Woodmont Hardin, a New York limited liability company, invested $4.5 million this month to buy the Sedgwick Building in west Little Rock.
The building, at 400 Hardin Road off Financial Centre Parkway, has almost 50,000 square feet of office space. Tenants include the Arkansas Bank Department. It was built in 1995.
The seller, Responsive Education Solutions, a Lewisville, Texas, nonprofit corporation, was represented by Mason Lewis and Dickson Flake of Colliers International Arkansas and Alan Tegethoff with the Doyle Rogers Co.
The buyer, Woodmont Hardin, represented itself in the transaction.
Other tenants in the building include Schindler Elevator Corp., Pinnacle Pointe outpatient clinic, Memphis Pathology Laboratory and the Ouachita Business Association.
"This sale was a win for all parties involved," Lewis said. "Sedgwick is a solid, value-add office building located in the middle of Little Rock's largest trade area."
The office building has a traffic signal access to a cul-de-sac, Lewis said.
"The property provides a quiet office setting near retailers, restaurants, banks and more," Lewis said. "It's a great place to do business."
Colliers International Arkansas will provide property management services for the new owner.
The building appraised for $3.9 million last year. It last sold for $3.9 million in 2014.
Robert Davison, chief operating officer of Responsive Education Solutions, signed the deed.
Woodmont Hardin took out a 20-year loan for $4 million from FNBC Bank in Ash Flat.
Tice Brown incorporated Woodmont Hardin in December. Brown also signed the mortgage.
STEAKHOUSE DEAL
Gugar Family #2 Ltd., a Bullard, Texas, limited partnership, paid $2.3 million last month to buy the Longhorn Steakhouse building in the Shackleford Crossings shopping center in west Little Rock.
The restaurant was built in 2013 and covers more than 6,300 square feet. It was appraised at $2.6 million last year.
The seller was Shackleford Crossings Investors, a limited liability company in Dallas.
Duncan Walker, vice president of Shackleford Crossings Investors, and Andrew Gugar Jr. of Gugar Family #2 both signed the warranty deed.
APARTMENTS SOLD
NLRA Holdings LLC, a Skokie, Ill., firm, bought North Parkway Apartments in North Little Rock and Rosewood Apartments in Little Rock for $3.7 million last month.
The Rosewood Apartments, with 100 units at 6600 Lancaster Road, were built in 1965. The North Parkway Apartments, with 92 units at 2000 Parkway Drive, were built in 1976.
The Rosewood Apartments, which sold for $1.8 million, were appraised at $1.9 million in 2017. The seller was Rosewood Community LLC.
The North Parkway Apartments, which sold for $1.9 million, were appraised at $3.4 million last year. The seller was Marshall Equity Investments LLC.
Donald Marshall was the sole member of Marshall Equity Investments, which is the sole member of Rosewood Community.
NLRA Holdings borrowed $3.3 million from West Bank of West Des Moines, Iowa, to help finance the transactions. The mortgage matures in 2038.
David Barker, manager of NLRA, signed the mortgage, and Adam Glickman, who incorporated NLRA Holdings in November, was the registered agent.
JACKSONVILLE ARBY'S
FRG Properties LLC of San Francisco bought an Arby's restaurant building in Jacksonville for $797,000 last month.
The seller was United States Beef Corp., which also sold five other Arby's buildings in December.
The Arby's at 1001 Main St. in Jacksonville has more than 2,000 square feet of space and was built in 1978. It appraised for almost $489,000 last year.
FRG has established $35.5 million in a senior secured line of credit with Wells Fargo Bank. Lorrin Cortina, chief financial officer for FRG Properties, signed the mortgage.
P. Brett Pratt, president of United States Beef Corp. of Tulsa, signed the deed.
LITTLE ROCK LOT
Valen Harris Inc. paid $696,000 for Lot 13 in the Village at Rahling in west Little Rock last month.
The lot covers about 1.5 acres on Rahling Circle. It appraised for $711,000 this year.
Valen Harris plans to build a two-story medical office building on Rahling Circle, said Rebecca Cate, a commercial real estate broker for PotlatchDeltic Real Estate. The building will be between the Bank of Little Rock branch and the Roosevelt Thompson Library, Cate said.
To help finance the transaction, Valen Harris borrowed $514,000 in a one-year note from IberiaBank, based in Lafayette, La.
Greg Cunningham, president of Valen Harris, signed the mortgage.
The seller was PotlatchDeltic Real Estate LLC, Deltic Real Estate LLC and Deltic Timber Corp. David Meghreblian, vice president of PotlatchDeltic, signed the warranty deed.
Sunday Business on 01/27/2019