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REAL ESTATE TRANSACTIONS: Firm buys piece of parking lot on Little Rock's Bowman Road for $2.4M

by David Smith | July 15, 2018 at 4:30 a.m. | Updated July 16, 2018 at 4:30 a.m.
This industrial warehouse at 1201 Murphy Drive in Maumelle was recently purchased by Murphy Industrial LLC. for $2.2 million.

820 Thompson Development Co. paid $2.4 million for a section of a Walmart store parking lot on Bowman Road in Little Rock last month.

The sale was for an almost 30,000-square-foot lot next to two restaurants, a Taco Bell and a Freddy's Frozen Custard & Steakburgers.

820 Thompson Development is a California general partnership. It borrowed $1.4 million from Armed Forces Bank in Kansas City, Mo., to help finance the deal.

Austin Hathaway Jr., a trustee of the Austin H. Hathaway Jr. and Sonia L. Hathaway Living Trust, and Harry Hathaway, as trustee of the Hathaway Living Trust signed the mortgage. Each one is a general partner of 820 Thompson Development.

The property, almost 0.7 acres, was appraised at $2.1 million this year.

The seller was PM Little Rock LLC, a Phoenix, Ariz., limited liability company. Perry Mann, managing member of PM Little Rock, did not return a call seeking comment.

PM Little Rock is an affiliate of TradeCor LLC, which has offices in Phoenix and Plano, Texas.

MAUMELLE WAREHOUSE

Murphy Industrial LLC, a limited liability company based in Eden Prairie, Minn., invested $2.2 million to buy a 36,000-square-foot warehouse building in Maumelle last month.

The building, at 1201 Murphy Drive in Maumelle, was being leased by Mondelez International, an American confectionery, food and beverage company with 107,000 employees worldwide. Mondelez is based in East Hanover, N.J.

Mondelez didn't require the entire building, so it moved to a smaller space in Little Rock, said Judy Keller, director of economic development for Maumelle.

Stericycle, a medical waste disposal firm based in Lake Forest, Ill., now is leasing the building, with a subsidiary, Shred-It, as the primary tenant in the building, Keller said.

"They are expanding the parking lot right now," Keller said.

The industrial building, appraised at $1.7 million this year, was built in 1995.

The seller was Becknell Properties.

Murphy Industrial borrowed $3.1 million from Alliance Bank of St. Paul, Minn., to finance the purchase.

Murphy Industrial was represented by Clark Irwin of Colliers International-Arkansas.

EAST LR BUILDINGS

USP Land Holdings FP&P paid $1.7 million last month for four buildings occupied by Hanson Pipe & Precast Co. in east Little Rock.

The buildings are at 1300 Bond St. and were built in 1950, 1967 and 2002.

They were last sold in 2016 for $1.7 million.

USP Land Holdings is based in Irving, Texas.

The seller was Pipe Portfolio Owner (Multi) LP, a limited partnership based in New York City. It was led by Tyler Swann, director of an affiliated company.

NLR APARTMENTS

F4 Little Rock 1 LLC paid $3.8 million last month in three separate transactions with various Toland and Gravett family members for two North Little Rock apartment complexes.

The two-story apartments included New Horizon Apartments with 210 units at 1843 Broken Arrow Drive and New Haven Apartments with eight units at 815 Broken Arrow Drive. New Haven Apartments were built in 1978. New Horizon Apartments, which cover about 9 acres, were built in 1977.

F4 Little Rock 1 LLC is based in Edmond, Okla. Clemen Cunningham organized the company in April.

F4 Little Rock 1 borrowed $4 million from Fayetteville-based Arvest Bank to finance the deal.

F4 Little Rock 1 paid Claudia T. Gravett and the Claudia T. Gravett Revocable Trust almost $1.3 million. F4 Little Rock 1 paid John B. and Neryln Toland about $1.3 million and paid Jon P. Toland, and the Dennis & Sandra Toland Revocable Trust almost $1.3 million.

The apartments and property were appraised this year at $6.5 million.

OLD DOMINION

Old Dominion Freight Line Inc. paid the J.A. Riggs Tractor Co. $614,000 last month for 18.3 acres on Faulkner Lake Road in North Little Rock.

Old Dominion, incorporated in Arkansas in 1996, is based in Thomasville, N.C. Its officers on file with the secretary of state's office include David Congdon, president; Cecil Overbey Jr., vice president; Ross Parr, secretary; Adam Satterfield, treasurer; Kim Maready, controller; and Michele Leggett, tax preparer.

Denny Upton, chief financial officer of J.A. Riggs, did not return a call seeking comment.

Founded in 1927, J.A. Riggs sells and leases construction equipment and power systems, and does construction equipment repair. It has eight locations in Arkansas -- Little Rock, El Dorado, Fort Smith, Harrison, Jonesboro, Russellville, Springdale and Texarkana.

SundayMonday Business on 07/15/2018

Print Headline: Firm buys piece of parking lot on Bowman Road for $2.4M

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