iHeartMedia + Entertainment Inc., a Nevada corporation formerly known as Clear Channel Broadcasting Inc., recently sold its 107,000-square-foot facility in west Little Rock to Timmons Property Management for $4.6 million.
But quickly after Timmons closed on the deal, a Mayflower lumber company, Lumber One, bought the Timmons holding company and with it the 33-year-old building and 8.6 acres at Colonel Glenn Road and Interstate 430, said Adam Wells, president of Lumber One.
"We're excited about it," Wells said of plans to renovate the building into a big-box retailer. The building is roughly the same size as a Home Depot or Lowe's, both of which have stores in Little Rock.
Lumber One is working with architects on plans for the building, Wells said. But he is uncertain when the Little Rock Lumber One will open, Wells said.
Lumber One has stores in Mayflower and Stuttgart. The Stuttgart store has only about 10,000 square feet of space, Wells said. The Mayflower store has about 90,000 square feet, but about 60,000 square feet is an open-air, covered lumberyard, Wells said.
The Colonel Glenn location is all indoors.
Lumber One caters to do-it-yourselfers and professional contractors, Wells said. It hires employees who have expertise in building, Wells said.
At the new store, Lumber One expects to attract customers from Little Rock but also from the Benton-Bryant market, Wells said.
The Colonel Glenn location has two tenants -- Timmons Property Management and Clear Channel radio stations. Lumber One is negotiating with the two to shorten their leases, Wells said.
The building was last appraised at $9.5 million. Clear Channel bought the property in 2000 from Wal-Mart Stores Inc. for $2.4 million. Wal-Mart operated the space as a Sam's Club. Before that, in the late 1980s, it had been a Super Saver grocery store.
iHeartMedia is based in San Antonio.
CHURCH PROPERTY
Smokey Lane LLC paid $950,000 last month for the building that houses Smokey Lane Apostolic Church of Jesus Christ and North Side Academy in North Little Rock.
The one-story building, constructed in the early 1950s, has 6,720 square feet.
Attempts to reach Ryan and Melissa Kidder, pastors of the church, were unsuccessful. Melissa Kidder is also treasurer of the church.
Smokey Lane LLC is at 4600 E. McCain Blvd. in North Little Rock.
CUSTOM CABINETS
North Little Rock-based Capitol Custom Cabinets bought Garrett Music & Vending Co. for $400,000 last month.
Garrett Vending, at 5513 MacArthur Drive in North Little Rock, includes an almost 9,400-square-foot building that went up in 1988 and a single-family home built about 1935. The property covers about 2.6 acres.
Capitol Custom Cabinets borrowed $320,000 from Arvest Bank to help finance the deal. The loan matures in December 2022.
A message left with Matt Hardin, president of Capital Custom Cabinets, was not returned.
RENTALS SOLD
Betts Real Estate Enterprises Inc. bought two multifamily complexes on Sanford Drive in Little Rock for $317,500 last month.
The two-story buildings -- at 1807 Sanford Drive and 1813 Sanford Drive -- were built in 1976. The size of each building is 4,224 square feet.
The seller was Holt Investments LLC, an investment firm of late attorney Stephen Holt and his wife.
Betts borrowed $285,000 from First Security Bank to help finance the purchase.
Betts owns at least seven rental properties on Sanford Drive and other properties throughout Pulaski County, including in Jacksonville, Maumelle and Little Rock.
Craig Betts is president of Betts Real Estate Enterprises.
SundayMonday Business on 01/07/2018