Super Properties III, a limited liability company affiliated with Hugg & Hall Equipment Co., spent $2.6 million to buy an office building in south Little Rock last month.
The 20,798-square-foot, two-story building will serve as Hugg & Hall's corporate offices. The building, constructed in 2012, is at 8101 Fourche Road, near Interstate 30 and Scott Hamilton Road. It has been the office of Staley Technologies.
Included in the purchase is almost 4 acres.
Hugg & Hall's corporate office has been at 7201 Scott Hamilton Road since 1974.
Hugg & Hall had been looking for new office space for several years, said John Hugg, president of Hugg & Hall.
"We've just outgrown our facility [on Scott Hamilton]," Hugg said.
Hugg & Hall looked all over town for a new headquarters, Hugg said. When they learned that the Staley Technologies building was available, "we felt like it was the perfect fit for us," Hugg said.
Hugg & Hall will occupy the bottom floor of the building.
"It gives us about 10,000 square feet on the first floor, where we'll have about 50 of our corporate managers and personnel," Hugg said.
Staley Technologies will continue to occupy the upper floor for several years under a lease agreement with Hugg & Hall.
"It gives us the option to have more room for growth for the future," Hugg said.
Hugg & Hall's current headquarters building has about 60,000 square feet, but only about 10,000 square feet is usable for office space. Hugg & Hall will retain the building on Scott Hamilton Road.
Most of the 60,000 square feet will be used for the company' parts, service, rental and sales operations, Hugg said.
John Hathaway and Jamie McLarty of Coldwell Banker Commercial Hathaway Group represented Super Properties III. Matt Chandler of Newmark Grubb Arkansas represented the seller, MAV LLC, which is affiliated with Staley Technologies.
Super Properties III financed the purchase with a loan of $2.2 million from Comerica Bank of Dallas. The mortgage matures in 2038. Hugg and Robert Hall are managers of Super Properties III.
Hugg & Hall, which has been in business since 1956, is one of the leading equipment rental companies in Arkansas, Oklahoma and Louisiana.
SHERWOOD PROPERTY
Campbell Real Estate LLC paid $1.2 million last month to buy the North Hills Animal Hospital and Groomingdale's, both in Sherwood.
The seller was North Hills Rental Real Estate LLC.
Scott Campbell and his wife, Margaret, are members of Campbell Real Estate.
Campbell Real Estate borrowed slightly more than $1 million from The Capital Bank in Little Rock to help finance the purchase of the veterinary clinic at 7805 Arkansas 107.
Campbell Real Estate also borrowed $122,000 from The Capital Bank for the purchase of Groomngdale's at 7801 Arkansas 107. Both mortgages mature in 2021.
TREASURE HILLS
Treasure Hills Center LLC of Little Rock bought a strip shopping center in west Little Rock for about $945,000 last month.
The shopping center, at 9501 N. Rodney Parham Road, is home to two restaurants, a dental office and an animal clinic, among other businesses.
Treasure Hills Center took out a $975,000 loan from Bear State Bank to finance the purchase. The mortgage matures in 2025. Ralph Cotham, a member of Treasure Hills Center, and his wife, Mary Cotham, signed for the loan.
The seller was Ann Hatley.
The shopping center, built in 1969, was last appraised at $2.4 million.
RIDGEMIST LANE
Homebuilder Rausch Coleman Mid-Ark LLC sold at least six lots on Ridgemist Lane in North Little Rock to an affiliated company, ARG Little Rock LLC, for about $785,300 last month.
The lots are in the Trammel Gardens Phase I subdivision.
Rausch Coleman also sold property last month to ARG Little Rock for construction of homes in the Faulkner Crossing Phase 7 subdivision in North Little Rock for about $247,700 and in the Graham Woods Phase II addition in Jacksonville for about $215,000.
ARG Little Rock LLC borrowed almost $1.5 million from First Security Bank for the Graham Woods project. The loan matures in 2033.
ARG Little Rock also took out a loan on the Trammel Gardens development from First National Bank of Fort Smith for $2.2 million, with a maturity of 2020. ARG took out a third loan for almost $200,000 on the Faulkner Crossing subdivision with Chambers Bank in Danville.
Rausch Coleman is the largest homebuilder in Arkansas, with homes in Northwest Arkansas, Sherwood, North Little Rock, Cabot, Beebe, Bryant, Alexander, Conway and Jacksonville. It opened a branch in Jonesboro last year.
David Frye, an executive with Rausch Coleman, is also manager of ARG.
Rausch Coleman, which starts about 400 houses a year, has been in business for 60 years and has built more than 20,000 houses. It also builds houses in the Kansas City, Mo., area, Oklahoma City, Tulsa and in Texas.
COPPER RUN
Layman Lane LLC paid Vaps Investment Group LLC more than $423,000 last month for 6 acres, completing the purchase of about 90 acres for a housing development near Pride Valley Road in west Little Rock.
The subdivision of about 140 homes, to be known as Copper Run, will be built by Graham Smith Construction.
It could take nine years before the development sells out, based on building about 15 homes a year, said Scott Hurley, a partner with Smith on the project.
In December, Layman Lane LLC paid $2.2 million for about 85 acres off Pride Valley.
Layman Lane took out a loan of $5.7 million with Arvest Bank to finance the home construction. The loan matures in 2022.
Business on 02/04/2018