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story.lead_photo.caption BSC University LLC paid $3.2 million to Broadmoor Shopping Center LLC to buy the Little Rock retail center in October. - Photo by John Sykes Jr.

BSC University LLC paid $3.2 million to Broadmoor Shopping Center LLC to buy the Little Rock center in October.

The 61,400-square-foot shopping center is at 2908 S. University Ave. in Little Rock. It was built in 1956.

The center includes The Pipe & Tobacco Shop, a Goodwill store, a dental clinic, a Pizza Hut and a Centennial Bank branch.

BSC University borrowed $2.6 million from Conway-based Centennial Bank to help finance the deal. J. David Ensminger, the sole member and manager of BSC University, signed the mortgage. Ensminger incorporated BSC University in October and is also the registered agent.

Another Ensminger business, JD&E Inc., also previously owned the shopping center.

William H. Kennedy III, the sole member of Rogers-based Broadmoor Shopping Center LLC, signed the warranty deed.

The center previously sold for $3.9 million in 2006 and $1.9 million in 1993.

FEDEX SHIP CENTER

Gene Pfeifer III, his wife Linda and Pfeifer Investment Co. sold a FedEx Ship Center in Little Rock to J&J Industrial Partners LLC and Justin Lynch for $3.3 million in October.

J&J Industrial Partners, a Dallas company, bought the FedEx facility because they were looking for an investment property, Gene Pfeifer said.

Why did he sell?

"At my age, I'm trying to get more liquid," Pfeifer, 81, said.

Pfeifer owned the FedEx building at 1500 Westpark Drive for about 15 years, he said.

"They've been real good tenants," Pfeifer said. "They're good people to work with. It was just time for me to sell."

J&J Industrial Partners borrowed $2.3 million from Inwood National Bank of Dallas to help finance the deal. The mortgage expires in 2023.

Jeremy Brent Wood, manager of J&J Industrial Partners, and Lynch signed the mortgage.

APARTMENTS SOLD

Bottoms Up Real Estate Investments LLC bought several Little Rock apartment buildings totaling about $2.8 million in October.

In all, Bottoms Up acquired at least 41 units in the deals.

Bottoms Up paid MidTown Suites about $1.9 million for the Guest House Apartments, a two-story, 11-unit building at 115 N. Taylor St. The Guest House Apartments building was built in 1955.

Bottoms Up also invested in GuestHouse Apartments, a two-story, 16-unit facility at 5511 A St. built in 1960.

Bottoms Up bought Jackson House Apartments and its 14 units on 121 Jackson St. and 111 Jackson St. The two-story apartments were built in 1987. The seller was Jackson Street Group LLC.

Bottoms Up borrowed $1.4 million from Pine Bluff's Simmons Bank to help finance the purchases. The loan matures in 2023.

Jason Mizell, manager of Bottoms Up, signed the mortgage. Robert Beach incorporated Bottoms Up Real Estate Investments in August.

Lane Patterson and Matt Lane, members of MidTown Suites, signed the warranty deed. Patterson and Lane were also members of Jackson Street Group.

RANCH PROPERTY

KRA Properties invested $1 million in October to buy a 6,000-square-foot, 16 year-old office building in The Ranch development in west Little Rock.

The seller was Pinnacle Management Group LLC.

The building's tenants include a medical consulting firm and an insurance agency.

KRA Properties borrowed $218,000 from Searcy-based First Security Bank. The loan expires in 2023.

Signing the mortgage for KRA Properties was Kyle Russell Allmendinger and Robyn Phillips Allmendinger, both members of the firm. Robyn Allmendinger incorporated the company in October last year.

Peter Biagioni, the managing member of Pinnacle Management, signed the deed.

Pinnacle Management bought the building for $835,000 in 2013.

REP APARTMENTS

315OnSixth LLC in October paid $900,000 to Peachtree Opportunity Fund LLC to buy the 16-unit Peachtree Apartments in Little Rock.

The building is a two-story, 10,000-square-foot property that contains 16 one-bedroom apartments. It was built in 1954.

For years, the Arkansas Repertory Theatre in Little Rock owned the downtown apartments and used them to house interns and visiting performers. Earlier this year, with the Rep facing suspension of its operations, it sold the apartments to Peachtree Opportunity Fund, led by Mark Brown and Jill Judy.

Brown and Judy paid the Repertory Theatre $787,000 for the building in June. The Rep's leaders expected the sale of the apartment building to cut the Rep's $1.5 million property debt in half.

In November, the Repertory Theatre announced that it will have a four-show season next year. It is maintaining its fundraising efforts.

315OnSixth LLC was incorporated by Darshan Patel in October.

The new owners are doing some repairs on the building, said Eric Nelson, an executive with the real estate firm Newmark Tucker Moses Partners.

"They would like to use it similarly as it has been in the past," Nelson said. "They are working on that with the Rep."

Nelson represented 315OnSixth in the purchase from Peachtree Opportunity Fund, Judy said.

Peachtree Opportunity Fund bought the property from the Rep "as a distressed building," Judy said.

"We felt it was a lovely building," Judy said. "We did our best to offer a good, fair price and we closed within 30 days. That really helped out the Rep."

A month after the sale, Nelson approached Judy and Brown and "said he had buyers who really wanted the building," Judy said.

"We told him a price that we would happily sell it at," Judy said. "And it worked out."

315OnSixth borrowed $765,000 from Magnolia's Farmers Bank & Trust Co. to help finance the purchase.

Patel and David Thompson, both members of 315OnSixth, signed the mortgage.

The apartments appraised at almost $677,000 this year. Before the transactions this year, the building last sold for $249,000 in 1992.

SundayMonday Business on 12/02/2018

Print Headline: Pfeifers sell FedEx Ship Center in Little Rock to Dallas company for $3.3M

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