REAL ESTATE TRANSACTIONS

Former graphics firm's home, neighboring building sell in Jacksonville

The former home of Hiwasse Manufacturing Co. was one of two buildings at 1030 Redmond Road in Jacksonville that sold recently for $450,000.
The former home of Hiwasse Manufacturing Co. was one of two buildings at 1030 Redmond Road in Jacksonville that sold recently for $450,000.

The Zata Group LLC of Jacksonville, a limited liability company, paid $450,000 to buy two buildings of more than 40,000 square feet each recently from Legacy Associates of North Little Rock.

Both buildings are at 1030 Redmond Road in Jacksonville. One building was the site of Hiwasse Manufacturing Co., which was a custom producer of industrial graphics as well as coatings, trim and decorative products.

The two buildings, on about 7 acres, appraised for $1.2 million this year. They were built in the mid-1970s.

Todd Adams and his wife, Rachel Anne Adams, are the organizers of Zata Group.

Todd Adams couldn't persuade Hiwasse to remain open and continue leasing the building.

"I had a lot of respect for them," Todd Adams said. "Now I'll try to lease it out to another business in the area that needs it."

Todd Adams is working with a couple of brokers and has a few businesses with an interest in leasing the building.

The second building he bought at the same address is occupied by Family Leisure, he said.

There is a third building on the same property, but someone else bought it, Todd Adams said.

Zata is an acronym for Zachary, their son; Anne, Todd and Adams. Zata Group leases commercial and residential properties.

Hiwasse leased the building where it operated its business. Hiwasse, which had been in business for about 70 years, closed recently and liquidated its equipment in an auction last month.

The auction attracted almost 100 people, most from within 200 miles, said Billy Hartnedy with Blackmon Auctions.

Bidders from Pennsylvania, Ohio and California bid for equipment online, Hartnedy said.

Some of the equipment -- some very old but still in great condition -- sold for more than the owners expected but some sold for less, Hartnedy said.

"They had all sorts of different [items] that would appeal to people in similar industries and other industries," Hartnedy said. "It was very unique stuff, given the age of some of it. It was very interesting to a lot of people."

OXFORD INN

KP Properties of Benton paid $360,000 for the Oxford Inn, an 18-unit apartment complex in Jacksonville.

The apartments were built in 1969 in nine different buildings on 2.6 acres.

Oxford Inn Inc. paid $100,000 for the apartments in 2004. The property appraised at $355,000 this year. James Kirkpatrick is president of Oxford Inn Inc.

KP Properties borrowed $360,000 from Centennial Bank to buy the Oxford Inn at 921 S. First St. in Jacksonville.

Paul Mead and Kel Denker are members of KP Properties.

JAMES LAW FIRM

Haybar Properties LLC invested $225,000 to buy the site of the James Law Firm in Little Rock.

Bryan Hosto incorporated Haybar Properties in 2004.

William James and his wife, Patricia James, were the sellers.

The couple paid $290,000 for the two-story building in 2005. The 113-year-old building is at 1821 S. Broadway in Little Rock.

The building has 3,600 square feet and appraised at $242,000 this year.

SundayMonday Business on 04/22/2018

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