Pavilion in the Park Sells for $4.2 Million (Real Deals)

by George Waldon  on Monday, Jul. 23, 2012 12:00 am  

The sale of an 82,000-SF retail-office project in west Little Rock tipped the scales at $4.23 million.

Vivacat Investors LLC, led by Dr. Scott Schlesinger and the LaFrance brothers, Stephen Jr. and Jason, bought the project at 8201 Cantrell Road.

The seller is Pavilion in the Park LLC, led by Rick Ferguson. The deal is financed with a seven-year loan of $3.9 million from Delta Trust & Bank of Little Rock.

The 4.3-acre development previously was linked with a June 2008 mortgage of $4.5 million held by Riversource Life Insurance Co. of Minneapolis.

Pavilion in the Park purchased its namesake property for $6 million in July 2003. The seller was Cooper Commercial Properties IV LLC of Bella Vista.

The deal included the adjoining Catering to You property at 8121 Cantrell Road, which was sold for $375,000 in June 2008.

 

Automotive Transaction

A 5,120-SF auto service center in North Little Rock rang up a $330,000 sale.

Julie Grant acquired the Budget Brakes project at 5308 JFK Blvd. from Marlar Development Inc., led by Michael Marlar.

The 0.64-acre development previously was tied to a May 2008 mortgage of $246,500 held by Twin City Bank of North Little Rock.

Marlar bought the project for $290,000 more than four years ago from Hall Properties Inc., led by Robert Hall Sr.

 

 

 

Please read our comments policy before commenting.