Chapel Ridge Sale Tops $9.1 Million (Real Deals)

Chapel Ridge Sale Tops $9.1 Million (Real Deals)
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A 122-unit apartment complex in west Little Rock weighed in at $9.18 million.

VA8 Stagecoach LLC, an affiliate of FPA Multifamily of Irvine, California, purchased Chapel Ridge Apartments at 9400 Stagecoach Road. The seller is Little Rock Housing Associates II Ltd., an affiliate of ERC Properties in Rogers.

The deal is financed with a 42-month loan of $8.1 million from BOKF in Tulsa.

Little Rock Housing bought the 10.15-acre site for $433,000 in November 2002 from Ann Terry Pincus and Terry Family Ltd., led by William Terry.

Retail Acquisition

A 7,846-SF retail property in west Little Rock tipped the scales at $3.5 million.

Finch Properties LLC, an affiliate of Vital Core of Central Mississippi in Madison, acquired the 15200 Chenal Parkway project. The seller is LLEJ VIII LLC, led by Leonard Boen.

The deal is backed with a 25-year loan of $2.8 million from Cadence Bank of Tupelo, Mississippi.

The 0.95-acre site was purchased in July 2017 as part of a $1.5 million deal with CP LLC, led by James Dietz.

Car Wash Buy

A west Little Rock car wash sold for $2.96 million.

EXP Wash RE Portfolio Owner I LLC, an affiliate of United Global Development Corp. of New York, purchased the Zips Express Car Wash at 9500 N. Rodney Parham Road.

The seller is SCF RC Funding IV LLC, an affiliate of SCF Realty Capital of Princeton, New Jersey.

The 0.9-acre development is helping secure a 15-year mortgage of $28.9 million provided by the seller.

SCF RC Funding bought the project for $2.7 million in September 2017 from Splash Investment Group LLC, led by Paul Stagg.

Collegiate Expansion

A 20,798-SF office-warehouse in downtown Little Rock changed hands in a $1.3 million deal.

Philander Smith College acquired the 1310 Chester St. project from Knickerbocker LLLP, led by Lawrence and Frankie Sue Tompkins.

The 1.05-acre property was assembled in three buys from Myonne Scheid, $125,000 in July 1964; McKinley and Evelyn Moore, $2,500 in January 1967; and the Housing Authority of the city of Little Rock, $7,440 in September 1969.

Markham West Plaza

A 40,548-SF office building in west Little Rock rang up a $1.2 million sale.

Tisdale Properties & Development LLC, led by Tracy Tisdale, bought Markham West Plaza at 8500 W. Markham St.

The seller is Arkansas Bolt Co., led by Stan Hastings. The deal is funded with a five-year loan of $2.1 million from Armor Bank of Forrest City.

The 1.87-acre development was acquired for $1.6 million in October 1998 from Hadidi International Co., led by Yossef Hadidi-Tamjed.

Radio Project

A 7,525-SF office building in the Riverdale area of Little Rock drew a $893,000 transaction.

Signal Media of Arkansas Inc., led by Terri Mahan, purchased its radio station project at 2400 Cottondale Lane from EMR Properties LLC, led by Steven Jonsson.

Signal Media sold the 1.33-acre development to EMR for $630,000 in December 2009.

Commercial Location I

A 1.11-acre commercial site in west Little Rock is under new ownership after a $725,709 deal.

Grow More Financial Investments LLC; SCA Hospitality LLC, led by Mangaraju Chakka; and Lot 9E Investors LLC, led by Shash Goyal, acquired the land near the northwest corner of Chenal Parkway and Cantrell Road. The seller is PDC Ltd., led by Gene Pfeifer.

The property was purchased as part of a 373-acre purchase the Pfeifer family made in August 1972 totaling $522,900 ($1,400 per acre). The sellers were M.W. and Gladys Staples, R.J. and Gladys O’Connell, T.H. Brown and Josephine Graham, $425,000; and El Dorado’s Deltic Farm & Timber Co., $97,900.

Transmission Transaction

A 4,560-SF auto repair shop in North Little Rock sold for $560,000.

DDH Property Management LLC, led by David Higgins, bought the Higgins Automatic Transmission project at 305 N. Buckeye St. 

The seller, Michael Higgins, provided a 15-year mortgage of $560,000 to finance the deal.

He acquired the 0.46-acre property for $150,000 in December 1986 from A.D. and Aletha Higgins.

Office-Warehouse Deal

A 4,460-SF office-warehouse in North Little Rock changed hands in a $550,000 deal.

Crystal Hill Properties LLC, an affiliate of CIS Industries in Harahan, Louisiana, purchased the 6329 Crystal Hill Road project. The seller is Woodbury-Beach Co., led by Dain Matthey. 

Woodbury-Beach bought the 2.74-acre site for $88,000 in January 1999 from John Kierre Jr. and his wife, Jeannie.

Commercial Location II

A 10-acre parcel in west Little Rock rang up a $500,500 sale.

Nasrah Capital Investment Inc., led by Nadia Abunasrah, acquired the land near the northwest corner of Shackleford Road and Clearwater Drive from Leon Halbert Enterprises Inc. 

The deal is backed with a five-year loan of $400,000 from Partners Bank of Helena-West Helena.

Halbert purchased the land for $60,000 in March 1980 from Bay States Development Inc., led by Paul Tedder.

Childcare Purchase

A 5,328-SF light industrial building in southwest Little Rock drew a $375,000 transaction.

Childcare Management LLC, led by Trevor Lay, bought the Classic Impressions project at 8121 Interstate 30. The seller is Schwaab Little Rock LLC, led by Jeremiah McNeal. 

Schwaab acquired the 1.4-acre development for $375,000 in June 2007 from Miller-Reagan Investments LLC, led by Ralph Miller and Kevin Reagan.

Office Acquisition

A 2,010-SF office building in North Little Rock is under new ownership after a $235,000 deal.

Atilano Inc., led by Jaime Atilano, purchased the 350 Smokey Lane project from KMPT Limited Partnership LLLP, led by Mark Gibbs. The deal is funded with a five-year loan of $200,000 from Simmons Bank of Pine Bluff. 

The 0.9-acre development was bought for $55,000 in May 1981 from Edith Goss.

Mobile Property

A 0.65-acre mobile home property in Alexander sold for $210,000.

Edwin Mejia acquired the 15201 Alexander Road project from Hamilton Holdings LLC, led by Darren Downen.

The seller provided a $185,000 mortgage to finance the deal.

Hamilton Holdings purchased the property for $110,000 in September 2022 from Suzanne and Rick Lott.