A medical redevelopment in west Little Rock is in motion after a $12 million transaction.
P.G.A. Land & Realty LLC, led by Dr. Dhaval Patel, bought the 121,922-SF former Kmart Shopping Center at 10901 N. Rodney Parham Road. The vacant Kmart space will become home to Premier Gastroenterology Associates as part of the Premier Medical Plaza.
The sellers were A.B. Arkansas LLC, 50 percent; Eben Partners 9.4 percent; and International Paint Co. of Arkansas Inc., 6.2 percent; all led by Joe Selz; and Schlereth Family LLC, led by John Schlereth, 25 percent; and Catherine Stark, 9.4 percent.
The deal is financed with a one-year loan of $10.2 million from First Arkansas Bank & Trust of Jacksonville.
In addition to a 10 Fitness location, the 15.76-acre development is home to the 2,823-SF Black Angus restaurant, 4,550-SF Grapevine Wines & Spirits liquor store and 1,620-SF Take 5 oil change project.
The shopping center was acquired for $5.2 million in October 1987 from Laaco Ltd. of Los Angeles.
Argenta Square
A 57-unit apartment complex in downtown North Little Rock tipped the scales at $3.07 million.
North Little Rock Investors II LLC, an affiliate of Wilhoit Properties Inc. of Springfield, Missouri, purchased Argenta Square Apartments at 615, 617 and 620 Maple St. for $3 million.
The seller is Argenta Ltd. II, led by Don Chambers. The deal is backed with a 10-year loan of $2.4 million from Southern Bank of Springfield, Missouri.
The 1.61-acre development previously was tied to a January 2002 mortgage of $4 million held by Centennial Bank of Conway.
The property was assembled in December 2001 deals with Argenta Community Development Corp., led by Donald Chambers, $198,000; Marvin Hicks, $50,000; Byron Ketzscher, $34,000; Albert Hughes, $30,000; Robert Crigger, $25,000; and Connie Simpson, $10,000.
Foreclosure Sale I
A string of commercial properties in Pulaski County is under new ownership after a $1.1 million foreclosure sale.
Marion’s First Community Bank of Eastern Arkansas recovered the portfolio from Ron Lazenby’s RWL Investments LLC. The real estate previously helped secure a February 2016 mortgage of $1.9 million held by the bank.
The properties are highlighted by the famed Villa Marre at 1321 Scott St. in downtown Little Rock and an adjoining 2,247-SF house at 1315 Scott St.
RWL acquired both properties in December 2011 in deals with Michelle Ibsen and Grady Trimble, $480,000 for the 4,847-SF Villa Marre; and Ibsen Family Trust, led by Wanda Ibsen, $165,000.
The other properties included:
• An eight-unit apartment project at 103-105 42nd Place in North Little Rock, bought for $100,00 in September 1979 from Central Purchasing Co. Ltd., led by Robert Mitchum.
• A 17,470-SF retail project at 5301-5307 Mabelvale Pike and 5405 Geyer Springs Road purchased in March 1989 from Velma Runnells for $263,000,
• An adjoining 0.57-acre parcel purchased in December 1990 from Tony Clements Jr. for $25,000 and
• A neighboring 800-SF commercial building at 5409 Geyer Springs Road acquired in February 1990 from David and Mary Puckett for $40,000.
Insurance Expansion
Office space in downtown Little Rock changed hands in a $750,000 deal.
Business Boy LLC, led by Roberts and Tammy Lee, bought more than 3,000 SF on the third floor of the Arcade Building at 100 River Market Ave.
The move will provide additional elbow room for the Little Rock insurance agency of Meadors Adams & Lee.
The seller is Clinton-Commerce LLC, led by Jimmy Moses and Rett Tucker.
The deal is funded with a five-year loan of $3.5 million from Helena National Bank. The 0.48-acre location was acquired for $1.5 million in January 2009 from Arkansas-Democrat Gazette Inc., led by Walter Hussman Jr.
Foreclosure Sale II
A 20,072-SF retail project in southwest Little Rock rang up a $630,000 foreclosure sale.
Botoom Mak purchased Windamere Plaza at 8211 Geyer Springs Road. The previous owner was RWL Investments LLC, led by Ron Lazenby.
The deal is financed with a 10-year loan of $350,000 from First Community Bank of Eastern Arkansas.
The 1.37-acre development previously helped secure a February 2016 mortgage of $1.9 million held by the bank.
The project was bought for $460,000 in September 1999 from Windamere Plaza Co., led by Dickson Flake.
East Belt Buy
A 2,000-SF liquor store in North Little Rock drew a $150,000 transaction.
Antar Singh acquired East Belt Liquor at 8100 Baucum Pike from Harjeet Singh. The deal is backed with a $112,000 loan from Centennial Bank.
The 0.91-acre development previously was linked with a July 2015 mortgage of $127,000 held by the bank. The project was purchased for $250,000 in October 2010 from Deann Murray.
Two Sisters Purchase
A 982-SF office building in downtown Little Rock sold for $125,000.
Two Sisters Catering Inc., led by Sharon Brewer and Faith Cavin, bought the 201 N. Izard St. project from Lisa Weeks.
The property previously was tied to a September 2018 mortgage of $12,000 held by Bank of Little Rock.
The project was acquired for $120,000 in October 2009 from Robert and Mary Halderman.
Ranch Residence
A 6,655-SF home in west Little Rock’s Glenn Johnson Ranch neighborhood is under new ownership after an $842,000 transaction.
Fletcher Martin purchased the house from John and Kathy Braune. The deal is backed with a 30-year loan of $453,100 from Eagle Bank & Trust of Little Rock.
The Braunes bought the property for $890,000 in June 2005 from Kathryne Baker.
Riverside Home
A 2,224-SF home along the Arkansas River in west Pulaski County changed hands in a $625,000 deal.
Samuel and Kimberly Jirik acquired the house from James and Shirley Nettles.
The Nettles family purchased the residence for $425,000 in December 2006 from Charles and Janet Hinson.
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