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Red Lobsters Serve Up $8.4M Transaction (Real Deals)

5 min read

Seafood restaurants in North Little Rock and Little Rock generated an $8.4 million combo deal.

ARCP RL Portfolio V LLC purchased the Red Lobster at 3707 McCain Blvd. in North Little Rock for $4.98 million. ARCP RL Portfolio VI LLC bought the Red Lobster at 8407 W. Markham St. in Little Rock for $3.44 million

The limited liability companies, affiliates of American Realty Capital Properties Inc. of Phoenix, acquired the eateries from GMRI Inc. of Orlando, Florida, an affiliate of Darden Restaurants.

General Mills Restaurant Group purchased the 1.52-acre North Little Rock location in January 1981 from Twin City Bank of North Little Rock, $228,000; and Reed and Catherine McConnell, $100,000.

The 2.82-acre Little Rock location was acquired for $212,000 in March 1976 from Skaggs-Albertson’s Properties Inc. of Boise, Idaho.

Trailer Park Transaction

Two Jacksonville mobile home parks are under new ownership after a $900,000 transaction.

Paradise & Phoenix Mobile Home Parks LLC, led by Robert Merchant and Dennis Stroth, bought the 5.75-acre Phoenix Village project at 300 Taylor St. and the 3.91-acre Park Village Homes project at 2205 Green Acres Road.

The seller is Pleasant Grove Investments LLC, led by Danny Wallis. Pleasant Grove provided a 12-year loan of $600,000 to finance the deal.

The properties were purchased for $900,000 in September 2013 from Park Village Homes LLC, led by Roger Moore and Porter Hurt.

Lakewood Gardens Sale

A North Little Rock nursery rang up a $475,000 sale.

ICE 238 LLC and Clifton Family LLLP, both led by Norman Clifton, acquired Lakewood Gardens at 3101 North Hills Blvd. The seller is Woodcrest Co. LLP, led by James P. Matthews. The deal included paying back property taxes of $37,059.

The 6.87-acre development previously helped secure March 2012 mortgages of $5.43 million and $4.16 million and a June 2012 mortgage of $346,401 held by Centennial Bank of Conway.

The Lakewood Gardens property was bought as part of two transactions with H.E. and Capitola Gibbs, $1,590 in May 1924; and the state of Arkansas, $215.27 in May 1935.

Holladay Purchase

A 16,350-SF office-warehouse project in Jacksonville drew a $340,000 transaction.

Holladay Holdings LLC, led by Sharla and John Holladay, purchased the 2804 E. Coffelt Road property from First Service Bank of Greenbrier.

The deal is backed with a 45-month loan of $419,000 from First Arkansas Bank & Trust of Jacksonville.

First Service recovered the property at a $418,154 foreclosure sale in January 2008 from Southeast Building Concepts Inc., led by Peggy Vickers.

The 5.03-acre development was linked with a February 2005 mortgage of $500,000, a June 1994 mortgage of $110,000 and a March 2000 mortgage of $55,012 held by First Service.

Catering Acquisition

A 3,102-SF restaurant in Sherwood sold for $220,000. Two Sisters Catering Inc., led by Sharon Holmes, bought the Just Like Mom’s Home Cooking at 3140 E. Kiehl Ave. from Eagle Bank & Trust of Little Rock.

The deal is funded with a three-year loan of $218,000 from the bank.

Matthews Holding Co. LLC, led by Thomas and Brenda Matthews, forfeited the 0.39-acre development in July to Eagle Bank in lieu of foreclosure on an April 2010 mortgage of $169,000 and a September 2012 mortgage of $16,543.

The property was purchased for $150,000 in August 1999 from Carl and Susan Gillihan and Bradley and Kelly Gillihan.

Historic Buy

A piece of a Civil War battlefield in Jacksonville changed hands in a $160,000 transaction. Reed’s Bridge Battlefield Preservation Society Inc. acquired 5.55 acres south of Bayou Meto at the northwest corner of Highway 161 and Cloverdale Road.

The sellers are Robert and Stacy Thornton.

The Thorntons provided a one-year loan of $110,000 to finance the deal.

The Thornton family bought the land for $1,500 in February 1957 from Peggy Jones.

Confederate cannons were positioned on the property during the battle on Aug. 27, 1863.

