REAL ESTATE TRANSACTIONS: Colonel Glenn Business Center fetches $6.3 million in sale

The Colonel Glenn Business Center in west Little Rock has 42,700  square feet of space.
The Colonel Glenn Business Center in west Little Rock has 42,700 square feet of space.

Lil Holdings LLC of Cedar Rapids, Iowa, invested $6.3 million to buy the Colonel Glenn Business Center in west Little Rock last month.

The 42,700-square-foot business center is at 10303 Colonel Glenn Road.

Tiffany Earl Williams is manager of Lil Holdings and incorporated the firm in January.

Lil Holdings borrowed $4.5 million from Barclays Capital Real Estate Inc. of New York. The mortgage matures in 2029.

The loan was arranged by Marcus & Millichap Capital Corp., said Robert Bhat of Marcus & Millichap. The firm is a subsidiary of publicly traded Marcus & Millichap Inc., which is a commercial real estate investment services firm with offices in the United States and Canada.

Marcus & Millichap's Brett Chetek, Chris Caravaglia and Alex Perez represented the buyer and seller in the transaction.

"This property is 100 percent occupied with a diverse mix of national and regional tenants, including Trane [a heating and air conditioning company] and Henry Schein [a worldwide distributor of medical and dental supplies]," Bhat said. "Although most of the tenants had two-year termination options, we were still able to offer a 10-year fixed rate loan with 4 years interest only and a competitive fixed rate of 5.1 percent."

The seller -- Colonel Glenn Business Center LLC and Colonel Glenn Storage Center LLC -- bought the property for $5 million in 2016.

Russell Hall is managing member and Tammye Hall is a member of Colonel Glenn Business Center. Russell Hall is managing member of Colonel Glenn Storage Center.

The property, which sits on 3.2 acres, was appraised for $4.8 million in 2017.

SURGERY CENTER

A limited liability company in Princeton, N.J., invested almost $2.5 million to buy the 5,600-square-foot Arkansas Maxillofacial Surgery Center last month.

SCF RC Funding IV LLC bought the building that houses the surgery center at 5400 Highland Drive in Little Rock.

Gregg Seibert incorporated SCF RC Funding IV in December.

The building and a 900-square-foot warehouse were appraised at $1.6 million last year.

The seller was Schoen Properties LLC. Scott Schoen, managing member of Schoen Properties, specializes in oral and maxillofacial surgery at the clinic.

GATEWAY OFFICE

Gateway Office Park, a 43,000-square-foot office and retail park in southwest Little Rock, was acquired for $2.2 million last month.

The buyer was Gateway Office LLC.

Gateway Office Park covers 4 acres at 11701 Interstate 30 near Gateway Town Center, the Outlets of Little Rock and Bass Pro Shops, as well as many other retail stores and restaurants. The office park is 94 percent occupied with tenants such as Arkansas Medical Staffing LLC, Top of the Line Medical Staffing, Countertops of Little Rock, Empirical Energy Solutions and Arby's office space.

A $1.4 million loan from Armor Bank of Forrest City helped finance the acquisition. The nonrecourse loan matures in 2029 and has a variable interest rate.

Anvil Investments LLC is manager of Gateway Office LLC. Charles Isaac Smith is manager of Anvil Investments. Kevin Huchingson is manager of K and D Huchingson Investments, which is the manager of 16600 CP Properties LLC, which also owns a 23 percent interest in Gateway Office LLC .

Huchingson and Smith, Realtors with Colliers International Arkansas, represented Gateway Office LLC. Smith also represented the seller, Alley Development Co.-Otter Creek Office Park.

Haitham Alley is president of Alley Development Co.-Otter Creek Office Park.

"This purchase is a fantastic investment opportunity for the buyer," Smith said. "Gateway Office Park is enjoying great occupancy, visibility from I-30, high traffic counts and a location that's convenient to Little Rock and Saline County."

KEMP OFFICE

Kemp Office Building at 2200 Brookwood Drive in Little Rock was sold for $1 million last month to Karen Salmon Cline of Little Rock.

The one-story structure, built in 2000, was appraised at $488,000 last year. The building has 9,000 square feet.

The seller was Ellen C. Rogers and the Margaret L. Kemp Revocable Trust.

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