Pleasant Duo Teams For $31.7M Sale (Real Deals)

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The sales of two apartment projects in west Little Rock combined for a $31.7 million deal.

Pleasants Portfolio AR LLC, led by Henry Guidi, president of Kennedy International of Old Bridge, New Jersey, bought the 200-unit Pleasant Ridge complex at 11700 Pleasant Ridge Road for $19.25 million and the 112-unit Pleasant Valley Pointe complex at 11810 Pleasant Ridge Road for $12.44 million.

The sellers were Pleasant Ridge Arkansas Associates LLC and Pleasant Valley Arkansas Associates, affiliates of New York’s Somerset Partners.

The deals are financed with a $20.6 million funding agreement from Berkeley Point Capital LLC of Bethesda, Maryland.

The Somerset Partners affiliates acquired the projects from affiliates of Bell Partners Inc. of Greensboro, North Carolina, in two May 2015 deals: $17.2 million for the 14.22-acre Pleasant Ridge development and $11.2 million for the 13.19-acre Pleasant Valley Pointe development.

Acreage Acquisition

A 96.51-acre tract in eastern North Little Rock weighed in at $2.9 million.

Ramar Land Corp. of Wilmington, Ohio, purchased the land on the north side of U.S. 70 about a mile east of Valentine Road.

The seller is Tulip Farms Inc., led by Jimmy Winemiller.

The corporation bought the undeveloped property in December 2011 as part of a $1 million deal with Little Rock’s Bank OZK.

The bank took possession of the land through a deed in lieu of foreclosure transaction in September 2011 with Rex Robertson.

The property secured a February 2007 mortgage of $2.25 million held by the bank.

Office-Warehouse Sale I

A 15,625-SF office-warehouse project in Sherwood tipped the scales at $1.95 million.

PRD at Sherwood LLC, an affiliate of Victory Real Estate Group in Dallas, acquired the Crain corporate office and collision center at 5980 Wadley Road.

The seller is Crain Investments Ltd., led by Larry Crain Jr. The deal is backed with an 18-month loan of unrecorded value from Conway’s Centennial Bank.

Crain Investments purchased the 1.24-acre development in June 2004 as part of a $2 million court-ordered sale of Sweet Goods Baking Co. assets.

Office Purchase I

A 0.52-acre office development in west Little Rock changed hands in a $1.3 million deal.

Inman Commercial Properties LLC of Cincinnati bought the 11811 Hinson Loop Road project from LM&SA LLC, led by Steve Leek.

The deal is funded with a 25-year loan of $1.1 million from Bank of America in Charlotte, North Carolina.

LM&SA acquired the 6,100-SF office building for $1 million in November 2022 from Mel and Sheri Collazo.

Gryphon Buy

A 21,795-SF mixed-used commercial property in Little Rock sold for $800,000.

Gryphon Management Co. LLC, led by Derrick Young and Cara Jones, purchased the 5801 W. 12th St. project.

The seller is the Lavender Family Revocable Trust, led by Morris Lavender Jr. The trust provided an $800,000 mortgage to finance the deal.

Mickey and Phillis Lavender bought the 0.81-acre development for $132,000 in August 1985 from Joseph and Ellen Kaufman.

Office Purchase II

A 1,400-SF office project in west Little Rock is under new ownership after a $520,000 transaction.

AWL Capital LLC, led by Heath Boyd and Stephen Boatright, acquired the Certapro Painters location at 13501 Kanis Road.

The seller is Rose Bay Properties LLC, led by Gregory Taylor.

The 1.17-acre development is helping secure a $3.2 million funding agreement with Wells Fargo Bank of Sioux Falls, South Dakota.

Rose Bay purchased the property for $169,000 in November 2014 from Bek Kaiser.

Office-Warehouse Sale II

A 5,400-SF office-warehouse property in Jacksonville rang up a $431,000 sale.

STT Inc., led by Shirley Heatherly, bought the Schwans Sales project at 2814 John Harden Drive.

The seller is Kim Property Holdings LLC of Savannah, Georgia.

Kim Property Holdings acquired the 1.18-acre development for $305,500 three months ago. The seller was Cygnus Properties LLC of Marshall, Minnesota.

Heights House

A 2,292-SF home in the Heights area of Little Rock drew a $752,000 transaction.

Sarah Hatcher purchased the house from Susan Simpson and Alan Purdie.

The deal is backed with a six-year loan of $676,800 from Citizens Bank of Batesville.

Simpson and Purdie bought the residence for $650,000 in April 2023 from the Laura Elizabeth Conner Revocable Trust.

Convenience Buy

Casey’s Marketing Co. of Ankeny, Iowa paid $5 million for the 5,996-SF Diamond Park Shell convenience store at 8903 White Oak Crossing in Maumelle.

Seller: Gosen LLC, led by Joseph Park. Gosen acquired the 2.03-acre site in November 2016 as part of a $775,000 deal with Country Club Development LLC, led by John T. Wright.