Shady Valley House

A 6,494-SF home in North Little Rock’s Shady Valley neighborhood is under new ownership after a $725,000 deal.

Adam and Hollie Sandlin purchased the house from T. Alvin Eanes Building Co.

The deal is backed with a 30-year loan of $616,250 from Centennial Bank and a $120,879 loan from the builder.

The residence previously was tied to an August 2009 mortgage of $360,000 and an October 2010 mortgage of $140,000 held by Centennial.

The site is part of a tract assembled in two buys totaling $146,000.

The sellers were L&M Development Corp., led by Owen Lyon Jr. and his wife, Marin, $96,000 in June 1971; and Fletcher Hanson Jr. and his wife, Judy, $50,000 in June 1973.

Downtown Residence

A 4,955-SF home in the Governor’s Mansion neighborhood of downtown Little Rock rang up a $577,500 sale.

Daniel Roda and Elizabeth Michael bought the house from Jeff and Ann Heverling and Rob and Laura Heverling.

The deal is funded with a 30-year loan of $417,000 from Delta Trust Mortgage Inc. of Little Rock.

The residence previously was linked with a February 2010 mortgage of $329,000 held by Bank of Little Rock Mortgage Corp.

The Heverlings purchased the property for $459,000 more than four years ago from Scott and Sharon Mosley.

Lamarche Abode

A 4,493-SF home in the Lamarche neighborhood of west Little Rock’s Chenal Valley Development drew a $524,000 transaction.

Robert and Shelly Stevenson acquired the house from Stephen and Tammy Jones.

The deal is financed with a 14-year loan of a $417,000 from Regions Bank of Birmingham, Alabama.

The residence previously was tied to a February 2009 mortgage of $367,200 from Pulaski Mortgage Co. of Little Rock.

The Joneses bought the property for $510,000 in November 2002 from Glenn and Barbara Holloway.

International Debt

The owner of a 24,886-SF office building in Little Rock’s Riverdale area picked up a $4.68 million funding agreement.

Winrock International Institute for Agricultural Development obtained the 30-year bond issue through the Arkansas Development Finance Authority.

The 2.22-acre development at 2101 Riverfront Drive previously was linked with a June 2003 bond issue of $5.8 million through ADFA.

The nonprofit was established by the late Gov. Winthrop Rockefeller, a major stockholder in Pleasant Valley Inc. who later bought out the minority stockholders. The corporation developed its namesake subdivision in west Little Rock and negotiated a swap with the Riverdale Country Club members.

In exchange for the Riverdale property, Pleasant Valley Inc. gave the members a 254-acre spread and invested $1.15 million to build the Pleasant Valley Country Club and assumed $170,000 of outstanding debt.

IHP Financing

A 10,200-SF office-warehouse project in Sherwood is securing a $4.5 million mortgage.

IHP Industrial Inc., led by Daniel Fitzpatrick, got the loan from UMB Bank of St. Joseph, Missouri.

The corporation assembled the 1.9-acre property at 3201 E. Kiehl Ave. in five transactions totaling more than $82,000. The sellers were Paul and Mary Broyles, $60,000 in April 1977; Lakehill Realty Co., led by John Sanders, $12,000 in February 1985; Jack Carpenter, $8,000 in December 1991; W.J. and Patricia Hartmeier, $2,000 in October 1977; and Vincent and Mary Smith, an undisclosed sum in August 1979.

Mobile Home Mortgage

A west Little Rock trailer park is backed with a $2.47 million financial package.

Shackleford Associates Ltd. of Southfield, Michigan, received the loan from C-III Commercial Mortgage LLC of Irving, Texas.

The 21.5-acre Shackleford Mobile Home Park at 4023 S. Shackleford Road previously was tied to an August 2010 mortgage of $1.55 million held by First Security Bank of Searcy.

The limited partnership purchased the project for $550,000 in September 1989 from Bill and Margaret Leggett.

Multimillion-Dollar Construction

Operations Center           $10,000,000
Entergy Transmission    
13019 Vimy Ridge Road, Little Rock
Alessi Keyes Construction Co., Little Rock

10,000-SF Retail Project    $1,124,000
Gateway Town Center
6 Bass Pro Drive, Little Rock
Dave Grundfest Co., Little Rock

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