A high-profile commercial property along Maumelle Boulevard in Maumelle sold recently to Arkansas investors for $1.84 million.
Castle Investments LLC, led by Bruce Cook and his son Steve Cook, bought the 37,958-square-foot building at 600 Pine Forest Drive near Lake Valencia. They submitted the winning bid at auction, organized by Wilson Auctioneers of Hot Springs, on Sept. 13. The deal closed Thursday (Oct. 27).
Owner and auctioneer Joe Wilson and broker David Brewer marketed the 1.63-acre property for the previous owner, Jerry Poole.
“We are very thankful for the opportunity Jerry Poole gave us in offering his property at auction,” Brewer said. “Jerry has owned this building for nearly 30 years and has poured his blood, sweat and tears into this project, but he is ready to retire and turn the reigns over to a new management team. I expect Bruce and Steve Cook to turn this building into a first-class property in Maumelle.”
The Cooks outbid 13 others for the property. Jeremy Baker with Keller Williams Market Pro Realty in Fayetteville brokered the deal on their behalf.
“I have had the pleasure of working with the Cook family and Castle Investments LLC for years now, and I have witnessed firsthand how passionate they are in what they do,” Baker said. “This opportunity in Maumelle will be first-class and a staple of the community of Maumelle for years to come.”
The five-story building was built in 1988 and is approximately 80% leased. It includes 11 residential condominium units of various floor plans and 20,000 square feet of office space.