Lakewood House Sells in $12M Transaction (Real Deals)

The tallest building in North Little Rock weighed in at $12 million.

Lakewood House APT CB LLC of Lakewood, New Jersey, bought its namesake 16-story, 107-unit apartment highrise at 4801 North Hills Blvd. from Lakewood House LLLP, led by James P. Matthews.

The transaction included the adjoining 3,673-SF home of Tangles Salon and Lakewood Fish & Seafood House at 4809 North Hills Blvd.

The deal is financed with a 10-year loan of $9 million from Walker & Dunlop LLC of Bethesda, Maryland.

The Matthews family had owned the 5.4-acre property since June 1924 when the property was purchased as part of a $3,800 deal with C.E. Moore.

Car World Transaction

The 16,155-SF J.D. Byrider facility in Sherwood tipped the scales at $2.9 million.

Car World Group Inc., led by Jeremy Perrone, purchased the 6055 Landers Road project.

The seller is 6055 LLC, led by Matt Enderlin.

The deal is backed with a 20-year loan of $2.4 million from Stone Bank of Mountain View.

6055 LLC bought the 2.5-acre development for $3.2 million in July 2017 from Enoch Enterprises of Arkansas Ltd. of Tyler, Texas.

Pike Plaza Buy

A 153,827-SF shopping center in North Little Rock rang up a $1.3 million sale.

Pike Plaza Shopping Center LLC, led by J.D. Ashley Jr. and Rick Ashley, sold its namesake project at 2600 Pike Ave. to Pike Commercial LLC of Riviera Beach, Florida.

The deal is funded with a $1.4 million loan from Brightstar Credit Union of Cooper City, Florida.

Land for the 13.4-acre Pike Plaza development was assembled in eight transactions of unrecorded value during 1957 and 1958.

The sellers were Ralph and Joyce Kuykendall, Amos and Evelyne Fithen, Angie Bostian, Orval and Sally Davis, Edward and Rhoda Bentliff, the Thomas Lafferty estate, Presley and Rosina Bobbit and Johnnie and Billie Dudley.

Branch Pruning

A 3,545-SF bank branch in west Little Rock changed hands in a $1.25 million deal. 

Foxden Capital LLC, led by Todd and Amanda Denton, bought the 23816 Chenal Parkway project from Simmons Bank of Pine Bluff. The deal is financed with a 26-year loan of $1.2 million from Stone Bank.

The 1.41-acre development is a legacy of Little Rock’s Metropolitan National Bank. Simmons purchased the property in November 2013 as part of a $53.6 million bankruptcy auction of the bank, which included 45 branches.

Metropolitan acquired the west Little Rock site for $1.1 million in March 2004 from Wal-Mart Stores Inc. of Bentonville.

Pleasure Purchase

A 30-unit Jacksonville apartment project sold for $900,000.

The Dennis C. Belden Revocable Trust purchased Pleasure Pine Apartments at 1309 and 1320 Plummer St. from Macica LLC, led by Mace Lee Moore.

Macica bought the 1.67-acre development for $450,000 in June 2013 from the Carolyn Ann Hougland Revocable Trust.

More Multifamily

An 11-unit apartment project in North Little Rock drew a $600,000 transaction. 

New Horizon Properties LLC, led by Shane and Alissa Mathews, acquired Heathcliff Apartments at 4805 Hickory Ave.

The seller is W. E. Clark & Sons Inc., led by Michelle Esentan.

The 0.69-acre development was purchased for $420,000 in November 2009 from CAR Holdings LLC, led by Richard Harp and Andrew Adkins.

Office Acquisition I

A 3,056-SF office building in North Little Rock is under new ownership after a $300,000 deal.

Fredrick Watson bought the 500-504 W. 26th St. property from Dr. Joseph J. Pabian Jr. and his wife, Joy. The Pabians provided a $280,000 mortgage.

The 0.27-acre site was acquired for $10,750 in March 1972 from the Urban Renewal Agency of the city of North Little Rock, Arkansas, led by R.E. Caldwell.

Office Acquisition II

A 2,352-SF office building in Jacksonville rang up a $290,000 sale.

Sullivan Investment Property LLC, led by Michael Sullivan, purchased the 1009 S. Redmond Road project.

The seller is ACJ Rental Co. LLC, led by the Jerry A. Smith Sr. Family Trust.

The deal is backed with a 20-year loan of $232,000 from Cross Bank of Wynne.

The 0.58-acre site was bought for $30,000 in December 2006 from the Jerrell McKay Revocable Trust.

Prospect Terrace

A 5,074-SF home in Little Rock’s Prospect Terrace neighborhood weighed in at $1.15 million.

Derek Middleton bought the house from John Conner III and his wife, Heather.

The deal is funded with a 30-year loan of $1.1 million from First Horizon Bank of Memphis.

The Conners acquired the residence for $1.1 million in July 2012 from Heartsill Ragon III and his wife, Claudia.