REAL ESTATE TRANSACTIONS

Investors group buys downtown Little Rock building, envisions commercial use

Capital Group Investors bought this 25,600-square-foot building at 603 W. Markham St. in May for $700,000.
Capital Group Investors bought this 25,600-square-foot building at 603 W. Markham St. in May for $700,000.

Capital Group Investors bought a 25,600-square-foot building on West Markham Street in downtown Little Rock for $700,000 last month.

The building, formerly home to Shepherd’s Printing, is at 603 W. Markham St.

Capital Group Investors includes Norman Hale, Jameel Wesley and William R. Peyton.

The investors are waiting “for things to unfold” before releasing specific plans for the building, Peyton said. Their plans are for a commercial development, not residential, Peyton said.

“We want to make sure that all stakeholders are secure in what we’re doing,” Peyton said.

They don’t want a recurrence of what has happened with other real estate deals in Little Rock where announced plans didn’t transpire, Peyton said.

All parties to the investment will meet early next month to discuss details about developing the building, Peyton said.

Peyton works in medical sales. Hale is involved in economic development. And Wesley is pastor at Eighth Street Missionary Baptist Church in North Little Rock, where all three are members.

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The seller was HK Value LLC. Bryan Hosto, a Little Rock lawyer, is managing member and registered agent of HK Value.

“I bought it as an investment [in 2014],” Hosto said. “I did a lot of demo work to it to try to recondition it a little bit.”

HK Value bought the building for $285,000 in 2014.

Shepherd’s was a tenant in the building for decades until it closed, Hosto said. The two-story building included retail stores and a few offices on the first level and a warehouse, Hosto said.

It is across Markham Street from the Little Rock District Court and a couple of blocks from the Pulaski County Courthouse.

The building was built in 1926 and was the early site of Bale Chevrolet, Hosto said.

TOWNE OAKS PROPERTY

ICV Little Rock LLC sold several properties in west Little Rock to Prachi Investment Inc., led by Dipesh Patel, last month.

The properties, which sold for $567,500, are in the Towne Oaks area. They include an unoccupied 13,020-square-foot, 27-yearold former retail store and a parking lot at 812 Reservoir Road. A vacant lot on Towne Oaks Drive was also included in the deal.

Patel is president and organizer of Prachi Investment. Jenny Patel is vice president.

Prachi has a $400,000 mortgage on the properties with Arvest Bank.

ICV Little Rock is an affiliate of Iron Creek Ventures of Frisco, Texas.

Daniel Prime and David Bloch with ICV did not return calls seeking comment about the transaction.

In recent years, Prachi also has acquired a Little Caesar’s and Game Exchange at 3412 University Ave., a building at 610 Main St., a building at 400 Louisiana St., a building at 219 W. Capitol Ave. and a vacant lot between Maumelle Boulevard and Savannah Drive in Maumelle.

PROFESSIONAL CENTER

Kanis Road Investment LLC paid $455,000 for the Kanis Professional Center last month.

The seller was Accountable Property Management Corp. The center, which includes a medical office and other office space, is at 11523 Kanis Road, at the intersection of Kanis and Autumn roads. It was built in 2007.

Josh Malone and Jennifer Malone are members of Kanis Road Investment. Kanis Road Investment is in the Pleasant Valley subdivision of Little Rock at 2908 Shenandoah Valley Drive.

Kanis Road Investment has a $364,000 25-year mortgage on the property with BancorpSouth Bank.

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