MRP Jacksonville AR LLC paid more than $5.4 million in four separate transactions for Jacksonville Plaza last month.
The sellers were Doyle W. Rogers Jr., Barbara Hoover, and the Irrevocable Trust of Doyle W. Rogers Sr. and Josephine Raye Rogers, which was paid $1.8 million; Charles Troutman, who was paid $1.4 million; Jodie Grisham, who was paid $1.4 million; and the Tommy J. Lasiter Family Limited Partnership, which was paid $900,000.
MRP Jacksonville AR LLC is based in St. Louis. The St. Louis firm took out a $4.3 million mortgage on the property from Chambers Bank of Danville.
The Jacksonville property is on John Harden Drive near a Wal-Mart Supercenter and the Little Rock Air Force Base.
The late Doyle Rogers Sr., who built the Stephens Building and what is now the Little Rock Marriott in downtown Little Rock, developed the Jacksonville center and more than 100 retail centers across the country, including many Wal-Mart stores.
Jacksonville Plaza is in good condition, said Lasiter, Doyle Rogers' longtime partner.
"There's not anything else to do but run the property," Lasiter said.
MRP, which is affiliated with Midwest Retail Properties in St. Louis, buys shopping centers near Wal-Mart stores across the country, said Joe McClary, chief executive officer of Midwest Retail Properties.
"Our goal is to get [Jacksonville Plaza] leased up, hopefully with more national retailers to be announced later," McClary said.
Jacksonville Plaza's tenants include a Cato store, Hibbett Sports and AT&T.
McClary said this is the first center Midwest has bought that was owned by Rogers.
"But I hope it's not the last," McClary said.
In Arkansas, Midwest also owns properties in Little Rock, Harrison and Fort Smith, McClary said.
Bowman shops
Ziff Bowman Curve LLC of Mount Pleasant, S.C., paid $7.1 million last month to buy Bowman Curve and Bowman Curve II shopping centers on Bowman Road in west Little Rock that include restaurants, shops and insurance offices.
Ziff Bowman Curve is an affiliate of Ziff Properties in Mount Pleasant, S.C. The seller was Bowman Curve I & II LLC.
The shopping centers, at 400 N. Bowman Road and 200 N. Bowman Road, were built in 1988.
The appraised value was about $7 million.
Attempts to contact executives with Ziff Properties were unsuccessful.
Landers Road land
Arkansas Specialty Partners LLC, an affiliate of Arkansas Specialty Orthopaedics, bought a former PetSmart store and about four acres last month at 3480 Landers Road in North Little Rock for $2.7 million.
Arkansas Specialty Orthopaedics will begin renovations in August or September, said Sue Hibbs, executive director of Arkansas Specialty Orthopaedics. Construction should be completed in January and the firm will move its office in Sherwood to North Little Rock.
The new office will have space for eight physicians and will include a magnetic resonance imaging machine and a digital X-ray machine, Hibbs said.
Arkansas Specialty Orthopaedics also is building a $22 million, three story office on Fair Park Boulevard that should open in March, Hibbs said. With the addition of two surgeons in August, Arkansas Specialty Orthopaedics will have 18 surgeons, she said.
Markham & Kavanaugh
Off the Front LLC of Cambridge, Mass., bought properties at three Midtown addresses from Stifft Station Partners LLC last month for $1.6 million.
The properties are at 1001 Kavanaugh Boulevard, 3016 W. Markham St. and 3102 W. Markham St.
Spokes Cycling Shop is at 1001 Kavanaugh. The building was built in 1912.
The building at 3016 W. Markham, where Unity Martial Arts is located, was built in 1924.
The building at 3102 W. Markham was built in 2009.
Off the Front LLC financed the sale with a mortgage from BancorpSouth Bank of almost $1.8 million. The mortgage matures in 2022.
Warehouse purchase
A warehouse at 3101 Dugan St. in Little Rock near Bill and Hillary Clinton National Airport/Adams Field, was bought last month by 3101 Dugan LLC and FAE Linda Little LLC for $1.3 million.
The vacant 38,000 square foot storage facility was built in 1972. The lot is almost 10 acres.
Based in Salt Lake City, 3101 Dugan LLC and FAE Linda Little LLC took out a loan of almost $1.3 million from Regions Bank to finance the purchase.
Apartments sale
WLM Landscape and Sprinkler Services Inc. of Little Rock paid $800,000 for four rental properties last month.
The Little Rock multifamily properties include a two-story building at 1720 Sanford Drive and a two-story building at 1706 Sanford Drive off Old Forge Drive. The purchase also included a four-unit building at 12 Meredith Court and a four-unit building at 15 Meredith Court near Reservoir Road. The seller was Forward Properties LLC.
The Meredith Court properties are two stories and have about 4,700 total square feet each. The Sanford Drive properties have more than 4,300 square feet each.
The four buildings combined were appraised for more than $860,000.
Curtis Walker, president of WLM Landscape, said he has invested in rental properties for some time. Walker said he has had his landscaping business for about 20 years.
Walker financed the purchase with a mortgage of $680,000 from Capital Bank of Little Rock.
Colonel Glenn center
Colonel Glenn Storage Center LLC paid almost $624,000 last month for a 3.5 acres with a concrete pad at 10303 Colonel Glenn Road.
Colonel Glenn Storage intends to build a ministorage center on the property, said Drew Holbert, a principal with Colliers International in Little Rock. Colonel Glenn Storage is led by Russell Hall of Paron and his sister, Holbert said.
Colonel Glenn Storage Center bought the space from CG-Shack Properties LLC, an investor group.
The purchase was financed with a mortgage of more than $1.2 million from Searcy-based First Security Bank. The mortgage matures in 2022.
Timber deal
Town Creek LLC of Little Rock paid Mann Road Property Joint Venture about $415,000 last month for more than 100 acres of timberland on Mann Road in southwest Little Rock.
Town Creek financed the deal with a mortgage of $249,000 from Malvern National Bank.
SundayMonday Business on 07/23/2017