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story.lead_photo.caption A Philadelphia-based limited liability company paid $9.6 million last month for a mini-storage warehouse at 5700 W. 10th St. in Little Rock. - Photo by John Sykes Jr.

First Neck LR 10th St. LLC, a Philadelphia limited liability company, paid $9.6 million last month for a mini-storage warehouse with 517 units at 5700 W. 10th St. in Little Rock.

AA Storage @ Fair Park covers almost 4 acres and was built in 2005. The property appraised at $3.3 million this year. A 4,200-square-foot, two-story office building was included in the transaction.

First Neck is affiliated with Self Storage Capital Partners Management LLC of Philadelphia. Jacob Ramage is chief executive officer of Self Storage Capital Partners.

The seller was AA Storage @ Fair Park Limited Partnership with Paul Darden as president.

First Neck borrowed $6.9 million from Citi Real Estate Funding of New York. The maturity date on the mortgage is 2028.

RIVER PARK

SCBP Riverdale Associates LLC of Philadelphia paid $7.1 million last month for the River Park Apartments at 2501 Riverfront Drive in Little Rock's Riverdale subdivision.

The complex has 108 units that were built in 1983. They were appraised at $6 million this year.

The seller was River Park Apartments, an Arkansas joint venture with Victor Fleming as manager.

SCBP Riverdale Associates borrowed $8.4 million from Latitude Management Real Estate Capital III Inc. of Beverly Hills, Calif. The maturity date of the mortgage is 2023.

The Multifamily Group, owned by Richard Cheek and Ted Bailey III, represented the buyer, along with ARA Newmark of Memphis. Cheek and Bailey follow the Pulaski County apartment market closely and broker multifamily sales.

Thomas Farnoly Jr. incorporated SCBP Riverdale in June.

SCBP represents Springer Capital in Philadelphia and Brookside Properties of Nashville, Tenn., Farnoly said. Farnoly is manager of SCBP and a principal with Springer Capital.

"We bought [River Park Apartments] for renovation," Farnoly said. "We're going to go in and give it a Class A interior finish -- granite and stainless steel -- and completely upgrade the exterior as well and upgrade all the amenities."

Other upgrades will be new cabinets, flooring, lighting and plumbing fixtures, Bailey said. The exterior upgrades include new French doors, siding, barbecue grill stations, improved fitness equipment, pool and an overhaul of the clubhouse, Bailey said.

The apartments, which are about 90 percent occupied, will remain open while the work is done, Farnoly said.

In November, SCBP Lakewood Associates paid $12.7 million for the 260-unit Lakewood Hills Apartments in North Little Rock.

They are the only two properties Springer Capital has in Arkansas, but the company would be interested in buying others, Farnoly said.

"We like to buy well-located older vintage real estate and go in and give it a Class A finish in a location where there might be Class A properties," Farnoly said. "We can offer rents below what [the Class A properties] would rent for."

SHOPPING CENTER

The Town and Country Shopping Center at 3600 and 3700 University Ave. in Little Rock sold last month for $3.8 million to AR Fortune Group LLC.

The tenants of the shopping center include an orthodontist's office, a pawnshop, a Bank of America branch and a restaurant.

The 42,000-square-foot center, built in 1960, sits on about 4 acres. It was appraised at $2.1 million this year.

The transaction also includes a Chicago's Phillys & Gyros restaurant, which was appraised at $88,000 this year.

AR Fortune Group, based in Bryant, borrowed $3 million from Arvest Bank to help finance the deal. The mortgage matures in 2021.

Hua Mei Chen incorporated AR Fortune in May. Chen is also the registered agent.

Other members of the firm include Hui Yu Weng, Yu Sheng Xiao, Yan Mei Ni and Fei Jian Weng, according to the mortgage.

The sellers include Walthour-Flake Co. and Leah B. Trahin Revocable Trust.

PARKER BUILDING

Susan R. Schmidt and the Susan Rice Schmidt Irrevocable Trust led a group of investors who paid $725,000 last month for an office building in Maumelle.

The two-story Parker Building at 4 Country Club Circle in Maumelle has 7,200 square feet. It was built in 2006.

On July 16, NWA Estates LLC sold the Parker Building to Louisiana and Third Properties LLC for $725,000. The following day, Louisiana and Third Properties sold the building to Schmidt and the Schmidt Irrevocable Trust and others for $725,000.

Haitham K. Alley is manager of Bedrock Commercial Partners LLC, which is the manager of Louisiana and Third Properties.

Included in the transactions was the sale of parking lots at Louisiana and Third streets near the eStem charter school in downtown Little Rock.

Prior to the July sale of the Parker Building, the building last sold for $800,000 in 2016.

OFFICE BUILDING

Smiley Enterprises LLC bought a 4,800-square-foot office building in Little Rock last month.

Smiley Enterprises paid $675,000 for the building at 11510 Fairview Road in west Little Rock. Smiley Technologies, an affiliate of Smiley Enterprises, is adjacent to it at 11500 Fairview Road.

The building was appraised at $562,000 this year.

Smiley Technologies provides computer processing services to the financial industry.

Karen Campbell, chief financial officer, said Smiley Technologies has been at its current location for 15 years and had an interest in the building next door.

"We had always hoped that [the building] would become available for sale at some point," Campbell said. "There is a tenant there now. We currently have no plans to use it, other than to allow the tenants in the building ... to use it. But we feel like long term it would be a perfect location for us to expand if and when we outgrow the building that we're in."

The seller was the Cathy M. Schwartz Living Trust.

Smiley Enterprises was founded in 2003. Smiley Technologies is the registered agent for Smiley Enterprises.

Walter Smiley, a board member of Smiley Technologies, founded Systematics Inc. in 1968 and served as its chairman and chief executive officer for more than 20 years. Systematics was sold to Alltel Corp. in 1990 for $550 million and later became part of FIS.

SHOPPING CENTER

Jacksonville-based Lomanco Inc. bought a Jacksonville shopping center last month for $660,000.

The shopping center, Plantation Plaza, is at 2227 W. Main St. in Jacksonville. The 8,400-square-foot center was built in 1984. It appraised at $337,000 this year.

Chris Grimes is president of Lomanco, Ted Belden is vice president, Jim Byrd is secretary-treasurer and Todd McGhee is controller.

The seller was Lloyd Friedman, trustee of the Lloyd A. & Marsha G. Friedman Living Trust.

MR. SUDS

Haybar Properties bought Mr. Suds Detailing and Hot Rods in Little Rock for $368,000 last month.

The businesses are near each other -- Mr. Suds Detailing at 900 E. Ninth St. and Hot Rods at 910 E. Ninth St. The Mr. Suds building has 1,100 square feet and was built in 1968. Hot Rods has 4,000 square feet and was built in 1970.

Bryan Hosto incorporated Haybar in 2004.

The seller was Tusk Holdings LLC, with David Thompson as the sole member.

SundayMonday Business on 08/19/2018

Print Headline: Philadelphia company pays $9.6M for mini-storage warehouse in LR

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