Oregon firm buys LISA Academy building in Little Rock for $3.4M

A Portland, Ore.-based company last month purchased the LISA Academy West Middle School building at 21 Corporate Hill Drive in Little Rock.
A Portland, Ore.-based company last month purchased the LISA Academy West Middle School building at 21 Corporate Hill Drive in Little Rock.

Portland, Ore.-based CSRC Charter LISA LLC paid $3.4 million last month for the LISA Academy West Middle School building.

The school at 21 Corporate Hill Drive in Little Rock sits on 2.2 acres. The building was appraised at $2.9 million this year.

The seller was Atlas Barin Properties LLC Little Rock.

Brad Coburn incorporated CSRC (Charter School Realty Co.) Charter LISA Academy in August. Coburn also serves as chief financial officer.

CSRC Charter LISA borrowed $1.9 million from Little Rock-based Bank OZK to help finance the transaction. The mortgage matures in 2033.

LISA Academy is affiliated with Little Scholars of Arkansas and is a kindergarten through 12th grade school with about 2,000 students on the waiting list to attend. It has campuses in North Little Rock and Little Rock.

JACKSONVILLE RENTALS

Timberwood of Jacksonville LLC invested $1.6 million to buy the Timberwood Apartments in Jacksonville last month.

The 56 unit apartments at 207 S. Hospital Drive sits on 3.1 acres. The 22,000 square foot complex was built in 2001.

Darrell Robinson incorporated Timberwood of Jacksonville in July. Robinson and Dusty Duke, members of Timberwood of Jacksonville, signed the mortgage.

Timberwood of Jacksonville borrowed $1.6 million from Simmons Bank to finance the deal. The note matures in 2023.

The seller was Timberwood Apartments Limited Partnership.

SHERWOOD PROPERTY

TCB Investments LLC of Little Rock spent $1.1 million last month for two 2,000 square-foot multifamily homes in Sherwood. The property at 9 Laramie Drive, built in 1972, appraised at $113,000 this year, and 3 Laramie Drive, built in 1971, also appraised at $113,000 this year.

TCB Investments borrowed $697,000 from Tricore Capital LLC. Brian Teeter, a member of TCB Investments, signed the mortgage document.

Billy Rohrenbeck and James Hoffman incorporated TCB Investments in 2016. Rohrenbeck is also manager of TCB.

The seller was Harding University Inc. It was the second time in several weeks that TCB Investments bought property from Harding University Inc.

Mel Sansom, vice president of finance at Harding, signed the deed.

The two homes purchased by TCB Investments last month were deeded to Harding by the Juanita Nichols Trust and by the Otis Nichols Trust.

In August TCB Investments paid Harding $675,000 to buy Powhatan Apartments with 28 units in Sherwood. The Juanita Nichols Trust deeded the Powhatan Apartments to Harding last year.

MABELVALE PIKE

Mabelvale Rose LLC of Little Rock bought the 24-unit Mabelvale Apartments for $864,000 last month.

The apartments, at 7414 Mabelvale Pike and 7404 Mabelvale Pike, were built in 1973.

Mabelvale Rose borrowed $819,000 from Relyance Bank to help finance the purchase. The loan matures in 2023. Ethen Carl Schultz, a member of Mabelvale Rose, signed the mortgage. Schultz incorporated Mabelvale Rose last month.

The seller was Van Geuns Properties LLC of Little Rock. Jeffrey Du Celliee Muller, a member of Van Geuns Properties, signed the deed.

Van Geuns paid $1.4 million for the apartments last year.

ROCK DENTAL BRANDS

LR Distillery Partners Limited Partnership spent $550,000 last month to buy the property at 1216 E. Sixth St. The 15,600 square feet structure was built in 1952 and was the former home of Brandon's Rocktown Distillery.

The site will become the headquarters of Rock Dental Brands, said Chris Moses, chief executive officer of Newmark Moses Tucker Partners.

Rock Dental Brand currently has its headquarters at 610 President Clinton Ave. in Little Rock.

"They've outgrown their space [in the River Market]," Moses said. "They're going to keep a presence where they're at. This will allow their dental entity to have a new home and new headquarters based in East Village."

Preliminary work is being done at the site, Moses said.

Construction should begin during the first quarter next year, Moses said, and should be completed in six to eight months after that.

The entire project will cost about $4.3 million, Moses said.

The site was selected because Rock Dental Brand "loves the East Village," Moses said.

"There's a lot of new energy and new construction going on over there," Moses said. "In our opinion and in the tenant's opinion, [East Village] is the next growth corridor in our downtown."

LR Distillery borrowed almost $3.4 million from Iberiabank of Lafayette, La., to finance the deal. The mortgage matures in 2023.

Moses, sole member of LR Distillery Partners, signed the mortgage.

The seller was 6th and Shall LLC. Daniel K. Fowler is manager of 6th and Shall LLC.

OFFICE SPACE

Rs and Cs Properties LLC of Benton agreed to a purchase price of $450,000 last month to buy an 1,800 square-foot office building in Little Rock at 2 Office Park Drive.

Rs and Cs Properties borrowed $421,000 from Bank OZK to help finance the transaction.

Russell T. Simmons and Creighton A. Simmons are members of Rs and Cs Properties.

The seller was DDB Inc. Joseph Taun Berry is president of DDB.

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