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Conway company pays $3.3M for North Little Rock distribution warehouse

West 68th Street LLC, a Conway-based company, paid $3.3 million last month for a 57,000-square-foot warehouse in North Little Rock.

The distribution warehouse sits on 11 acres at 801 Fiber Optic Drive just off U.S. 165 about a mile east of Interstate 440. The building, unoccupied at the time of the transaction, was built in 2002.

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Walter M. Ebel III incorporated West 68th Street in 2002 and also is the registered agent.

The building was appraised at $2.7 million in 2017. Its estimated annual taxes were $31,600.

The seller was HCI Limited Partnership of Monroe, La., which paid $4.2 million for the building in 2011. Cory Hart, general partner of HCI Limited Partnership, signed the deed.

BRISTOL MANOR

Bristol Manor Townhomes LLC of Rogers bought Bristol Manor Apartments for $1.1 million last month.

The two-story, 19-unit apartment complex at 101 Ellis Drive in Little Rock was built in 1971.

To help finance the deal, Bristol Manor Townhomes borrowed $840,000 from Diamond Bank, based in Glenwood. The mortgage matures in 2038.

Luis Velez, operating manager of Bristol Manor Townhomes, signed the mortgage.

Velez incorporated Bristol Manor Townhomes in August.

The appraised value of the apartments was $805,000 this year.

The seller was Kitterman Properties II LLC.

OTTER CREEK PLAZA

Outlet Development LLC paid $272,000 to Fayetteville-based Arvest Bank for a Little Rock strip shopping center last month.

The shopping center, Otter Creek Plaza, is located on Stagecoach Road. The exact address was not listed.

Arvest inherited the shopping center in 2014 when it acquired National Bank of Arkansas, which had foreclosed on it.

The property, which includes the 1.8 acres of the shopping center and another 1.8 acres of undeveloped land, was appraised for $585,000 this year.

The center was sold for $800,000 in 2007 and for $1.7 million in 2005.

Parwinder Singh incorporated Outlet Development LLC in August. Singh also is the registered agent for Outlet Development.

HICKORY AVENUE

4G Property Management LLC paid $255,000 last month for a North Little Rock apartment building at 4813 Hickory Ave.

The apartments appraised at about $250,000 this year.

Scott Bryan Nelson incorporated 4G Property Management in 2017. Nelson also is the registered agent for 4G Property Management.

TCB Investments was the seller, having earlier on the same September day paid Harding University Inc. $1.1 million for the apartments. In 2017, the Juanita Nichols Trust and the Otis Nichols Trust had deeded the apartments to Harding University Inc.

It was at least the third time in the past two months that the Nichols trusts had deeded property to Harding, which eventually sold it to TCB Investments.

The first transaction was in August for the 28-unit Powhatan Apartments in Sherwood. TCB Investments paid Harding $675,000 for the apartments.

Also in September, TCB Investments spent $1.1 million to buy three multifamily homes in Sherwood.

Each one was about 2,000 square feet. The duplexes were 3 and 9 Laramie Drive and 29A Laramie Cove. Each was appraised at $113,000, making them valued at $339,000.

Brian Teeter is president of Turnkey Properties in Memphis and Little Rock, which uses TCB Investments as one of its buying entities.

The most recent transaction with Harding contained properties from the same trusts, Teeter said.

"Instead of it being one property, it was a group of 11 different duplexes, triplexes, four-plexes and one six-plex," Teeter said. "So it was a package of small multifamily."

Before Teeter closed on all of the properties, he had some properties already lined up with buyers, including 4G Property Management, which bought the six-plex, Teeter said.

"We’ve sold eight of the 11 buildings," Teeter said. "It’s considered a double close, basically, where we closed and immediately turned around and resold them to new buyers."

SundayMonday Business on 10/21/2018

Print Headline: Conway company pays $3.3M for NLR distribution warehouse

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