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story.lead_photo.caption The property at 10901 North Rodney Parham Road in Little Rock was formerly anchored by the Kmart discount store, which closed last year. - Photo by Mitchell PE Masilun

PGA Land & Realty LLC, a Little Rock limited liability company, invested $12 million to buy a shopping center on Rodney Parham Road last month.

The 122,000-square-foot shopping center, built in 1975, is at 10901 North Rodney Parham Road, near the southwest corner of Interstate 430 and Rodney Parham. It is home to a 10 Fitness, Grapevine Wines and Spirits, a Black Angus restaurant and Take 5, a mini-lube auto garage.

Until last year when it closed, the center was anchored by a Kmart store.

PGA Land & Realty, a group of physicians, spent the $12 million with plans to invest another $23 million to redevelop it into a medical complex. The group borrowed $10.2 million from Jacksonville-based First Arkansas Bank & Trust to help finance the deal. The loan is only for a year, maturing on Oct. 1 next year.

Dr. Dhaval Patel, manager of PGA, signed the mortgage. PGA stands for Premier Gastroenterology Associates.

Chris Moses, president and chief executive officer of Newmark Moses Tucker Partners, said the investment "will transform the blighted Kmart into a first-class mixed-use" development. The development will be called Premier Medical Plaza.

The sellers included AB Arkansas LLC, Emben Partners, Schlereth Family LLC and International Paint Co. of Arkansas. Joe Selz, manager of AB Arkansas LLC; president of Emben Inc., and trustee of Benjamin Phillips Stark Trust, signed the deed.

CMS COMPLEX MOVE

A two-building warehouse complex off Maumelle Boulevard in North Little Rock will serve as the new home for CMS Wireless after a $1.1 million transaction last month.

Founded in 1995, CMS provides design, construction and project management services to major wireless providers, from site acquisition and construction of towers to switch facilities and related infrastructure. CMS will move from 7420 Counts Massie Road to a larger and more visible property at 27 and 29 Maumelle Curve Court.

John Hathaway and Wes Martin of the Hathaway Group represented the buyer, PKW Group Inc. Nathan Hutchins of SVN ArkBest Realty represented the seller, Smith Building Investments LLC.

Hathaway and Martin worked with Phil Whisenhunt, the company's chief executive officer, and Todd Williams, chief operating officer, in evaluating numerous sites before finding the nearby Maumelle Curve site.

The new location has 26,400 square feet of building area and ample yard area for equipment.

The new facility is close to where CMS Wireless operated for years, but the larger site will accommodate the firm's growth, and the Maumelle corridor has worked well for the business.

"Wes and I were proud to represent CMS Wireless in finding a solution that better met their needs, while transitioning them from tenancy into ownership," John Hathaway said. The Hathaway Group "analyzed a dozen facilities throughout the metro area before finally landing less than a half-mile away," he said.

PKW borrowed about $887,500 from BancorpSouth Bank of Tupelo, Miss., to help finance the deal.

WAREHOUSE-OFFICE SITE

7511 Scott Hamilton LLC and 16600 CP Properties LLC bought a 36,000 square-foot warehouse and office building for $1 million last month.

The building -- with about 30,400 square feet of warehouse space and more than 5,500 square feet of office space, at 7511 Scott Hamilton Drive -- was constructed in 1965. It last sold for $815,000 in 2007 and appraised at $1.2 million last year.

Price Gardner organized 7511 Scott Hamilton in September. Gardner is also the registered agent.

Walter Ebel III organized 16600 CP Properties LLC in 2010. Ebel is also the registered agent. The seller was RDG Exchange Holdings LLC.

RIVER MARKET LOCATION

Business Boy LLC spent $750,000 last month to buy a restaurant, a 3,000 square-foot office building and a 9,400 square-foot retail store, all at 421 and 425 President Clinton Ave.

Jenny Massanelli incorporated Business Boy LLC in 2016. Business Boy borrowed almost $2.3 million from Helena National Bank in Helena-West Helena to finance the deal. The mortgage matures in 2023.

William Roberts Lee and Tammy Gray Lee, members of Business Boy, signed the mortgage.

The seller was Clinton-Commerce LLC.

FIVE-UNIT APARTMENTS

Doma Investments LLC paid $290,000 to buy a three-story, five-unit apartment building in Little Rock last month.

The apartments, at 119 Vernon Ave., were built in 1930.

Doma Investments borrowed $232,000 from BancorpSouth, the Tupelo bank, to help finance the purchase. The mortgage expires in 2038.

Josh Womack, managing member of Doma Investments, signed the mortgage. James McPherson incorporated Doma Investments in 2016.

The building was appraised at $279,000 this year.

The seller was Prindle Family Living Trust.

SILVA CREEK

BSD Investment Properties LLC invested $285,000 for an 11-unit apartment complex in southwest Little Rock.

The two-story, Silva Creek Apartments are at 7117 N. Chicot Road. They were built in 1972.

Devin Nelson incorporated BSD Investment Properties in June. Brenda Jackson is the managing member.

BSD Investment Properties borrowed almost $217,000 from Little Rock-based Bank OZK. The mortgage matures in 2023. Brenda Jackson signed the mortgage.

The apartments sold for $265,000 in 2005. They were appraised for $393,000 this year.

SundayMonday Business on 11/04/2018

Print Headline: Physicians group buys Kmart shopping center for medical complex

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