Bradford Square of Arkansas LLC, a West Plains, Mo., limited liability company, paid $2.1 million last month to buy the Arkansas Dentistry & Braces building in North Little Rock.
The dental business is at 4901 Warden Road.
The seller was JPN Properties LLC, which made $41,000 on the sale after buying the building in 2016.
The office has 4,000 square feet and was built in 1978. It was appraised at $1.1 million last year.
Bradford Square borrowed $1.7 million from Springfield First Community Bank based in Springfield, Mo. The maturity date is in 2038.
Mark Dake and Kimberly Dake each are managers of Bradford Square of Arkansas. Merritt Dake is the registered agent and also chief executive officer for Bradford Square.
Last year, Rock Dental Brands of Little Rock bought Arkansas Dentistry & Braces and its 22 locations. Rock Dental is a network of doctors who provides care in general dentistry, pediatric dentistry, orthodontics and oral surgery.
"We invest in the education and experience of doctors and staff so that we can ensure all of our patients are receiving only the highest quality of care possible," Mark Dake, Rock Dental's chief dental officer and cofounder, said in a statement on its website.
Rock Dental has a total of 76 offices in Arkansas, Missouri and one in West Virginia, said Jake Sligh, chief marketing officer for Rock Dental.
The Dakes are part of an ownership group that owns Rock Dental Brands, Sligh said.
Arkansas Dentistry & Braces did not own many of its locations, Sligh said.
"Now that we've been operating those clinics for over a year, as we've had the opportunity the Bradford Square group has been purchasing those buildings as they become available," Sligh said.
Medical office sold
Prachi Investments Inc. bought a medical office in southwest Little Rock for $400,000 last month.
The building, with almost 3,200 square feet, houses Healthcare Express at 9222 Stagecoach Road. It was built in 1997 on slightly more than half an acre.
Dipesh Patel incorporated Prachi Investments and is also president. Jenny Patel is vice president.
Prachi Investments borrowed $320,000 from Fayetteville-based Arvest Bank to help finance the purchase. The mortgage, which will mature in 2023, was signed by Dipesh Patel.
The seller was Stagecoach Village LLC. Joe L. Bud Finley III is president of Stagecoach Village.
Jacksonville tracts
Medlock Management Co. LLC paid $315,000 last month for two tracts of undeveloped property in Jacksonville.
The seller was That Zata Group LLC of Sherwood.
Richard Todd Adams is managing member of Zata Group.
Brad Medlock is the registered agent for Jacksonville-based Medlock Management.
Vacant school
Fairfield Historic Properties LLC, based in Miami, invested $300,000 to buy the vacant Woodruff Early Childhood Education Center last month.
The 23,700 square foot former elementary school is at 3010 W. Seventh St. in Little Rock.
Ross B. Toyne, a Miami lawyer and president of Fairfield Historic Properties, made an offer of $250,000 for the school in 2017 but was outbid. When the winning bidder backed out, Toyne ended up making the best offer.
Toyne's plans for the school are to convert it into 17-25 apartments, depending on the possibility of also operating the facility as a private early childhood education center.
In his initial proposal, Toyne wrote that renovations would retain the historical character of the school, built in 1911, "while incorporating renewable energy [features] and high technology."
Fairfield Historic Properties borrowed $548,000 from One Bank & Trust to help finance the project. The maturity date is in 2020.
SundayMonday Business on 09/02/2018