The ownership of The Village at Pleasant Valley, a west Little Rock shopping center, was redivided last month by three transactions totaling almost $4.2 million.
The John Ramsey and Mary Jim Ramsey family sold a portion of their ownership in the center to Hank Kelley, chief executive officer of Flake & Kelley Commercial Real Estate, and to a silent investment partner, Kelley said.
The deals leave Kelley with a 46.6 percent ownership in the center, the Ramseys with a 36.8 percent interest and the silent partner with a 16.5 percent ownership.
The transactions value The Village at Pleasant Valley at slightly more than $6.6 million.
"We believe strongly in the location," Kelley said. "It is one of the best in the market. It's a location that has wonderful neighborhoods around it. If we can reinvest in the property and help modernize the look of the property, the service businesses and retail businesses will respond to that."
Kelley has known the Ramseys, who also own the Crown Shop in The Village at Pleasant Valley, for years.
"They invited me to become a partner with them in the property," Kelley said. "An opportunity came about to provide some diversity of ownership and also help with a program to make some potential changes to the property, including spaces that need to be subdivided and/or leased out to others."
The approximately 90,000-square-foot center, at Interstate 430 and Rodney Parham Road, has two major spaces vacant and another tenant planning to move this fall. The center is 65 percent occupied.
Gone from the center, built in 1986, are Whole Foods, which had 24,000 square feet, and Dixie Cafe, with 7,500 square feet, Kelley said.
"Our most immediate attention is on the Dixie Cafe space, which has been vacated," Kelley said.
Kelley is working with Williams and Dean Associated Architects to consider some ideas to enhance the property, he said.
"We believe that the future of the property is best suited towards food and entertainment, mixed with retail," Kelley said. "We're looking at visibility there and businesses that might locate there."
Kelley is knocking on doors "seeking a restaurant for the Dixie space," he said.
"I've also had some discussions with some people in the brewery business, as well," Kelley said.
The space that will be vacated this fall is Chili's Grill & Bar, which will move to a lot near Markham Street and Chenal Parkway in October, Kelley said.
"We have active negotiations with a replacement tenant for Chili's," said Kelley, who declined to identify the tenant. "We're finalizing details on that. It is under a similar venue to what Chili's does."
The Ramseys took out a $10 million mortgage from BancorpSouth Bank, based in Tupelo, Miss., in 2003. The loan was amended in 2013 and now has a balance of more than $6.6 million.
Argenta Acquisitions, a limited liability company, paid $940,000 for an 8,500-square-foot renovated two-story building in downtown North Little Rock.
John Pemberton of Little Rock is manager of Argenta Acquisitions.
Pemberton borrowed $752,000 from First Security Bank to help finance the purchase. The loan matures in 2023.
The building at 417 Main St., constructed in 1895, was appraised this year at $865,000.
Larry and Joy Pennington bought the building in 2005 for $285,000.
HEB Land Co. LLC bought a 3,400-square-foot building at 1207 Garland St. in Little Rock for $475,000 last month.
HEB is an affiliate of Bale Chevrolet, said Stan Hastings, whose S M H LLC sold the building.
Bale Chevrolet leased the building for years and Hastings finally sold it to Bale, Hastings said.
"It's just a simple thing of a tenant becoming their own landlord," Hastings said.
The building was constructed in 1959, according to Pulaski County records. It was appraised at about $144,000 this year.
David Grace is an officer with HEB Land Co.
Singh Dehal Corp., doing business as Super S Mart in Sherwood, bought a convenience store on Landers Road for $450,000 last month.
The sellers were Kyung Un Hyon and D. Hyon, who bought the store and a carwash at 8212 Landers Road for $550,000 in 2004. The store has about 1,600 square feet.
Singh Dehal of Conway borrowed $345,000 from Arvest Bank to help finance the purchase of the store and carwash. The mortgage matures in 2023.
Manohar Singh Dehal, president and secretary of Singh Dehal Corp., signed the mortgage.
SundayMonday Business on 04/15/2018
Print Headline: $4.2M in transactions redivide ownership of west LR shopping center