Midtown Transaction Reaches $44 Million (Real Deals)

by George Waldon  on Monday, Jan. 9, 2017 12:00 am  

A multibuilding commercial development in midtown Little Rock weighed in at $44 million.

Little Rock Midtown Ltd., an affiliate of Provident Realty Advisors Inc. of Dallas, purchased the five-building, 30-acre development at the northwest corner of Interstate 630 and University Avenue.

The sellers are a pair of New York investment groups, Little Rock Medical Associates IV LLC and Little Rock Medical Associates V LLC.

The transaction is funded with a three-year loan of $36.9 million from Centennial Bank of Conway and a $5.7 million loan from CNS Strategies Ltd. of Dallas.

The deal encompasses the 115,274-SF Doctors Building at 500 S. University Ave., the 69,734-SF Midtown Medical Park Building at 6119 Midtown Ave., the 56,060-SF Doctors Plaza at 600 S. McKinley St., the 162,082-SF former Sears store at 600 S. University Ave. and the 14,137-SF former Sears Auto & Tire Center at 602 S. University Ave. along with the adjoining parking lots and parking deck.

The properties previously were linked with a May 2013 mortgage of $28.4 million held by Little Rock’s Bank of the Ozarks.

The property was acquired for $22.5 million in November 1978 from Little Rock Land Co., led by William Humphries Jr.

Multifamily Sale
An 80-unit apartment complex in Little Rock tipped the scales at $3.5 million.

Bader Carmax Tennessee LLC of Santa Rosa, California, bought the Normandy Place project at 7111 Indiana Ave.

The seller is Normandy Place LLC, led by Max Mehlburger. The deal is financed with a five-year loan of $3.1 million from Great Southern Bank of Springfield, Missouri.

The 1.44-acre development previously was tied to a December 2008 mortgage of $200,000, an April 2012 mortgage of

$1.79 million and an April 2014 mortgage of $37,505 held by Centennial Bank.

The project was purchased in August 1974 from Norman and Carroll Holcomb for $1.06 million.

Village at the Gateway
A 59.6-acre residential tract in Alexander changed hands in a $1.35 million deal.



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