Pleasant Valley Plaza Rings Up $2.2M Sale (Real Deals)

by George Waldon  on Monday, Oct. 21, 2013 12:00 am  

Pleasant Valley Plaza.  (Photo by Jason Burt)

A 32,000-SF retail project in west Little Rock changed hands in a $2.2 million sale. Rash Properties LLC, led by Elizabeth Rash, bought Pleasant Valley Plaza at 11220 N. Rodney Parham Road.

The seller is Pleasant Valley 182 LLC, an affiliate of U.S. Bank of Cincinnati.

The deal is financed with a 10-year loan of $1.8 million from Eagle Bank & Trust of Little Rock.

Pleasant Valley 182 recovered the project in October 2011 at a $2.3 million foreclosure sale. The 2.89-acre development was owned by PV Plaza LLC, led by Cecil Randolph Warner III and Matthew HP Warner.

John Flake, Hank Kelley and Brandon Rogers, original investors in the limited liability company, sold their 16.7 percent stake to the Warners in January 2008.

The property once was tied to a July 2006 mortgage of $2.7 million, originated by Column Financial Inc. of New York.

Convenient Transaction

A North Little Rock convenience store rang up a $1.25 million transaction.

Quattro North Little Rock LLC of Oak Brook, Ill., bought the Phillips 66 Food Plaza at 4300 E. McCain Blvd. from Port Cities Oil LLC, led by Mike Coulson.

The deal is backed with a 4.5-year loan of $2.1 million from Stonegate Bank of Fort Lauderdale, Fla.

The 0.78-acre development was acquired for $1.84 million in January 1998 from Phillips Petroleum Co. of Bartlesville, Okla.



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