Investors pay $4.5M for 185,000-square-foot building, 10 acres at LR Port
Four limited liability companies recently paid $4.5 million for the Port Distribution Center and more than 10 acres at the Little Rock Port.
The buyers are an investor group consisting of Lindsey Warehouse LLC, Once LLC, Burlingame Investments Holdings LLC and Blue Sky Enterprise LLC.
The seller was WestCopley LLC, which bought the property and building at 6001 Lindsey Road for $6.7 million in 2006. The almost 185,000-square-foot distribution center and acreage most recently were appraised at $6.7 million. The distribution center was built in 1986.
The four purchasing companies borrowed almost $3 million from First Security Bank. The mortgage’s maturity date is November 2022.
Colliers International represented the buyer and seller, said Drew Holbert, a principal with Colliers. Holbert represented WestCopley and Isaac Smith with Colliers represented the buyers.
Colliers is leasing and managing the building, Holbert said.
The building was almost vacant before it was sold — an auto-parts distributor took up 28,000 square feet, Holbert said.
Two other spaces make up the rest of the building — 100,000 square feet and about 57,000 square feet, Holbert said. The 57,000-square-foot space is occupied and there are a couple of prospects for the 100,000-square-foot area, Holbert said.
Bryan Day, executive director of the Little Rock Port Authority, is excited about the sale.
“These are local investors who understand and believe in the community, but also are creating new opportunities for smaller distribution facilities that could grow into larger distribution facilities,” Day said. “They want to market it to some smaller distribution type facilities.”
Winrock Holdings LLC of Little Rock bought Winrock Place, a 24,800-square-foot, three-story building at 2222 Cottondale Lane in Little Rock last month.
The sale price was $3.3 million. The sellers were Douglas Kerin and the Douglas Kerin Trust and Peggy Kerin and the Peggy Kerin Trust. Douglas Kerin is a Russellville radiologist.
Winrock Place, built in
1995, last appraised at $2.9 million, the amount the Kerins paid when they bought it in 2015.
Colliers International also represented both sides of the deal, said Drew Holbert, a principal with the commercial real estate firm.
Tenants in the building
include Polk Stanley Wilcox Architects, Plunkett Boerner & Associates and NetGain Technologies, Holbert said. The owners behind Winrock Holdings also plan to lease space in Winrock Place, Holbert said.
TACO BELL
Realty Income Properties 22 LLC recently bought two Taco Bell buildings and property — one in Jacksonville
near the main gate of Little Rock Air Force Base and the other in Sherwood.
Realty Income Properties 22, an affiliate of Realty Income Corp. of San Diego, paid $1.7 million for the Jacksonville Taco Bell and $1.3 million for the Sherwood Taco Bell in a sale-leaseback transaction.
Realty Income Corp. is a publicly traded company that is structured as a real estate investment trust. Realty Income
owns more than 5,000 properties in 49 states and Puerto Rico, according to its website. Since its founding in 1969, Realty Income Corp. has issued monthly dividends that now total $2.55 a share on an annualized basis.
Realty Income Corp. has 57 properties in Arkansas that are 100 percent leased. The Arkansas properties generate about $7 million in revenue a year.