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Company from N.Y. buys Little Rock store for $1.25M

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Photographs by Thomas Metthe

PB General Holdings (Roosevelt) LLC sold the Dollar General store at 3124 W. Roosevelt Road to J & P Associates of New York for $1.25 million.

J & P Associates of New York paid $1.25 million last month to buy a Dollar General store at 3124 W. Roosevelt Road in Little Rock.

J & P Associates is led by Gerald and Beverly Johnson of New York. Beverly Johnson, a certified public accountant, did not return a call seeking comment.

J & P Associates financed the purchase with a $1.6 million mortgage with First Neighbor Bank of Toledo, Ill.

PB General Holdings (Roosevelt) LLC sold the Dollar General store.

The principal address of PB General Holdings (Roosevelt) is 5110 Talley Road in Little Rock, the same address as Van Tassel-Proctor Construction, which builds Dollar General stores as well many other retail stores, restaurants, and commercial, industrial and office buildings.

"We don't own PB General Holdings (Roosevelt) any longer," Scott Proctor with Van Tassel-Proctor said. "That one we divested years ago."

Port land

The Little Rock Port Authority bought 50 acres from Marcus Bryant for $440,000 last month.

The purchase was part of the port authority's efforts to expand property it owns near the port for future industrial growth, said Bryan Day, executive director of the port.

The property is on Zeuber Road close to the south port site, Day said. It was last sold for $175,000 in 2003. More than 38 acres is cropland and more than 11 acres is timberland.

"It's a good tie-in for us," Day said. "It's a pretty good site for development. It has road frontage and can be served by rail. In our big scheme of things, as we look at parcels that may fit, this was one that did."

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Bryant was willing to sell the property, Day said.

"We agreed to terms and we were able to close on it," Day said. "It makes sense [to buy]."

The port authority has no immediate plans for the property, Day said.

"But it's important to preserve these opportunities for the future," he said.

In 2011, Little Rock voters approved a sales-tax initiative to raise about $10 million over 10 years for the port authority to buy land for expansion of the port, Day said.

The port has spent less than half of the funds that will be raised from the tax, he said.

There are still a couple of pieces of land that the port authority needs to attempt to acquire, Day said.

"We're having conversations with other landowners to fill some holes," Day said. "I'd rather not mention any names."

In April, the Little Rock Port Authority bought two tracts totaling more than 310 acres for $2.9 million.

"I would love to add another 1,500 acres to our inventory," Day said.

Mobile homes

Timberview Estates MHC LLC last month bought Happy Pines Mobile Home Park at 2915 W. Dixon Road in Little Rock for $335,000.

The 8-acre mobile home park was last sold in 2012 for $475,000. The park last was appraised at almost $500,000.

Based in Mountain Home, Timberview Estates financed the acquisition with a $295,000 mortgage from Ouachita Independent Bank of Shreveport. The mortgage matures in 2022.

The mortgage was taken out by Rick and Zoe Pierce, who are members of an affiliate of Timberview Estates.

SundayMonday Business on 08/13/2017

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