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Tri-State Thermo King pays $3.7M for North Little Rock property; apartments sell for $3.1M

by David Smith | October 28, 2018 at 1:51 a.m.
The industrial-trucking complex at 10600 Maybelline Road in North Little Rock is 61,220 square feet and has a shop and nine truck bays.

An industrial-trucking facility at 10600 Maybelline Road in North Little Rock sold this month for $3.7 million.

Tri-State Thermo King Inc. of Memphis bought the property from NLR ARK Investments LLC.

The 61,220-square-foot facility includes a 34,700-square-foot showroom-automotive shop with nine truck bays as well as a 26,520-square-foot storage facility with 28 bays.

Kevin Huchingson and Justin Bentley of Colliers International Arkansas represented the seller in the deal.

Tri-State Thermo King sells and services air conditioning and refrigeration for trucks and trailers. It is the exclusive representative of Thermo King Corp. and carries an extensive inventory.

"This facility was the perfect solution for Tri-State Thermo King in this market," Bentley said. "Not only does it provide plenty of room for them to grow, it has incredible visibility and access to [Interstate] 40, the primary trucking corridor in Arkansas."

Thermo King was represented in the sale by Charles Sevier of Crump Commercial.

Tri-State Thermo King was incorporated in Arkansas in 1974.

M.A. Rivalto is president, Becky Rivalto is secretary-treasurer, Jody Bailey is vice president and Russell Cole is controller of Tri-State Thermo King.

ARGENTA APARTMENTS

North Little Rock Investors II, a Springfield, Mo., limited liability company, paid $3.1 million last month for apartments in an Argenta improvement district as well as a 2,500-square-foot multifamily home.

The Argenta Square Apartments are at 617 Maple St. in North Little Rock.

The two-story home and property, built in 1906, is at 620 Maple St. The two properties were appraised at about $1.9 million this year.

The apartment complex, which includes 27 units, was built in 2002.

Vaughn Zimmerman incorporated North Little Rock Investors II in July. Zimmerman also is manager of the firm.

North Little Rock Investors II is affiliated with Wilhoit Properties in Springfield, Mo. Wilhoit is a subsidiary of Zimmerman Properties in Springfield. Wilhoit has properties in at least 16 states.

North Little Rock Investors II borrowed $2.5 million from Southern Bank in Springfield, Mo., to help finance the purchase. The loan matures in 2028.

The seller was Argenta Limited Partnership II.

Don Chambers is manager of River City Development General Partnership, which is general partner of Argenta Limited Partnership II.

SHADY RIDGE

MacArthur Properties LLC of North Little Rock invested $726,000 last month to buy a 1,625-square-foot multifamily home in the Shady Ridge addition of North Little Rock.

The home, built in 1972, is at 1720 W. 36th St. It was appraised for almost $53,000 last year.

Also included in the sale were nine lots -- three in the Shady Ridge addition of North Little Rock; one each in North Little Rock's Bradford, Stone, Tanglewood and Herbert's additions; and two in the North Hills Manor subdivision No. 2 of Sherwood.

MacArthur Properties borrowed about $603,000 to help finance the transaction. The mortgage matures in 2021.

Todd Eaton and his wife, Jody, were the sellers.

Bill and Sharon Eaton are members of MacArthur Properties. Bill Eaton is also manager and incorporator of MacArthur Properties.

RIVERDALE LAND

Project Riverfront LLC spent $695,000 last month for 1.2 acres on Riverfront Drive in the Riverdale addition of Little Rock.

The land is in the Riverdale Levee and Riverdale Harbour Municipal Property Owners' Association improvement districts. The property was appraised for almost $533,000 last year.

Kent Jolliff incorporated Project Riverfront in September.

The seller was EHB LLC and its manager is Robert Bass.

SundayMonday Business on 10/28/2018

CORRECTION: Jody Bailey is vice president of Tri-State Thermo King. An earlier version of this story listed the incorrect person as vice president.

Print Headline: Tri-State Thermo King pays $3.7M for North Little Rock property; apartments sell for $3.1M

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