Midtowne Little Rock Sells for $41.4 Million (Real Deals)

by George Waldon  on Monday, Aug. 11, 2014 12:00 am  

(Photo by Stephanie Dunn)

A 126,288-SF retail center in midtown Little Rock tipped the scales at $41.45 million.

IREIT Little Rock Midtowne LLC, an affiliate of Inland Real Estate Income Trust Inc. of Oakbrook, Illinois, purchased the Midtowne Little Rock project at 201 N. University Ave.

The seller is IMI MTLR LLC, a co-investment venture owned by an affiliate of Miller Capital Advisory Inc. of Skokie, Illinois, and CalPers, the nation’s largest public pension fund.

The deal is financed with a five-year loan of $20.7 million from JPMorgan Chase Bank of Columbus, Ohio. IMI MTLR LLC bought out the interest of Strode Property Co. of Dallas for $3.5 million in September 2011.

The 10.5-acre site was assembled in 24 deals totaling about $5.1 million. The sellers during a nine-month period were:

  • September 2003: A.M. Sullivan Jr., Dorothy Sullivan and James Sullivan, $1.06 million; and the 1999 Annette S. Storthz Revocable Trust, $450,000.
  • October 2003: James Spencer Paxton estate, $210,000; William A. Joyce and the Irma L. Joyce Trust, $168,000; Roberta Robinson, $135,000; Irtle Paxton, $105,000; Pamela Lange and Lester and Murphy Hamaker, $95,000 each; Margaret Talley, $82,000; Sybil O’Neal, $79,000; Wilson Bynum, $75,000; and B&P Properties LLC, led by Patricia Callahan, $73,000.
  • November 2003: Kenneth Holeman, $80,000.
  • December 2003: Elizabeth and Donald Mahan, $92,000; and 3B Properties LLC, led by Blake Miller, David Bush and Boyce Holmes, $83,000.
  • January 2004: St. Vincent Infirmary Medical Center, $1.1 million; Jim and Deborah Moore and John Lindquist, $125,000; Betty Ann Bullard, $65,000; and Adkins Properties, led by Andrew Adkins, $45,000.
  • February 2004: O.C. and Louise Walthall, $333,000.
  • March 2004: Georgeann and Ben Freasier, $222,000.
  • April 2004: Ricardo and Albina Paulino, $162,000; and Pamela Lange, $105,000.
  • May 2004: Lou Schickel, $80,000.

Retail Development

Construction of a 9,000-SF retail building in west Little Rock is trailing a $1 million land deal.

Promenade at Chenal Little Rock LLC, an affiliate of Thompson Thrift Development Inc. of Terre Haute, Indiana, bought the 1.45-acre site on the west side of Chenal Parkway in front of The Promenade at Chenal.

The development is funded with a one-year loan of $2.47 million from Associated Bank of Indianapolis.

The seller is Little Rock Development Co. LLC, led by two New York firms: O’Connor Capital Partners and Wafra Investment Advisory Group Inc.

The land is part of the original 37.8-acre Promenade site purchased for $10.25 million in September 2006.

The seller was Deltic Timber Corp. of El Dorado.



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