A Dallas limited liability company, #40 Real Estate Partnership, paid $862,000 last month for the Consolidated Pipe & Supply Co. storage warehouse in the Rose City area of North Little Rock.
The building at 4000 Phillips Road has 37,700 square feet and was built in 1980. It was appraised at $1.1 million this year. The transaction was a sale-leaseback of Consolidated Pipe's building, said John Ramey, the branch manager.
"We're moving to a new building in southwest Little Rock and we're doing the same arrangement there," Ramey said.
Consolidated Pipe bought the Frito-Lay building in southwest Little Rock and Frito-Lay is moving to the port area, Ramey said. But Frito-Lay's building will not be ready until the end of this month. So Frito-Lay is leasing the building from Consolidated Pipe until Frito-Lay's new building is ready, Ramey said.
Consolidated Pipe is based in Birmingham, Ala., and has about 50 offices primarily in the Southeast. It recently opened an office in Springdale.
The real estate partnership borrowed $733,000 from Frost Bank in San Antonio to help finance the transaction. The mortgage matures in 2029.
Randal Ensch, manager of #40 Real Estate Partnership, signed the mortgage.
The seller was Consolidated Pipe & Supply Co. Barry Howton, secretary and treasurer of Consolidated Pipe, signed the deed.
ANGELO'S PLACE
Angelo's Place LLC spent $343,000 to acquire the 6,500-square-foot Platinum Drywall Inc. building at 800 Towne Oaks Drive in Little Rock last month.
Two-thirds of the building is offices and one-third is a warehouse for storage. It was constructed in 1976.
Angelo's Place, at 9301 Treasure Hill Road in Little Rock, borrowed $343,000 for 25 years from Iberiabank of Lafayette, La. The Small Business Administration loan includes Iberiabank, Angelo's Place and Wags and Whiskers Dog Walking and Pet Sitting LLC.
Brigette Wilkerson, sole member of Angelo's Place, signed the mortgage. She also incorporated Angelo's Place in February.
The seller was BBD LLC of Maumelle. Anthony Brooks is a member of BBD and signed the deed. BBD paid $285,000 for the property in 2009.
LIQUOR EXCHANGE
Ekroop LLC of North Little Rock bought the building and property of Liquor Exchange Inc. for $300,000 last month.
Liquor Exchange is at 5820 Baseline Road in Little Rock. The convenience store has 3,000 square feet and was appraised at $174,000 in 2017. It last sold for $25,000 in 2008.
Ekroop borrowed $724,000 from Liquor Exchange, a Morrilton business. Gurpreet Kaur, the operating manager of Ekroop, signed the mortgage and also incorporated Ekroop in February.
Mary Ann Young, president of Liquor Exchange, signed the deed.
SHERWOOD DEAL
J&J Short Enterprises LLC of Sherwood invested $264,000 to buy the building and property of a Roto Rooter at 950 E. Kiehl Ave. in Sherwood last month.
Appraised at $282,000 in 2017, 83 percent of the building is warehouse space and the remainder is office space.
The structure has 4,600 square feet and was built in 1993.
J&J Short Enterprises borrowed $223,000 to help finance the deal. The mortgage expires in 2024.
John Short, a member of J&J Short Enterprises, signed the mortgage and incorporated J&J Short Enterprises in February.
The seller was the Mobbs Family of Greenbrier. Jackie Snowden and Alice Criner, members of Mobbs Family, signed the deed.
SundayMonday Business on 04/14/2019