Renter Becomes Owner

by George Waldon  on Monday, Nov. 3, 1997 12:00 am  

An industrial tenant acquired its 230,000-SF facility in southwest Little Rock for $2.2 million.

Essick Air Products Inc., a subsidiary of Bentonville's Walton Enterprises, purchased the 5800 Murray St. location from a group of sellers.

The University of Arkansas Foundation Inc. held the biggest ownership block, a gift from the Ottenheimer Brothers Foundation and Leonard Investment Co. Minority stakes were held by R.L. and Betty Arnold, the Matthews D. Norman Revocable Trust, the Retirement Trust for Employees of Crow-Burlingame Co., Ouachita Baptist University Endowment Fund, William Gerard, Joann Somers, Bruce Thalheimer and Lee Thalheimer.

The property was once home to a clothing manufacturing operation owned by Ottenheimer Brothers. Essick manufactures evaporator air coolers.

The 7.2-acre location was purchased in two transactions. Leonard Ottenheimer, trustee, acquired 2.7 acres in September 1969 for $3,500 (three cents per SF). Leonard Investment Co. bought 4.5 acres in March 1960 for an undisclosed sum.

 

 

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