Colonial Parc Powers $22.5M Transaction (Real Deals)


Colonial Parc Powers $22.5M Transaction (Real Deals)
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A pair of southwest Little Rock apartment projects tipped the scales in tandem deals totaling more than $22.5 million.

Colonial Parc I LLC and Colonial Parc II Realty LLC, both of Brooklyn, New York, purchased the 239-unit Colonial Parc Apartments at 5813 Baseline Road for $15.3 million and the 124-unit Meadowcrest Apartments at 5315 Stanley Drive for about $7.26 million.

The seller in both deals is LRMA Sale LLC, an affiliate of AMG Realty Group of Skokie, Illinois. The transactions are backed with loans of $11.7 million and $3.6 million from Corevest American Finance Lender LLC of Irvine, California.

The 11.7-acre Colonial Parc development and 7.57-acre Meadowcrest development were bought in May 2019 as part of a $11.5 million deal with Colonial Park RBG LLC of West Plains, Missouri.

Retail Sale

A 3,854-SF retail project in west Little Rock weighed in at $2 million.

Bowkin Properties LLC, led by Sulaiman Hudda and Rahim Juma, acquired the Kris & Sam’s box lunch and cookie store/Goodwill outlet at 1208 S. Bowman Road from Richard and Deborah McCormack.

The sellers carried the sale by providing a mortgage. The McCormacks purchased the property in March 2000 as part of a $350,000 deal with the Earl E. Williams Revocable Trust.

Office Space

Former bank branch space in downtown Little Rock drew a $900,000 transaction.

Medical Investments LLC, led by Rodney Thomason, bought the 4,292-SF location on the first floor of the Arkansas Capital Commerce Center at 200 River Market Ave.

The seller is the Charles A. Frueauff Foundation Inc., led by David Frueauff. The deal is financed with a 11-year loan of $931,000 from First Horizon Bank of Memphis. The foundation acquired the space for $925,000 in January 2007 from Fayetteville’s Arvest Bank.

Bank Building

A 6,037-SF bank branch in west Little Rock is under new ownership after a $700,000 sale.

Bennett Holdings LLC, led by Clint Bennett, purchased the 8023 Cantrell Road project from Regions Bank of Birmingham, Alabama. The deal is funded with a five-year loan of $525,000 from Encore Bank of Little Rock.

The 0.89-acre site was bought in July 1973 for $110,000 and developed by Little Rock’s Commercial National Bank. The seller was Watergate Apartments, led by Russell Rawn and R.A. Lile.

Air Power Buy

A 6,000-SF office-warehouse in southwest Little Rock changed hands in a $400,000 deal.

Air Power Inc., led by Michael Clark, acquired its project at 11000 Otter Creek East Blvd. from Terry and Elizabeth Bray and Thomas and Carissa Powell.

The deal is backed with a 24-year loan of $2.3 million from First State Bank of Tahlequah, Oklahoma.

The 0.89-acre site was purchased for $26,000 in April 2002 from Otter Creek Development Co., led by Robert Light and Robert McGinnis.

Pro-Quip Acquisition

A 9,000-SF office-warehouse in west Pulaski County rang up a $370,000 sale.

Pro-Quip Foodservice E&S Inc., led by Andy Andrews, bought the 18320 Lawson Road project from the Robert & Reva Kirkpatrick Revocable Living Trust.

The Kirkpatrick family acquired the 1.29-acre site in June 1948 as part of a $680 deal with H.F. and Mabel Kendrick and B.K. and Mary McGuire.

WLR Parcel

A 0.65-acre commercial site in west Little Rock drew a $300,000 transaction.

Schoen Properties LLC, led by Scott Schoen, purchased the land at 800 Kirk Road from Kirk Road Land LLC, led by Kevin Huchingson.

The property was bought for $200,000 in December 2015 from Bank of Little Rock.

Office Purchase

A 1,584-SF office building in downtown Little Rock sold for $275,000.

North Street Properties LLC, led by Jennifer King, acquired the 909 North St. project from Patrick Matthews Fine Art Inc.

The deal is financed with a five-year loan of $220,000 from Simmons Bank of Pine Bluff.

The 0.19-acre development was purchased for $135,000 in January 2015 from BDC General Partnership, led by Thomas and Naomi Babb.

Multifamily Transaction

A five-unit apartment building in North Little Rock is under new ownership after a $210,000 deal.

Riviera Capital Group LLC, led by William LaRue, bought the project at 900 W. 16th St. The seller is New Horizon Properties LLC, led by Shane and Alissa Mathews.

The deal is funded with a five-year loan of $178,500 from Simmons Bank.

New Horizon acquired the 0.26-acre development for $156,000 in February 2020 from Belikin Properties LLC, led by Gerald and Abigail Carman.

Church Property

A 3,979-SF church in the Sweet Home community of southeast Pulaski County rang up a $165,000 sale.

Hearts Of Passion Everlasting Community Development Center Inc., led by Walter Harris, purchased the 3911 Hampton St. property.

The seller is the Board Of Trustees Of Arkansas Conference Of The United Methodist Church, led by Ruben Griffin.

The 0.7-acre site was bought for $4,000 in June 2005 from Willie Missouri.

Rural Abode

A 5,834-SF home in west Pulaski County tipped the scales at $1.25 million.

Jack and Whitney Bower acquired the house near Ferndale from the Thomas Judson & Barbara Jean Tolson Living Revocable Trust.

The deal is backed with a six-month loan of $1.2 million from FBT Bank & Mortgage of Fordyce.

The 14.91-acre site was purchased in August 1992 as part of a $237,000 deal with Gary and Sheila Goodwin.

Heights Home

A 3,211-SF home in the Heights area of Little Rock changed hands in a $995,000 deal.

Casey Hutto bought the house from the Melissa Ann Smalling Revocable Trust. The deal is financed with a 30-year loan of $796,000 from Encore Bank.

The residence was acquired for $625,000 in November 2015 from the Elizabeth Brewer Rice Revocable Living Trust.

Hickory Grove

A 4,660-SF home in the Hickory Grove neighborhood of west Little Rock sold for $890,000.

Michael Bogatch purchased the house from Ed and Mindy Love. The deal is funded with a 30-year loan of $890,000 from First Horizon Bank.

The Loves bought the residence for $800,000 in October 2016 from Rush and Linda Harding.

Robinwood Residence

A 5,161-SF home in Little Rock’s Robinwood neighborhood drew an $818,000 transaction.

Chadwick Rodgers and Eric McDaniel acquired the house from Richard and Mary Bradford.

The deal is backed with a 30-year loan of $654,400 from Eagle Bank & Trust of Little Rock.

The Bradfords purchased the residence for $565,727 in May 2015 from Jane Goff.

Club House

A 3,499-SF home near the Country Club of Little Rock sold for $725,000.

William and Peggy Marshall bought the house from the John Augustine Ebner Revocable Trust. The deal is financed with a one-year loan of $751,800 from Simmons Bank of Pine Bluff.

Ebner acquired the residence for $615,000 in June 2014 from Lindsey Prince.