McCain Park Transaction Surpasses $18.8M (Real Deals)

A 320-unit apartment complex in North Little Rock weighed in at $18.86 million.

McCain Park Apts LLC, an affiliate of Rhodium Capital Advisors of Monsey, New York, bought its namesake project at 6 McCain Park Drive.

The seller is FREG McCain Park Associates LLP, an affiliate of Forum Real Estate Group of Glendale, Colorado. The deal is funded with a 30-month loan of $15.4 million from Arbor Realty SR Inc. of Uniondale, New York.

The 18.65-acre development previously was tied to an October 2013 mortgage of $13.9 million held by Deutsche Bank Trust Co. Americas of New York.

The property was purchased for $17.5 million more than six years ago from Trivest McCain LLC of Dallas.

Park Crest Purchase

A 216-unit apartment project in Sherwood tipped the scales at $8.8 million.

Park Crest Apartments LLC, an affiliate of Read Property Group of Brooklyn, New York, purchased its namesake project at 100 Manson Road. The seller is Kiehl Partners Ltd., an affiliate of Ambling Inc. of Valdosta, Georgia.

The 15.06-acre development previously was linked with a September 2004 bond issue of $9.2 million through the Arkansas Development Finance Authority.

Kiehl Partners bought the location in January 2001 from Thomas and Nancy Arnold for $715,000.

Carton Acquisition

A 33,100-SF packaging facility in Little Rock sold for $1.3 million.

Southwest Carton LLC, an affiliate of Prystup Packaging in Livingston, Alabama, acquired the St. Francis Packaging plant at 9121 Sibley Hole Road. The seller is Fortege LLC, an affiliate of Crescent City Packaging in Harahan, Louisiana.

The deal is backed with a $1.6 million funding agreement from Renasant Bank of Tupelo, Mississippi. The 11.21-acre development previously was tied to a May 2013 mortgage of $1.4 million from Whitney Bank of New Orleans.

Fortege purchased the project for $1 million more than six years ago from St. Francis Packaging LLC, led by Patrick Beck.

Industrial Buy

A 109,374-SF industrial project in south Little Rock drew a $970,000 transaction.

7821 Doyle Springs LLC, led by Justin Muller, bought its namesake address from the estate of Floyd Fulkerson. The deal is financed with a five-year loan of $1.9 million from Relyance Bank of Pine Bluff.

Fulkerson acquired the property for $115,000 in June 1972 from Grace Winn, Willie Munro, Scottie McQueen and Charles and Dolores Cook.

Northshore Land

A 2.67-acre commercial site in North Little Rock rang up a $456,225 sale.

Path Estates LLC, led by Hunter Pledger, purchased the land near the southeast corner of Northshore Cove and Northshore Drive. The seller is Pfeifer Family Ltd. No. 1, led by Gene Pfeifer.

The land is part of a 600-acre tract along the Arkansas River near the southeast corner of Interstate 430 and Crystal Hill Road that the limited partnership acquired in May 2000 for $2.1 million.

The sellers were Karen Smith Riecke and North Shore Ltd., led by Harold Tenenbaum.

Convenient Property

A 2,117-SF convenience store in Sherwood changed hands in a $400,000 deal.

Zoya Rentals LLC, led by Anita Ali, acquired the 2200 E. Kiehl Ave. project. The seller is Sultana’s Property LLC, led by Kahmmar and Ahmed Pabani.

The deal is funded with a five-year loan of $350,000 from First Security Bank of Searcy. The 0.39-acre development previously was linked with a February 2018 mortgage of $340,000 held by Eagle Bank & Trust of Little Rock.

The property was purchased for $400,000 in February 2018 from E-Z Mart Stores Inc., led by Bob Hubbard.

Package Store Deal

A 3,438-SF liquor store in North Little Rock is under new ownership after a $325,000 transaction.

GK Liquor LLC, led by Kamaljit Kaur, bought Last Chance Liquor at 11810 Maybelline Road. The seller is James Brothers Enterprises Inc., led by Paul James.

The corporation acquired the 1.33-acre property for $85,000 in October 1981 from Twin City Bank of North Little Rock.

Sherwood Office

A 1,785-SF office building in Sherwood sold for $240,000. Mscarealco LLC, led by Stacy Jones, purchased the 204 Country Club Road project.

The seller is Cooper Property Management LLC, led by Jordan Cooper. The deal is backed with a 10-year loan of $270,000 from Little Rock’s Bank OZK.

The 0.63-acre development previously helped secure a March 2017 mortgage of $1.3 million held by the bank.

The property was bought for $150,000 in May 2012 from Sulcer Properties LLC, led by Ted and Sheila Sulcer.

Grocery Transaction

A 1,650-SF neighborhood grocery store in North Little Rock drew a $120,000 transaction. RJ Grocery of NLR LLC, led by Baljit Kaur, acquired the Pike Avenue Mini Market at 2300 Pike Ave. from Steve and Jeong Chun.

The 0.26-acre development previously was tied to a September 2006 mortgage of $88,513 held by BancorpSouth Bank of Tupelo, Mississippi. The project was purchased for $130,000 in September 2006 from Yong and Meang Kim.

Riverdale Condo

A 2,866-SF condo in the Riverdale area of Little Rock rang up a $770,000 sale. Kenneth and Stephanie Gunderman bought the 11th-floor unit at 3700 Cantrell Road from Riviera Partners LLC, led by Randy Mourot.

The space previously helped secure an April 2007 mortgage of $15 million held by Centennial Bank of Conway.

The 123,976-SF Riviera Building was acquired for $6.6 million more than 12 years ago from Heartland Properties Corp., led by Larry McCraw.

Country Club House

A 2,814-SF home near the Country Club of Little Rock changed hands in a $590,000 deal. Carter and Emily Stein purchased the house from KJR Holdings LLC, led by Rhonda Jo Keith.

The deal is financed with a 30-year loan of $472,000 from Mortgage Financial Services LLC of Baton Rouge.

KJR bought the residence in April 2016 from Steven and Rhonda Napper for $555,000.