Markham and Shackleford LLC paid nearly $4.5 million last month to buy the West Chase Plaza shopping center at 301 N. Shackleford Road in Little Rock.
The seller was Westchase Investors LLC, which was formed in 2006. Markham and Shackleford LLC was formed last month.
Behind the limited liability companies, the buyer and seller are led by longtime commercial real estate partners. John Flake is the registered agent for Westchase Investors and Hank Kelley is the registered agent for Markham and Shackleford. Flake is chairman and Kelley is chief executive officer at Flake & Kelley Commercial Real Estate in Little Rock.
There were five consecutive transactions on the same day that also included the Kelley Family Annual Gift Trust and Central Properties Inc.
Flake and Kelley were among the original investors in West Chase Plaza, Flake said. With last month's $4.5 million transaction, the real estate partners remained owners of the shopping center, he said.
"Other investors who came in are different than the original ones," Flake said. "This was a remaking of a partnership with different investors."
West Chase has been renovated in recent years, Flake said.
"You almost have to these days," Flake said. "We found that creating a mixed-use [combination] has made that center more successful. It's a mix of soft business with retail."
Tenants in the shopping center include Jason's Deli, H&R Block and Slim Chickens.
APARTMENT ACTIONS
Monarch Investment & Management Group of Franktown, Colo., about 35 miles south of Denver, filed correction deeds last month for $702,130 and for $509,313 for the purchase of Valley Crossing Apartments at 1502 Green Mountain Road.
Earlier last month, Monarch Investment closed on eight deals representing four Pulaski County apartment complexes that were simply "administrative cleanups," said Andy Newell, secretary-treasurer of Monarch Investment.
The four apartments weren't actually sold, but the titles were adjusted.
Monarch Investment owns six apartment complexes in Little Rock, Newell said. He declined to name the apartments.
The similarity on the eight transactions was that the apartment complexes were transferred to entities known as MIMG LXXXIII. MIMG stands for Monarch Investment & Management Group and LXXXIII is the Roman numeral for 83.
Based on the filings made with Pulaski County, the apartments involved in the deals included Fairfield Apartments, which has 334 units; The Berkley apartments, which has 252 units; Pleasant Pointe Apartments, which has 239 units; and Valley Crossing Apartments, which has 211 units. Combined, Monarch Investments owns apartments with more than 1,000 units in Little Rock.
The apartments were all built in the 1970s.
Fairfield Apartments are at 1912 Green Mountain Drive and Pleasant Pointe is at 1602 Green Mountain Drive. The Berkley is at 1601 N. Shackleford Road.
SundayMonday Business on 05/28/2017