CVS-affiliated company buys former gas station on McCain Boulevard
limited liability company that is an affiliate of CVS Health Corp. bought the property that had been an Exxon service station in North Little Rock last month for $2.3 million.
CVS 10975 AR LLC, which is based at 1 CVS Drive in Woonsocket, R.I., bought the station at 2501 McCain Blvd. Woonsocket is home to CVS Health’s corporate office.
The station, which has slightly more than 5,000 square feet, was built in 1970. Half of the space was a convenience store and the other half is a service repair garage. The lot covers about an acre.
The value of the station and property was $1.5 million at this year’s appraisal. It was last sold for $1.6 million in 2009.
Thomas Moffatt and Melanie Luker were managers of CVS 10975 when it was incorporated in 2015.
The seller was C&E Investments LLC of North Little Rock. Jimmy and Vanessa Crossfield are managers of C&E Investments.
PIANO KRAFT
Soma Storefronts LLC, whose billing address is in McGehee, bought an 8,000 square foot building housing Piano Kraft and a parking lot in April for $800,000.
Piano Kraft is at 1222 Main St. in Little Rock. The seller was South Main Properties.
The property and Piano Kraft building, constructed in 1930, were appraised for about $600,000 this year. Liz Story was organizer of Soma Storefronts this year.
The building, about 15 percent office building and 85 percent retail store, was last sold for $144,000 in 1991.
ONE BANK BRANCH
Arkansas Federal Credit Union last month bought a former One Bank & Trust branch near the University of Arkansas for Medical Sciences campus in Little Rock for $652,000.
The building at the northeast corner of West Markham Street and Beechwood Street has about 2,000 square feet plus the drive-thru lanes.
Jeff Hathaway of Coldwell Banker Commercial Hathaway Group represented Arkansas Federal, a Jacksonville-based credit union with offices throughout the state. When the Markham Street building is converted and reopened, it will be Arkansas
Federal’s 15th office in Arkansas, Hathaway said.
Hathaway has represented Arkansas Federal for 25 years.
“They are strategically growing and they react decisively when attractive opportunities are presented, such as with this Midtown acquisition,” Hathaway said.
The Markham location was appraised at almost $700,000 this year.
Drew Mentzer and Thomas Schmidt of Flake & Kelley Commercial represented the seller, Schlereth Family LLC. John Schlereth is manager of Schlereth Family LLC.
Schlereth and related entities owned the property throughout One Bank’s occupancy, as well as when Savers Federal Savings and Loan operated out of the building decades earlier.
SANDALWOOD FOREST
Teeter Property Group LLC invested $435,000 to buy two buildings in the 3000 block of West Markham Street in April.
Teeter bought the Sandalwood Forest building at 3015 W. Markham St. and an unoccupied building at 3011 W. Markham. Both buildings, near the Kavanaugh Boulevard intersection, were built about 1930.
The Sandalwood Forest building has 1,650 square feet. It was appraised at $58,400 last year.
The unoccupied building next door-is two stories and has about 3,670 square feet. It is mixed retail with residential units. It was appraised at $362,200 this year.
Brian C. Teeter was the organizer and registered agent for Teeter Property Group LLC when it was incorporated in 2003.
Jacob and Noelle Burns LLC was the seller. The Burnses bought the properties for almost $200,000 in 2016.
Teeter Property Group borrowed $515,200 on a six-month note that matures in October from BancorpSouth Bank.