Cold Storage Red Hot With $7 Million Sale (Real Deals)

Cold Commerce

The sale of two cold storage facilities in North Little Rock tipped the scales at $7.16 million.

Frostyaire of Arkansas Inc., led by James Thomas Jr., bought the 87,500-SF 1301 E. Gregory St. project with 15.3 acres and the 63,300-SF 1400 E. Gregory St. project, a 3.6-acre development. The seller is Gregory Street Properties Inc., an affiliate of Park National Bank of Oak Park, Ill.

The deal is financed with a five-year loan of $7.25 million and a one-year loan of $500,000 from First Community Bank of Batesville.

Park National entered the ownership picture in March 2008 when the projects were forfeited in lieu of foreclosure by Central LLC, led by Dickson Flake.

That transfer of property encompassed five buildings (three warehouses and two cold storage facilities) with about 750,000 SF under roof and included 27 acres in the Harbor Industrial District at the Port of Pine Bluff.

The properties were tied to a September 2001 mortgage of $20.5 million.

The 44.5-acre Little Rock development was purchased for nearly $14 million in January 2001 from Central & Southern Cos. LLC, led by Henry Nichols.

Terra Vista Transaction

A 205-unit apartment project in south Little Rock changed hands in a $1.5 million transaction.

Donald Marshall Jr. and his wife, Melba, acquired Arbor Place Apartments Ltd. and Arbor Place II Ltd., which owned its namesake project at 4811 Arbor Place Circle.

The deal is backed with two one-year loans of $1.4 million from One Bank & Trust of Little Rock. The previous owners of the limited partnerships were William and Cindy Shopoff.

The 8.9-acre development, now dubbed Terra Vista Apartments, earlier was linked with two December 2004 mortgages totaling $4.2 million held by Banc of America Strategic Solutions Inc. of Los Angeles.

The property was assembled largely through six transactions totaling $474,000 in December 1998 and January 1999.

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