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story.lead_photo.caption Storage World near West Markham Street and John Barrow Road in Little Rock was built in 1985. - Photo by Thomas Metthe

Modern SW, a limited liability company in North Little Rock, paid $2.8 million last month for the Storage World storage units in Little Rock.

The seller was Storage World Limited Partnership.

The storage units, at 8500 Cunningham Lake Road, near West Markham Street and John Barrow Road, were last appraised at $2.6 million. The 675 storage units cover about 3.5 acres.

Storage World was built in 1985.

William Keith Richardson is the organizer of Modern SW.

Modern SW financed the purchase with a $2.4 million mortgage with First Security Bank that matures in 2023.

NEW CHENAL SHOPS

The Shoppes at Chenal LLC recently invested $2.5 million for about 5 acres of undeveloped land on Chenal Parkway at Arkansas Systems Drive.

John Rees, founder and president of Rees Commercial in Little Rock, is the manager of Shoppes at Chenal.

The seller was a partnership, including John Flake, Karen Flake, Hank Kelley, Stephanie Kelley, ASI Holdings, Hendren Family Limited Partnership, David Payne, Eugene Jones, June Jones, James Hendren and Ken Starnes II Family Trust.

Shoppes at Chenal borrowed $6.6 million from First Community Bank of Batesville to help finance the project, according to records with the Pulaski County circuit clerk's office. Included in that is $2.5 million being advanced to pay the purchase price for the property. The mortgage matures in 2022.

The shopping center will be upscale, with a high-quality brick-and-stone exterior, Rees said.

The shopping center will have two outparcels of about 6,000 square feet each accompanying a 22,700-square-foot building, Rees said. The outparcels are designed for restaurants.

"We're talking to several national restaurants, but we can't disclose them right now," Rees said.

He wants restaurants that aren't currently in Little Rock, Rees said.

"We think the market doesn't have enough restaurants in that end of town," Rees said.

He is talking with several retailers and banks as tenants in the large building, Rees said. There also could be restaurants on one or both ends of that building, he said.

Rees considered buying another parcel along Chenal Parkway from Deltic Timber Corp.

"Because of the visibility, we thought this property gave us by far the best property in the area," Rees said. "Once you get past Rahling Road, there's not a whole lot of property, especially for retail. You've got a long way to go before you get to Walmart."

The Shoppes at Chenal is less than a mile from the Promenade at Chenal shopping center.

If everything falls into place, Rees could break ground on the development in April.

The architect for the project is Tim Yelvington of Roark Perkins Perry Yelvington Architects in Little Rock, Rees said.

Other projects Rees developed include Chenal Curve Shopping Center at 16900 Chenal Parkway, Whole Foods on Bowman Road, Pinnacle Creek Shopping Center at 14810 Cantrell Road and Pinnacle Station Shopping Center at 14524 Cantrell Road.

DENTAL OFFICE

Bradford-Ft. Smith LLC of West Plains, Mo., paid $2.3 million last month to buy the building formerly occupied by AR Dentistry & Braces at 401 S. Bowman Road in Little Rock.

The 6,400-square-foot building was last sold for $1.1 million in 2015. Built in 1997, the building was last appraised at $1.3 million.

Dr. Mark Dake, a dentist, is manager of Bradford-Ft. Smith.

In June, Rock Dental Brands of Little Rock bought AR Dentistry & Braces and its 19 locations from Dr. Benjamin Burris and Dr. Justin Bethel, said Jake Sligh, chief marketing officer for Rock Dental.

Dake is chairman and an owner of Rock Dental Brands, Sligh said. Rock Dental Brands operates more than 70 dental practices in Arkansas and Missouri, he said.

A dental clinic that was formerly on Rodney Parham Road, Leap Kids Pediatric Dental, moved to the Bowman location, Sligh said.

Bradford-Ft. Smith borrowed $1.8 million from Springfield, Mo., First Community Bank to help finance the acquisition. The mortgage matures in 2037.

NORTH HILLS

The Pointe North Hills LLC in North Little Rock invested $700,000 to buy almost 15 undeveloped acres on North Hills Boulevard in North Little Rock last month.

The seller was Richardson Properties LLC.

Danielle Litaker-Nall is the incorporator of The Pointe North Hills LLC. W. Keith Richardson is president of Richardson Properties.

Both the Pointe North Hills and Richardson Properties have offices at 9800 Maumelle Blvd. in North Little Rock.

Richardson did not return a call seeking comment.

MAUMELLE DENTIST

MFD Wallace Holdings LLC of Maumelle paid $600,000 for Lewis Family Dentistry in Maumelle last month.

Dr. Dustin Guy Wallace, a dentist and president of MFD Wallace Holdings, bought the dental office, now known as Maumelle Family Dentistry. It is at 1701 Club Manor Drive.

Wallace, who grew up near Star City, took a winding route to becoming a dentist. He graduated from the University of Arkansas, Fayetteville with a music degree. After graduation, he taught music at McGehee for a year.

In that one year, he realized teaching wasn't for him, Wallace said.

So he returned to college at the University of Arkansas at Monticello for two years and then went to dental school at Memphis for four years.

He then worked in dentistry treating children at offices in Pine Bluff, Little Rock and Fort Smith.

Wallace borrowed $615,000 from Live Oak Banking Co. of Wilmington, N.C., to finance the purchase of Lewis Family Dentistry. The loan matures in 2043.

SundayMonday Business on 02/11/2018

Print Headline: Storage World among recent central Arkansas real estate transactions

Comments

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  • skeptic1
    February 11, 2018 at 8:33 a.m.

    When Costco comes to Arkansas I'll get excited, but thanks to Walmart that will not likely happen.

  • NoUserName
    February 11, 2018 at 10:47 a.m.

    You know you're overdeveloping when you have a shopping center across the street from a shopping center.

  • larolin99
    February 11, 2018 at 10:47 a.m.

    I would LOVE to have COSTCO come to our area. Get rid of Sam’s club and bring on COSTCO! (No haters, I know I’m just dreaming)!

  • MaxCady
    February 11, 2018 at 2:49 p.m.

    Tooth for tooth, eye for an eye, sell your soul just to buy, buy, buy!!

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