Two LLC of West Memphis paid $9.85 million this month to buy the Pavilion Centre, a four-story office building at 8315 Cantrell Road in Little Rock.
The 55,000-square-foot building is near Pavilion in the Park, a mixed-use center.
The seller was Pavilion Centre LLC.
Two LLC financed the purchase with a mortgage from Bank of the Ozarks. Pavilion Centre was built in 1999.
The buyers include Kent Ingram Jr. of West Memphis, the registered agent for Two LLC, and Keith Ingram, his brother. Keith Ingram, a Democrat, is the state Senate's minority leader.
"[Pavilion Centre] is a fine property," Kent Ingram said. "It's a great investment for the future. We're high on Little Rock. We think it's a wonderful spot to invest in. We're looking to keep it for a long time."
The Ingrams were owners of Razorback Concrete for more than 50 years before selling the business early this year to Summit Materials Inc., a publicly traded construction materials company.
Tenants at the Pavilion Centre include BancorpSouth Insurance and Wardlaw Orthodontics.
Flake and Kelley Commercial represented the buyer and will take over management and leasing of the building, said John Flake, chairman of the real estate firm.
Irwin Partners represented the seller.
The buyers plan to continue offering Class A building services at Pavilion Centre, Flake said.
The deal is not included in this week's list of the largest transactions in Pulaski County, but should show up in a week or two.
WILMINGTON APARTMENTS
Republic Wilmington, a Toronto-based limited partnership, bought a 120-unit apartment complex for $4.9 million last month.
The Wilmington Apartments are at 617 Donovan Briley Blvd. in North Little Rock. The seller was Wilmington Acquisition LLC.
Republic Wilmington financed the purchase with a $3.9 million loan from Arbor Commercial Funding I LLC of New York. The mortgage matures in 2027.
Wilmington Acquisition paid $3.85 million for the two-story apartments in 2014. They were built in 2002.
Republic Wilmington is an affiliate of Toronto-based Republic Funds, which also bought two Little Rock apartment complexes last month for a total of $17 million. The apartments were Republic Spanish Rock and Republic Spanish Jon, which had a total of 482 units.
MEDICAL BUILDING
The property at 4104 Richards Road, housing the North Little Rock branch of Ortho Arkansas, was sold to LREC Richards Road LLC for $1.5 million last month.
Neil Pennington is the manager of LREC Richards Road LLC. The address for the buyer is 201 Executive Court in Little Rock, the main office for Little Rock Eye Clinic. Little Rock Eye Clinic also has a North Little Rock office on Springhill Road.
LREC Richards Road LLC financed the transaction with Iberiabank in an almost $1.3 million mortgage with a maturity of 2024.
A spokesman with Ortho Arkansas did not return a call seeking comment.
Pennington also did not return a call.
LAND DONATION
PDC LLC made a donation of 18 acres of timberland off Cantrell Road to Little Rock Christian Academy last month.
PDC consists of the family of Eugene Pfeifer, a businessman who developed the North Shore Business Park in North Little Rock.
The property is valued at almost $1.9 million. It is almost due north of Little Rock Christian's campus at 19010 Cantrell Road.
Little Rock Christian paid Pfeifer and his family $650,000, so the total contribution to the school was more than $1.22 million. Since Little Rock Christian is a nonprofit organization, the Pfeifers will receive a tax benefit for the contribution.
When asked his reason for donating to the school, Pfeifer said, "[Little Rock Christian] is doing a wonderful job of educating a fine bunch of young people in our community."
It is the third transaction he has made with the school, Pfeifer said.
The first was an all-cash purchase of 10 acres by Little Rock Christian.
The second was a joint effort by the school and Pfeifer to develop a traffic signal on Cantrell Road at the western end of the school's property, Pfeifer said. He donated 3 acres to the school, and the school and Pfeifer shared the cost of building the traffic signal, Pfeifer said.
"That was a mutually advantageous transaction for the two of us," he said.
He still owns "a lot of property out there," Pfeifer said.
A spokesman for the school declined to comment about the gift.
ROLAND PROPERTY
GLH Investments LLC bought about 35 acres of undeveloped land in Roland last month near Kryer Mountain for $420,000, about $12,000 an acre.
Arkansas 300 is adjacent to the property on its south side.
The seller was Jules C. de la Vergne and his wife, Melinda.
SundayMonday Business on 08/27/2017