Midtown Mini-Storage Attracts $9.5M Buyer (Real Deals)


AA Storage at 5700 W. 10th St. in Little Rock, as seen from Interstate 630
AA Storage at 5700 W. 10th St. in Little Rock, as seen from Interstate 630 (Google Maps)
(Parcel lines approximate)

(Parcel lines approximate) (Google Earth)

A rendering of Argenta Plaza and the First Orion building.
A rendering of Argenta Plaza and the First Orion building. (City of North Little Rock)

A 517-unit mini-storage project in midtown Little Rock tipped the scales at $9.55 million.

First Neck LR 10th St LLC, an affiliate of Self-Storage Capital Partners of Philadelphia, bought AA Storage at 5700 W. 10th St. The seller is AA Storage @ Fair Park Ltd., led by Paul Darden.

The deal is financed with a 10-year loan of $6.9 million from Citi Real Estate Funding Inc. of New York.

The 3.86-acre development previously was linked with a September 2011 mortgage of $3.9 million held by Citigroup Global Markets Realty Corp. of New York.

The location was acquired for $770,000 in July 2004 from Ronald and Ellen Thom, the Phillip H. Thom Trust and Sidney M. Thom Ltd.

Retail Sale
The sale of a 43,000-SF retail project in Little Rock weighed in at $3.77 million.

AR Fortune Group LLC, led by Hua Chen, Yan Ni, Yu Xiao, Hui Weng and Fei Weng, purchased the Town & Country Shopping Center at 3600-3700 S. University Ave.

The sellers are the Leah B. Trahin Revocable Trust and Walthour-Flake Co., led by Dickson Flake.

The deal is funded with a three-year loan of $3 million from Arvest Bank of Fayetteville.

The 4.17-acre property was bought for $836,000 in June 1977 from Thompson Inc., led by John Thompson.

Tusk Transaction
A trio of properties in downtown Little Rock is under new ownership after a $367,500 sale.

Haybar Properties LLC, led by Bryan Hosto, acquired Mr. Sud’s at 900 E. Ninth St. in Little Rock, Hot Rods at 910 E. Ninth St. and the vacant 0.26-acre parcel next to Hot Rods. The seller is Tusk Holdings LLC, led by David Thompson.

The properties were purchased for $325,000 in July 2017 from Schlereth Family LLC, led by John Schlereth.

Office Land
An office site in downtown North Little Rock changed hands in a $347,594 deal. First Orion HQ LLC, led by Aaron Peoples, bought the land near the northeast corner of Main and Fifth streets from the North Little Rock Arkansas Downtown Development Board and the city of North Little Rock.

The 0.68-acre property is helping secure an eight-year construction loan of $11.9 million from First Security Bank of Searcy.

The property was assembled as part of deals with Pfeifer Family Ltd., led by Gene Pfeifer, $683,000 in August 1999; and the Mill LLC, led by Jack Grundfest, $499,000 in December 2017.

Industrial Dirt
A 2.94-acre industrial parcel in Maumelle rang up a $173,085 sale.

HCB LLLP, an affiliate of Hank’s Furniture, purchased the land near the northeast corner of Carnahan and Murphy drives. The seller is 100 Murphy Drive LLC, led by Kevin Huchingson.

The land previously helped secure a June 2013 mortgage of $5.3 million held by Relyance Bank of Pine Bluff.

The property was bought in November 2005 as part of a $3.25 million deal with Maumelle Ltd., led by Henry F. Miller.

Valley Falls Manor
A 6,505-SF home in west Little Rock’s Valley Falls Estates neighborhood tipped the scales at $1.45 million.

Paul and Janice Schaller acquired the house from the DFT Trust, led by David and Mona Thompson.

The trust purchased the property in April 2002 as part of a $214,000 deal with VFE Inc., led by Rick Ferguson.

Ensbury Abode I
A 3,600-SF home in the Ensbury Place neighborhood of west Little Rock’s Chenal Valley development drew a $615,965 transaction.

George Morledge IV and his wife, Amy, bought the house from Coburn Construction LLC, led by Roger Coburn Jr.

The deal is backed with a 30-year loan of $415,965 from First Security Bank. The residence previously was tied to an October 2017 mortgage of $474,400 held by Relyance Bank.

The location was acquired for $84,000 in December 2016 from Deltic Timber Corp. of El Dorado.

Ensbury Abode II
A 3,850-SF home in the Ensbury Place neighborhood of west Little Rock sold for $595,000.

Christopher and Janell Vinson purchased the house from MJ Innovative Builders Corp., led by Jamal Solaimanian.

The deal is financed with a 15-year loan of $320,000 from Regions Bank of Birmingham, Alabama.

The residence previously was linked with a January 2018 mortgage of $445,000 held by Little Rock’s One Bank & Trust.

The location was bought for $91,000 in December 2017 from Deltic Timber.

Riverview Home
A 4,138-SF home in Little Rock’s Riverview Manor neighborhood is under new ownership after a $565,000 deal.

Darrin Williams acquired the house from Sue and Lynn Jenkins. The deal is funded with a 25-year loan of $507,500 from BancorpSouth Bank of Tupelo, Mississippi.

The property was purchased for $555,000 in June 1987 from David and Judith Snowden.

PV Estates Residence
A 3,975-SF home in west Little Rock’s Pleasant Valley Estates neighborhood changed hands in a $558,000 deal.

Donald Bodenner and Ann Riggs bought the house from the Cross Living Trust, led by John and Joy Cross.

The deal is backed with a 30-year loan of $408,000 from Franklin American Mortgage Co. of Franklin, Tennessee.

The residence previously was tied to a January 2012 mortgage of $305,000 held by Arvest Bank.

The property was acquired for $495,000 in April 2005 from Cady Management Inc., led by James Cady.

Edgerstoune House
A 3,188-SF in Little Rock’s Edgerstoune neighborhood rang up a $505,000 sale.

William Hudgens and Jean Rolfs purchased the house from Samuel and Lauren Pickman. The deal is financed with a 30-year loan of $492,025 from Eagle Bank & Trust of Little Rock.

The residence previously was linked with an April 2016 mortgage of $326,700 held by Arvest. The Pickmans bought the property for $468,000 16 months ago from the Julia M. McCoy Trust.