2 Little Rock companies pick up 4-story building near Arkansas River for $8M

Posted: September 9, 2018 at 5 a.m.

The new owners of the Rock Plaza building in Little Rock say they plan to catch up on maintenance and modify the space.

River Walk Office and River Walk Office II, a pair of limited liability companies in Little Rock, paid almost $8 million for a four-story office building last month.

The building, known as Rock Plaza, has about 55,000 square feet and is at 1 Information Way in Little Rock.

The seller was Heartland Bank Liquidating Trust. Heartland Bank of Little Rock was sold at auction in August last year to Simmons Bank of Pine Bluff. The auction was held to satisfy debt of Rock Bancshares Inc., Heartland's parent company.

The buyers, River Walk Office and River Walk Office II, list their address as 216 Louisiana St., which is home to VCC LLC, one of the largest construction companies in the region. It has nine offices around the country as well as the Little Rock headquarters.

Sam Alley, chief executive officer with VCC, is also an executive with the two limited liability companies.

River Walk Office and River Walk Office II are meeting with Rock Plaza tenants to determine their needs, said Derek Alley, managing director and son of Sam Alley.

River Walk Office and River Walk Office II consist of members of the Alley family, Derek Alley said.

Rock Plaza, which covers more than 4 acres and was built in 1999, was appraised at $7.1 million last year. That was also the price last paid for the building in 2013.

Before Heartland Bank was closed, it was the largest tenant in Rock Plaza, taking much of the third and fourth floors, said a spokesman for Flake & Kelley Commercial, until recently the property manager of the building. With the bank gone, the occupancy at the building is now about 60 percent, the spokesman said.

Without Heartland Bank, the largest tenants are the Reddick Law Firm and Rockwell Automation, the spokesman said.

Colliers International is the new property manager of the office building.

River Walk Office and River Walk Office II borrowed almost $9 million from Simmons Bank for a construction loan. The maturity date is in 2025.

The loan will help in areas such as deferred maintenance on the building and modifying the space, Derek Alley said. In addition, the Alley family bought another 2 acres nearby that weren't part of the loan, he said.

"We do have our eyes on a potential expansion in building a sister facility out there as well," Derek Alley said.

Billy Roehrenbeck is listed as manager of Real Estate Tax Service LLC, an affiliate of River Walk Office and River Walk Office II.

SHERWOOD APARTMENTS

TCB Investments, a Little Rock limited liability company, paid $675,000 last month for Powhatan Apartments in Sherwood.

There are 28 units in the 4,300-square-foot, two-story apartment complex that was built in 1975.

TCB Investments borrowed $1 million from Central Bank of Little Rock to finance the purchase. The mortgage matures in 2021.

Three members of TCB Investments signed the mortgage, Jamie Hoffman, Alex Craig and Brian Teeter.

Harding University was the seller. The Juanita Nichols Trust deeded the apartments to Harding last year. Mel Sansom, vice president of finance at Harding, signed the deed.

The apartments at 25 Powhatan Drive were appraised at slightly more than $1 million this year.

MAUMELLE PROPERTY

North Little Rock's Smokey Lane Apostolic Church of Jesus Christ and North Side Academy paid $525,000 last month to buy an unoccupied building in Maumelle. The seller was Medsync Properties LLC.

The building is at 1503 Club Manor Drive in Maumelle, near Millwood Circle.

Ryan Kidder is pastor of the church, which has moved to Maumelle and is changing its name to ConnectPoint Church. Richard Price and Donnie Copeland are directors and Melissa Kidder is treasurer.

The congregation will use the newly acquired building to house the church, Ryan Kidder said.

"We're actually holding services there now," Ryan Kidder said. "And we're doing some remodeling work on the building now."

The building has been vacant for as long as three years, Ryan Kidder said.

The church borrowed about $144,000 to help finance the purchase and the mortgage matures in 2023. The building appraised at $584,000 this year.

Last year, Smokey Lane Apostolic Church sold its 6,700-square-foot building on Smokey Lane in North Little Rock for $950,0000.

POST OFFICE

Maddox Investments LLC of Malden, Mo., bought a post office branch in Gravel Ridge for $457,000 last year.

Maddox Investments, led by James Maddox, borrowed almost $400,000 from Sterling Bank of Poplar Bluff, Mo., to help finance the purchase. The mortgage expires in 2021.

The post office, on Jacksonville Cato Road, has 2,800 square feet and was built in 2001.

The post office was appraised at $461,000 this year.

The seller was SW Land and Cattle LLC of St. Petersburg, Fla., led by J. Thomas Williams Jr.

SundayMonday Business on 09/09/2018