National Retail Properties Limited Partnership, a firm with several Pulaski County purchases in recent years, paid $1.3 million for an E-Z Mart convenience store last month.
The store at 11724 Rainwood Road in Little Rock covers 2,500 square feet and was built in 1981. The seller was E-Z Mart Stores Inc. of Texarkana, Texas, led by Sonja Y. Hubbard, president.
E-Z Mart Stores, which mas more than 270 stores in Arkansas, Louisiana, Oklahoma and Texas, was sold to GPM Investments Inc. of Richmond, Va., last month. The building was last sold in 1999 for $399,000. The building and about half an acre were appraised at $506,000 last year.
National Retail Properties will be the landlord and will lease the building to GPM Investments, according to Pulaski County records.
Three of last year's four purchases by National Retail Properties in Pulaski County were for land for restaurants. In October, the Orlando, Fla.,-based company bought Hertz Equipment Rental's property for $1.8 million.
In September, the firm paid $1.2 million for 1.4 acres where a Saltgrass Steak House was to be built in Sherwood. In August, National Retail Properties paid $1.1 million for land where another Saltgrass Steak House was built at the Gateway Town Center in Little Rock. And in January last year, the company bought the nearby building and property for a Dave & Busters restaurant. The price paid was $8.1 million.
In 2016, National Retail Properties paid $2.6 million for the property and buildings for a medical clinic in Little Rock and $1.9 million for a clinic in North Little Rock.
HEIGHTS PROPERTY
TSM Properties LLC, a limited liability company, invested $625,000 last month to buy a 2,800-square-foot office building in Little Rock.
The building -- at 5611 Kavanaugh Blvd. -- was built in 1990. It formerly housed an A Briggs Passport and Visa Expeditors office.
The building was appraised for about $680,000 this year. The seller was Turtle Creek LLC.
TSM Properties borrowed about $530,000 from First Security Bank to help finance the deal. The mortgage matures in 2023.
Stephen Maxwell, manager of TSM Properties, did not return a call seeking comment about the transaction. TSM Properties was incorporated in 2003.
JACKSONVILLE BUILDINGS
Hertzog Rentals Inc. of Cabot bought two nearby buildings and about an acre in Jacksonville for $440,000 last month.
Hertzog bought a Daylight Donuts store with about 1,100 square feet that was built in 1977. The building is at 1102 W. Main St. in Jacksonville.
Hertzog also bought the Olympic Style Taekwondo center, which has more than 5,100 square feet and was built in 2007. The Taekwondo center is at 1010 W. Main St. in Jacksonville.
The seller was Susan A. Rice and Melda A. Rice Living Trust. The two properties were appraised for about $394,000 this year.
Hertzog took out a loan of $440,000 with Regions Bank to finance the purchase. The mortgage matures in 2033.
James and Charity Hertzog, co-owners of Hertzog Rentals, signed the mortgage. James Hertzog is president, secretary and treasurer of Hertzog Rentals. Charity Hertzog is vice president. The Hertzogs incorporated their business in 2011.
NORTHSHORE PARK
Central Properties Inc. paid $390,000 this month to buy 2.2 acres in the NorthShore Business Park near Interstate 430 and Crystal Hill Road in North Little Rock.
John Flake, chairman of real estate firm Flake & Kelley Commercial, is also chairman of Central Properties. James Harkins, a partner with Flake & Kelley, represented Central Properties.
John Hathaway and Stacey Moore of Coldwell Banker Commercial Hathaway Group represented the seller in the deal. The seller was ADSC JV LLC, Harkins said. ADSC was organized in 2009.
The property, adjacent to the Arkansas Physician Management Inc. building, will be developed as a medical office. Harkins declined to specify what type of medical practice it will be.
Central Properties, organized in 1982, chose property in the NorthShore Business Park because of a prevalence of medical practices at the park, Harkins said.
"NorthShore is getting to be a little bit of a medical hub," Harkins said. "Since Arkansas Surgical Hospital came out there, there has been a number of physicians groups that have looked in the area and are looking in the area. It has easy access to the interstate and provides great access to the Arkansas Surgical Hospital. It was a natural fit."
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