Leisure Arts, a Maumelle company that provides educational publications and products for knitting and other crafts, was sold to the owner of an Eugene, Oregon, wholesale distributor of crafts.
The acquisition by Cynthia Morris was completed on July 1, according to a press release posted on the websites of Leisure Arts and PA Distribution, which Morris owns.
The sale of Leisure Arts came six days after the warehouse and offices housing Leisure Arts at 104 Champs Blvd. in Maumelle changed hands in a $20.75 million transaction, according to the Pulaski County Assessor’s Office.
Leisure Arts was a division of media giant Comcast Corp. No price was disclosed.
“The acquisition is a merger of equals, allowing both companies to benefit from each other’s synergistic strengths,” according to the press release, which describes Leisure Arts, founded in 1971, as “a strong and trust with the consumer and a reputation for quality content.”
PA Distribution is a wholesale distributor of over 500 national brands, manufactures “thousands of craft items” under the Paper Accents brand of mixed media and paper crafts and produces a range of basic craft components , according to the press release.
Leisure Arts, meanwhile, said it has 6,000 “active electronic titles and models” and “hundreds of retail products”. It also curates “collections of craft titles for retailers across America.
“Supporting each other under common ownership, this suite of resources will be mutually meaningful, providing solutions for our wholesale customers,” the press release reads.
Leisure Arts has been in its Maumelle home since shortly after the 497,000 square foot property, known as Little Rock Logistical Center, was acquired in 2013 by Mohr Capital, a private real estate investment firm based in Dallas. Scholastic Distribution Services sold the building to Mohr for $5.4 million.
Real Capital Solutions Inc., a Colorado real estate investment firm, purchased the building in 2014 for $11.2 million.
The new owner of the property is Glen Una Management, a private Austin-based property investment and management group.
The former Leisure Arts property on Ranch Drive west of Little Rock was purchased by the Little Rock School District and is now Pinnacle View Middle School.
Company on 07/11/2019