Jill Judy and Mark Brown, owners of Little Rock apartment rental company Downtown Dwellings, paid $5.7 million for The Residences at Gracie Mansion at 503 E. Sixth St. in downtown Little Rock.
Judy and Brown purchased the 2.65-acre property through Apartments at Gracie Mansion LLC. Arkansas Federal Credit Union provided a five-year, $4.84 million mortgage.
The property has five buildings and 75 units totaling 31,999 SF and was previously owned equally by Bo Briggs, Bryan Hosto, Hank Kelley and Tim Heiple. The group bought the property, which had fallen into disrepair, at a bankruptcy auction in 2011 for $1.1 million. The group rehabbed the property, and it appraised this year for $3.1 million.
The property was originally purchased in 1837 by Absalom Fowler, who built a two-story Greek Revival mansion as his residence in 1840. The house was bought by John M. Gracie in 1894 and later served as St. Andrew’s Catholic School. The house was listed on the National Register of Historic Places in 1973.
The new owners plan some slight renovations like removing some carpeting and fixing broken stairs as well as replacing the foundation of the Absalom Fowler house.
“It’s a perfect fit for Mark and I,” Judy said. “And it’s a way to make sure that downtown continues its upward success.”
Tesla Sale
The Tesla Service Center property at 5045 Warden Road in North Little Rock has been purchased for $7.83 million by Realty Income US Core Plus 3 Ltd., an affiliate of a publicly traded real estate investment firm, Realty Income of San Diego.
The company bought the 3.3-acre property, which includes a 22,240-SF building, from 5045 Warden Rd LLC, led by Richard Davies. That company had purchased the property in May for $5.1 million from WRAMR Properties, led by Alan Reuber.
Realty Income reported $71.2 billion in assets at the end of the third quarter of last year, and automotive service accounted for 4.3% of the company’s portfolio at that time. The company owns 309 properties in Arkansas.
Regions Center
Woodcrest Capital LLC of Fort Worth, Texas, paid $7.52 million in an online auction for the 611,281-SF Regions Center at 400 W. Capitol Ave. in downtown Little Rock.
Woodcrest Capital, led by founder and president James Ryffel, bought Arkansas’ second-tallest building from New York real estate investment firm Taconic Advisors, which owned the property through several companies.
County records do not show a mortgage for the property.
Taconic acquired the property through bankruptcy court for $31 million in 2022.
The property has 31 floors and is 44% occupied, according to an auction listing posted in November. The building’s tenants include Deloitte Inc., Regions Bank and the Friday Eldredge & Clark law firm.
Woodcrest Capital has named Colliers Arkansas as the building’s property management firm.
Port Land
The Little Rock Port Authority paid $555,000 for a 59.54-acre parcel on Zeuber Road. The Little Rock Board of Directors approved the purchase of the property at its Dec. 16 meeting, with city documents saying the purpose of the purchase was to allow the port to meet future needs for economic prospect recruitment.
The port purchased the property from Jane M. Baugus Ltd. of Fayetteville, led by Susan Ramey.
The property is near a solar farm on 80 acres, an Amazon warehouse facility that has been closed due to structural issues, and a $1 billion data center being built by Google.
Bryan Day, executive director of the Port of Little Rock, said there are no current plans for the property “other than we are trying to buy land that is contiguous to the port, so we can have more product.” Day said the port has other area parcels under contract.
Data Center
An affiliate of Avaio Digital Partners of Stamford, Connecticut, paid $800,000 for 40 acres that will be part of a $6 billion, 760-acre data center campus near 145th Street in south Pulaski County.
ADP Little Rock Green Compute LLC bought a pair of 20-acre parcels from Matson Properties, led by Russell H. Matson III. Matson Properties acquired one of the parcels in 2023 for $20,000 and the other in 2024 for $55,000.
Avaio Digital announced last month it was developing the data center with plans to lease to one or more large-scale data companies known as hyperscalers. Avaio Digital plans to begin construction during the first quarter of this year with the data center “complete and energized” in June 2027.
Enterprise Property
Robinson Investment Properties LLC, led by Montay Robinson Sr., paid $2.2 million for a 0.96-acre property that is home to an Enterprise Rent-a-Car business at 200 S. Broadway St. in downtown Little Rock.
The company bought the 44,077-SF property from George Pitts Jr. Family Ltd., led by Thomas Brett Pitts.
The seller provided a 20-year, $2 million mortgage.
George Pitts Jr. Family Ltd. acquired its interest from Broadway Park LLC, also led by Pitts. Broadway Park acquired its interest in the property from National Garages Inc., led by James H. Bond, for $650,000 in 2007.
University Warehouse
4418 S. University LLC, led by Fatima Bousaadi, paid $750,000 for a 1.72-acre property at 4418 S. University Ave. The 10,134-SF warehouse-showroom property had been home to AirGas USA.
Southern Bancorp Bank of Arkadelphia provided a 20-year, $770,100 mortgage. Other parties associated with the mortgage were Maverik Imports Inc. doing business as Furniture Home Express Home and Icy Delights Logistics Corp., both of which were incorporated by Bousaadi.
The company purchased the property from Darragh Investment Co. LLC, led by F. Kramer Darragh.
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