Midtown Walgreens Sells for $6.1 Million (Real Deals)

by George Waldon  on Monday, Jul. 14, 2014 12:00 am  

Walgreens, 3901 W. Markham in Little Rock

A Walgreens in midtown Little Rock tipped the scales at $6.1 million.

Pharmacy Sale Leaseback II Exchange LLC, overseen by Inland Real Estate Group Inc. of Oak Brook, Illinois, purchased the 3901 W. Markham St. project from Walgreen Co. of Deerfield, Illinois.

The 1.72-acre development is helping secure a 10-year loan of $25.6 million from Parkway Bank & Trust of Harwood Heights, Illinois.

The location was assembled in June 2009 in seven buys totaling $2.93 million:

  • $1.69 million for the Economy Inn at a bankruptcy court sale by Neshco Corp., led by Bhulabhai Patel.
  • $282,000 for a 1,809-SF house at 108 S. Pine St. owned by the Joe F. Desalvo & Dorothy J. Desalvo Revocable Trust.
  • $265,000 for a 1,525-SF house at 109 S. Cedar St. owned by Robert Nathan Jr.
  • $209,000 for a 1,257-SF house at 120 S. Pine St. and an adjoining lot owned by the Virgie Mae Loveless Revocable Trust.
  • $188,000 for a 1,290-SF house at 112 S. Pine St. owned by Marjorie Culpepper and the estate of William Gordon Stevens.
  • $175,000 for a 1,160-SF house at 102 S. Pine St. owned by Rodney Cornelius.
  • $122,000 for a 1,079-SF house at 124 S. Pine St. owned by Anita Jay.

Industrial Sale I

A 342,800-SF warehouse in south Little Rock weighed in at $2 million.

Cameron Commercial Properties LLC, led by Robert Cameron, acquired the Space Center at 1900 W. 65th St. The seller is Capital Properties LLC, led by Gus Blass III.

The deal is financed with a five-year loan of $1.6 million from Regions Bank of Birmingham, Alabama.

The 13.21-acre development was purchased for $1.15 million in March 1971 from Space Center Inc., led by William Bell.

Parts Transaction I

A 7,800-SF retail building in southwest Little Rock is under new ownership after a $743,000 sale.

Suntrust Bank of Atlanta bought the 3425 Baseline Road project from ZSF/GPC 2 Trust of New York. The 1-acre development is leased to Genuine Parts Co. of Atlanta.



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