REAL ESTATE TRANSACTIONS

Minneapolis firm pays $885,000 for NLR industrial building, 3.5 acres

MPI Little Rock LLC of Minneapolis recently paid $885,000 for 3.5 acres that includes this industrial building at 121 House Court in North Little Rock.
MPI Little Rock LLC of Minneapolis recently paid $885,000 for 3.5 acres that includes this industrial building at 121 House Court in North Little Rock.

MPI Little Rock, a limited liability company based in Minneapolis, recently paid $885,000 for a 15,000-square-foot industrial building in the North Little Rock Interstate 440 Industrial Park.

The building is at 121 House Court in North Little Rock at the southwest corner of I-440 and Faulkner Lake Road. The building is on 3.5 acres and is leased to United Rentals.

The purchase is an investment sale, with United Rentals remaining as the tenant with a long-term lease.

The seller was House Properties Inc. of Little Rock, which is controlled by Barbara House, president, and her brother-in-law Bryon House III, controller. Shae Maranna House is vice president and secretary of House Properties.

Stuart Mackey, executive vice president of Coldwell Banker Commercial Hathaway Group, represented the seller in the deal.

House Properties developed the building as an equipment rental business, which later became NES Rentals before NES was acquired by United Rentals. House also owns several other buildings in the industrial park that it leases to different tenants.

Mackey said he has worked in the I-440 corridor for many years.

The original developers envisioned high-quality industrial uses emerging in the eastern part of the city, he said.

"And that's exactly what has happened," Mackey said. "We've helped the House family with their investment in the area, and it's rewarding to see them capitalize on it as sellers in the active investor market we currently enjoy."

PLATINUM DRYWALL

BBD LLC recently invested $378,000 to purchase an office and warehouse building at 5423 W. 65th St.

The building is in south Little Rock near Interstate 30 and Lancaster Road.

BBD, owned by Anthony Brooks, is affiliated with Little Rock's Platinum Drywall, which will use the building for its offices, according to a prepared statement.

The seller was American Alliance Management LLC.

The building has more than 21,000 square feet of space.

BBD LLC borrowed almost $475,000 from Pine Bluff-based Simmons Bank to help finance the purchase. The mortgage matures in 2023.

Platinum Drywall, established in 2001, is a leading commercial drywall contractor with projects throughout Arkansas. Its services and projects include drywall, metal framing, fire and sound caulking, acoustical ceilings and wall panels.

Platinum Drywall worked on the renovation of the Robinson Center in Little Rock, construction of the River Center in Benton and the new corporate office for Murphy Oil in El Dorado.

Jamie McLarty of Coldwell Banker Commercial Hathaway Group represented the buyer. Representing the seller was Melanie Gibson of Colliers International.

SundayMonday Business on 02/18/2018

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