A group of six limited liability companies paid almost $9.4 million last month for the Shackleford Corporate Center, a five-building office and warehouse complex near Shackleford and Colonel Glenn roads in Little Rock.
The 177,550-square-foot complex, at 4201-4217 S. Shackleford Road, is about 83 percent occupied. The tenants include Goodman Distribution, DirecTV, Sherwin Williams and Exide Technologies.
The property appraised at $8 million this year.
The sellers were SCC Properties LLC, ELAD LLC and Salcor LLC.
The buyers were RSH Investments LLC, Beaverdale Investments LLC, Oakdale Holdings LLC, DNG Real Estate LLC, Grandview Holdings LLC and 4201 Shackleford Investment LLC.
The buying companies are all Oklahoma businesses except for 4201 Shackleford Investment, which is an Arkansas firm. Andrew Holbert is manager of 4201 Shackleford Investment and also a principal with Colliers International Arkansas.
The group borrowed $6.8 million from Relyance Bank of Pine Bluff. The mortgage matures in 2028.
Colliers International Arkansas, led by Holbert, Brandon Rogers, Kevin Huchingson and Dickson Flake, represented the buyer and the seller.
"Shackleford Corporate Center was attractive to the buyer because it filled a perfect niche for them in this market," Rogers said. "The center features a great mix of both national and local tenants and represents a good value for the office-warehouse market segment."
Colliers International will continue to manage the property.
RESTAURANT CHANGE
Anchor Realty Investments LLC, an affiliate of the David's Burgers restaurant chain, paid $1.6 million last month to purchase the Mexico Chiquito building and property on Cantrell Road, also known as Arkansas 10, in west Little Rock.
The building and property appraised at $2.3 million this year.
Anchor Realty Investments, a Maumelle firm led by David Alan Bubbus, who is president of David's Burgers, borrowed $1.2 million from Relyance Bank of Pine Bluff "for the purpose of acquiring the project and for working capital and $350,000 to renovate, equip and improve the project," the mortgage said.
The former Mexican restaurant at 13924 Cantrell Road sits on 1.7 acres and includes almost 3,300 square feet. It was built in 2008.
Johnny Mitchum with Keller Williams Realty represented the buyer and the seller.
A call seeking information from a David's Burger's spokesman was not returned.
E-Z MARTS
Two more Little Rock E-Z Mart convenience stores were sold in May in connection with the sale of E-Z Mart Stores Inc. of Texarkana, Texas, to GPM Investments of Richmond, Va.
GPM bought the E-Z Mart chain of 273 stores in December. Then in April, Getty Realty Corp., a real estate investment trust in Jericho, N.Y., acquired an interest in 30 E-Z Mart stores and leased those E-Z Marts to a subsidiary of GPM Investments, according to Convenience Store News.
One of the Little Rock E-Z Marts sold last month is at 11911 Mara Lynn Drive. It sold for $1.4 million to GTY-GPM/EZ Leasing LLC of Jericho.
The building, which opened in 1986, and land were appraised at $1.3 million last year.
The other Little Rock E-Z Mart sold is at 11701 W. Markham St. and was purchased by GPM Southeast LLC of Richmond for about $840,000.
The store and about a half-acre were appraised for about $500,000 this year. The store was built in 1974.
In April, at least one other E-Z Mart in west Little Rock was sold to National Retail Properties Limited Properties.
E-Z Mart's chain of stores is in Arkansas, Louisiana, Oklahoma and Texas.
RESIDENTIAL LOTS
Homebuilder ARG Little Rock LLC bought lots last month from Rausch Coleman Mid Ark LLC and Sherwood 2015 LLC in Jacksonville's Graham Woods Phase II and Sherwood's Bear Paw Addition Phase II.
ARG, an affiliate of Rausch Coleman, paid almost $683,000 for the property.
ARG and Rausch Coleman are affiliated companies.
ARG Little Rock took out two mortgages for about $706,000 each with Chambers Bank of Danville, one for at least seven lots in the two subdivisions and the other for at least two lots in the Sherwood subdivision.
Rausch Coleman Homes 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 built more than 20,000 houses. It also builds houses in the Kansas City, Mo., area; Oklahoma City; Tulsa; the Birmingham, Ala., area; and in Texas.
CHENAL LAND SOLD
Chi Hotel Group, which already owns at least two Little Rock hotels, paid $675,000 for 3 acres of undeveloped land at 15000 Chenal Parkway last month.
The property, near Chenal and Wellington Hills Boulevard, was appraised this year at about $624,000.
The seller was Chenal Commercial Partnership. James Hathaway Jr. is managing agent of the firm.
The Capital Bank loaned Chi Hotel Group, Jacob Chi and Jasen Chi $675,000 with a maturity of only four months.
In addition to the Ramada Inn and Candlewood Suites in Little Rock, Chi Hotel Group also bought the Boyle Building in downtown Little Rock four years ago.
The Chi family paid $4.6 million for the building with early expectations to renovate the 12-story, 108-year-old building into an Aloft Hotel at an estimated cost of $22 million to $24 million.
The Little Rock Board of Ddirectors agreed to a zoning change last year that allowed the Chis' firm to build apartments in the Boyle Building.
Attempts to contact the Chis for comment were unsuccessful.
SundayMonday Business on 06/08/2018