REAL ESTATE TRANSACTIONS

Entergy reacquires property west of Hobby Lobby on Markham Street

Entergy Arkansas paid $3.1 million for 10 acres last month at 12209 W. Markham St. in Little Rock.

The property is Entergy's West Markham Network Office, said Kerri Case, an Entergy spokesman.

Some engineering crews, servicemen and linemen work out of the office, Case said. The seller was Newkirk Liroc Limited Partnership.

Entergy previously owned the property but did a sale-leaseback. "Now we have reacquired it," she said.

The acquisition is part of Entergy's overall real estate strategy. The plan is to modernize the facility, she said.

The property, just west of Hobby Lobby and Mardel's Christian Bookstore, was last appraised at $3.5 million.

ROLAND PROPERTY

The Nature Conservancy, a Washington nonprofit corporation, paid almost $2.6 million recently for about 365 acres on Barrett Road in West Little Rock.

The seller was J.H. Land Co., which has owned the land since 2006. Lee Bodenhamer is president of J.H. Land Inc.

The Nature Conservancy has an Arkansas office at 601 N. University Ave. in Little Rock. The Nature Conservancy also paid Bodenhamer and the Lee Bodenhamer Trust $450,000 to buy 12 acres on Barrett Road in Roland.

A message left with The Nature Conservancy seeking comments about the deals was not returned.

VIMY RIDGE

L1 Alexander LLC, a limited liability company affiliated with Mayflower-based retailer Lumber One, bought two commercial buildings last month on Vimy Ridge Road in Alexander for $2.4 million.

Lumber One plans to renovate the main building into a lumber store. The company has stores in Mayflower and Stuttgart. It recently closed on the purchase of the former Clear Channel Metroplex at Colonel Glenn Road and Interstate 430, which also will be renovated into another retail store, according to Adam Wells, president of Lumber One.

The larger building in Alexander, which opened in 1974, has about 80,000 square feet of industrial light manufacturing space. The smaller building, which opened in 1984, has 23,100 square feet of warehouse space.

L1 Alexander borrowed $2 million from Iberiabank to finance the purchase. The mortgage matures in June 2023.

The seller was Vimy Ridge Partners LLC.

A phone call left with Lumber One's office in Mayflower was not returned.

UAMS HEAD START

Gaviranga Investments LLC spent $1.1 million last month to buy five acres and three buildings at 7415 Colonel Glenn Road that house the University of Arkansas for Medical Sciences' Head Start program.

UAMS' Head Start and Early Head Start programs provide services to about 750 Head Start and 130 Early Head Start children in Pulaski County, according to its website.

Gaviranga Investments borrowed $880,000 from One Bank & Trust in Little Rock to finance the transaction. Members of Gaviranga Investments are Srinivasan Ramaswamy and Roopa Ram.

The UAMS property was last appraised at about $1 million.

COUNTS MASSIE LAND

Richardson Plumbing Properties LLC recently sold its two buildings and three acres on Counts Massie Road in North Little Rock to JMG Investments Inc.

Monticello-based JMG paid $759,000 for Richardson's buildings and property. Richardson's property was valued at about $720,000 in the last appraisal.

JMG financed the purchase with a $600,000 loan from Commercial Bank & Trust in Monticello. Jordan Mitchell Gathings is president of JMG.

RAUSCH COLEMAN

ARG Little Rock LLC paid about $650,000 for several lots on Ridgemist Lane in the Trammel Gardens subdivision of Sherwood last month.

ARG borrowed $2.2 million from First National Bank of Fort Smith to finance the deal. The mortgage matures in July 2020.

Fayetteville-based Rausch Coleman Mid-Ark LLC sold the lots to ARG.

ARG Little Rock also paid about $640,000 for several lots in the Graham Woods Phase II subdivision of Jacksonville. ARG borrowed $1.5 million from First Security Bank for the work in Jacksonville. The First Security mortgage matures in 2033.

In a third transaction last month, Sherwood 2015 borrowed $1.6 million from First Security Bank for work on 21 lots in the Bent Tree Estates Phase I subdivision in Sherwood.

Rausch Coleman, an affiliate of ARG, is the largest homebuilder in Arkansas, with houses in Northwest Arkansas, Sherwood, Cabot, Beebe, Bryant, Alexander, Conway and Jacksonville. It opened a branch in Jonesboro last year.

David Frye, an executive with Rausch Coleman, is also manager of ARG and manager of Sherwood 2015.

Rausch Coleman, which starts about 400 houses a year, has been in business for more than 60 years and built more than 20,000 houses. It also builds houses in the Kansas City, Mo., area, Oklahoma City, Tulsa and in Texas.

SundayMonday Business on 01/14/2018

Upcoming Events