loan from Lone’s Jacksonville.

The 0.9-acre development previously was linked with a June 2007 mortgage of $723,000 from BancorpSouth Bank of Tupelo, Mississippi.

The property was bought for $700,000 in December 2000 from Mason Family LLC, led by Roger and Nancy Mason.

Multifamily Sale
An eight-unit apartment project in the Hillcrest area of Little Rock is under new ownership after a $910,000 transaction.

Sleepy Chiwawas LLC, led by John and Becky Cheairs, purchased the 4611 Woodlawn Drive project from James M. Smith.

The deal is financed with a 10-year loan of $1.3 million from Central Bank of Little Rock.

The 0.18-acre property was acquired in May 1954 as part of a $19,000 transaction.

The seller was Pulaski Heights United Methodist Church.

North Bluffs Buy
An undeveloped 1.46-acre parcel along the Arkansas River in North Little Rock drew a $363,000 transaction.

North Bluffs Development Corp., led by Lisa Ferrell and James Jackson, bought the land at the southeast corner of Rockwater Boulevard and Rockwater Lane.

The seller is Corker Family LLC, led by Sue Corker.

The deal is financed with a one-year loan of $290,400 from Farmer’s Bank & Trust of Magnolia.

The property was purchased for $60,000 in January 1999 from William Templeton.

Greater Works Deal
A 10,000-SF church in Little Rock rang up a $220,000 sale.

Greater Works Christian Church acquired its 3517 Asher Ave. facility from BJS Inc., led by Gary Acord.

The deal is backed with a five-year loan of $228,000 from Arvest Bank of Fayetteville.

The 0.84-acre development previously was tied to a February 2007 mortgage of $146,625 held by Metropolitan National Bank of Little Rock.

BJS bought the property for $173,000 more than nine years ago from U.S. Bank of Cincinnati.

Estates Foreclosure
The foreclosure sale of a 6,300-SF home in west Little Rock’s Valley Falls Estates neighborhood tipped the scales at $1.27 million.

Wells Fargo Bank of Sioux Falls, South Dakota, recovered the house from William and Judith McDaniel.

The residence previously was linked with a September 2008 mortgage of $1 million originated by Wachovia Mortgage of Raleigh, North Carolina.

The McDaniels acquired the house for $1.44 million more than eight years ago.

The sellers were Douglas and Janice Sherman.

Deauville Abode
A 3,907-SF home in the Deauville neighborhood of west Little Rock’s Chenal Valley development sold for $725,000.

Linda and Gary Teal bought the house from Joe and Lavenda Hughes.

The deal is funded with a 15-year loan of $417,000 from Simmons Bank.

The residence previously was linked with an April 2013 mortgage of $200,000 held by IberiaBank.

The location was purchased for $133,000 in April 2005 from Deltic Timber Corp. of El Dorado.

Hillcrest Home
A 3,100-SF home in the Hillcrest area of Little Rock changed hands in a $700,000 deal. Robert and Catherine Tucker acquired the house from Lephiew and Alison Dennington.

The deal is financed with a 10-year loan of $711,481 from Simmons Bank. The residence previously was tied to a December 2015 mortgage of $120,820 held by the bank.

The Denningtons bought the property for $435,000 in May 2013 from Robert Roach Jr. and his wife, Mary.

Lamarche House
A 5,022-SF home in the Lamarche Place neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $605,000 sale.

Gary Mueller and Karen Goodman purchased the house from Thomas and Susan Strickland.

The deal is backed with 15-year loans of $417,000 and $67,000 from Gateway Mortgage Group LLC of Tulsa.

The location was acquired for $63,000 in December 1998 from Deltic Timber.

Heights Residence
A 1,995-SF home in Little Rock’s Country Club Heights neighborhood drew a $505,000 transaction.

Robert Porter Jr. and his wife, Marilyn, bought the house from William and Suzanne Hawkins.

The deal is funded with a three-year loan of $850,000 from Farmers Bank & Trust of Blytheville. The Hawkins family purchased the property for $475,000 in February 2014 from Marvin Baltz.

Heritage Park
A 6,414-SF home in North Little Rock’s Heritage Park neighborhood rang up a $500,000 sale.

Shaun and Lori Harms acquired the house from the Dean E. DiMichele Trust.

The deal is financed with a 15-year loan of $375,000 from EverBank of Jacksonville, Florida.

The residence previously was linked with a November 2011 mortgage of $384,459 and a September 2013 mortgage of $135,000 held by Centennial Bank of Conway.

The property was bought for $710,000 in May 2007 from Philip and Jayne Lyon.

Metals Mortgage
A 291,674-SF industrial complex in Little Rock is helping secure a $650 million funding agreement.

Joseph T. Ryerson & Son Inc. of Chicago obtained the six-year financial package from Wells Fargo Bank.

The 21.74-acre Afco Metals development at 7701 Lindsey Road previously helped secure a January 2013 mortgage of $600 million held by Wells Fargo.

Afco was acquired by a Ryerson affiliate in 1988.


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