Undeveloped commercial land in Little Rock’s Gateway Town Center project generated two seven-digit transactions.
Town Center LLC, led by Tommy Hodges, sold an 89.3 percent stake in two tracts. The buyers are Gateway Otter LLC, 20.9 acres along Gateway Loop Road for $5.46 million; and Gateway Creek LLC, 33.8 acres on the west side of Bass Pro Parkway for $4.97 million.
Both limited liability companies are led by Isaac Smith. Development of the land is backed with a five-year loan of $6 million from First Security Bank of Searcy.
The property previously was linked with a March 2015 mortgage of $3.6 million held by Malvern National Bank.
The land is part of a four-part assembly of 176 acres in January 2002 deals totaling more than $2.4 million.
The sellers were Canadian Pacific Properties Inc. of Alberta, Calgary, $1.46 million; Otter Creek Development Co. LLC, led by Robert McGinnis and Byron Eiseman, $784,000; Cynthia Keaton, $143,000; and the Jennifer Mae Kochtitzky Trust No. 2, $81,390.
Industrial Transaction
A 34,720-SF office-warehouse project in North Little Rock weighed in at $2.29 million.
Exit 165 LLC, led by David Dunn, Shash Goyal and Raj Chakka, purchased the Glover’s Transmission project at 1200 Baucum Industrial Drive from James and Anne Glover.
The deal is funded with a five-year loan of $1.9 million from Southern Bank of Poplar Bluff, Missouri. The 5.14-acre development previously was tied to a November 2005 mortgage of $1.4 million held by Summit Bank of Arkadelphia.
The location was acquired for $68,000 in July 1993 from Western Little Rock Co., led by Floyd Fulkerson.
Owner Consolidation
Sole ownership of three commercial properties in Little Rock was consolidated in a $1.24 million transaction.
Tommy J. Lasiter Family Ltd. bought the two-thirds stake in the 12,780-SF retail project at 5501 Kavanaugh Blvd. and an undeveloped half block along the west side of Scott Street between 13th Street and Daisy Bates Drive.
Rounding out the deal is a 50 percent stake in the 8,988-SF commercial project at 1707-1711 Main St., which included 1.4 acres.
The seller is The Irrevocable Trust of Doyle W. Rogers Sr. & Josephine Raye Rogers.
The Kavanaugh site is leased from Kroger. The Scott Street property was assembled in three February 2004 deals with the Arkansas Association of Nigerians, led by Lawrence Okere, $68,000; Robert Oliver Jr., $58,000; and Judy Pearlstein, $55,000.
The Main Street property and adjoining land were assembled in three deals totaling more than $250,000. The sellers were Duckwall-Alco Stores Inc., an undisclosed sum in February 1992; New Development Inc., led by Herbert Broadway, $175,000 in June 1999; and Mary Burnett, $75,000 in February 2001.
Future Hotel Site
A 4.47-acre parcel near the Clinton National Airport in Little Rock tipped the scales at $1.1 million.
Airport Hotels LLC, led by Rajesh Mehta, acquired the site on the south side of East Roosevelt Road, east of the Comfort Inn & Suites Airport, from Carole Baker.
The land was assembled as part of two transactions totaling $156,000. The sellers were Kathryn W. Boulware; Jeane W. Crenshaw; Frank B. White; George Cammack Jr., and his wife, Mary; Howard and Marian Cammack; and Aileen M. Tobin, $126,000 in May 1976; and the E.L. Bruce Co. of Memphis, $30,000 in October 1987.
Foursquare Deals
A 9,350-SF warehouse in the River-dale area of Little Rock changed hands in a $570,000 deal.
The International Church of Foursquare Gospel purchased the 2217 Cottondale Lane project from Locators Inc., led by Helen Murchison.
Locators bought the 0.64-acre site for $95,000 in March 1995 from Lex and Ellen Golden.
On the flip side, ICFG sold its 2019 Watt St. property in Little Rock to Christ-Com Church for $390,000.
The deal is financed with a $312,000 loan from Centennial Bank of Conway.
The 0.64-acre location was acquired for $8,000 in September 1963 from W.S. and Lillian Kotch.
Office Purchase
A 3,508-SF office building in North Little Rock rang up a $397,000 sale.
Chubby Little Groundhogs LLC, led by Steven Miller, bought the 112 Smarthouse Way project. The seller is RSR Properties LLC, led by Robert, Scott and Alan Miller.
RSR provided a $397,000 mortgage to fund the deal. The 0.96-acre development previously was linked with a November 2014 mortgage of $65,000 held by Telcoe Federal Credit Union of Little Rock.
RSR purchased the property for $290,000 in May 2000 from Reliant Energy Resources Corp. of Houston.
Downtown Buy
A 3,692-SF building in downtown Little Rock is under new ownership after a $325,000 transaction.
Mayhem Holdings LLC, led by Roger Thomas and Gino Capito, acquired the Standard Business Systems project at 921 W. Markham St. The seller is Squires Properties LLC, led by Steve and Jennifer Squires.
The deal is backed with a five-year loan of $355,000 from Arvest Bank of Fayetteville.
The 0.21-acre development previously was tied to an August 2007 mortgage of $252,450 held by Little Rock’s Bank of the Ozarks.
Squires Properties bought the property for $297,000 more than eight years ago from Pearson-Lucchi Joint Venture, led by C. Thomas Pearson Jr. and Steve Lucchi.
Palisades Abode
A 3,977-SF home in Little Rock’s East Palisades neighborhood weighed in at $1.3 million.
20 East Palisades LLC, led by Frank O’Mara, purchased the house from Bruce and Hallie Lindsey.
The residence previously was linked with a May 2009 mortgage of $312,442 held by Bank of America in Charlotte, North Carolina.
The property was acquired for $529,000 in March 2002 from Grace Lindsey.
Club House I
A 2,949-SF home near the Country Club of Little Rock sold for $735,000.
George Makris III bought the house from Michael and Michelle Mantuano.
The residence previously was tied to a July 2014 mortgage of $300,000 held by Simmons Bank of Pine Bluff.
The Mantuanos purchased the property for $687,000 more than 22 months ago from JVRC LLC, led by Jett Ricks.
Estates Sale
A 6,586-SF home in The Estates neighborhood of west Little Rock’s Chenal Valley development changed hands in a $690,000 deal.
David and Jessica Bubbus acquired the house from Randy Machen.
The deal is financed with a 13-month loan of $552,000 from First State Bank of Russellville. The residence previously was linked with a February 2011 mortgage of $703,500 held by U.S. Bank of Cincinnati.
Machen bought the house for $625,000 in May 2005 from Steel Development International Pte. Ltd., led by Kazutaka Fukui.
Club House II
A 2,300-SF home near the Country Club of Little Rock rang up a $521,500 sale.
Robert and Amanda Martin pur-chased the house from Kenneth and Elizabeth Clark.
The deal is funded with a 30-year loan of $417,000 from Riverside Bank of Sparkman (Dallas County).
The residence previously was tied to a May 2009 mortgage of $298,800 held by Bank of America and a December 2011 mortgage of $60,000 held by Peoples Bank of Sheridan.
The Clarks acquired the property for $374,000 seven years ago from Nell and Robert Lyford.