NLR Nursing Home Switches Hands in a $7.04 Million Deal (Real Deals)

by George Waldon  on Monday, Jun. 26, 2006 12:00 am  

A 120-bed nursing home project in North Little Rock is under new ownership after a $7.04 million deal.

GPH North Little Rock LLC of San Diego purchased the Beverly Health-care facility at 3600 Richards Road from Beverly Enterprises Arkansas Inc. of Fort Smith.

The deal is funded as part of a $1.2 billion loan from Column Financial Inc. of New York.

BMO Global Capital Solutions Inc., an affiliate of Beverly Enterprises Inc., bought the 4.5-acre site in May 1998 for $690,000 ($3.50 per SF) from The Crestwood Co., led by James Matthews.

Warehouse Deux

Two warehouse projects in Little Rock changed hands in a $6.69 million deal.

Westcopley LLC of San Diego acquired the 185,250-SF Port Distribu-tion Center at 6001 Lindsey Road and the 50,000-SF Baxter Distribution Building at 5800 Lindsey Road.

The seller is LR Warehouse Properties II LLC, an affiliate of Cooper Realty Investments Inc. of Bella Vista.

The deal is financed with a 10-year loan of $5.15 million from Southern Farm Bureau Life Insurance Co. of Jackson, Miss.

The 10-acre Port Distribution Center development and the 3.7-acre Baxter Distribution development previously were linked with a March 2002 mortgage of $4.87 million held by Southern Farm.

Cooper Realty Investments purchased the properties for $4.7 million in March 1999 from Meridian Industrial Trust Inc., successor to Sierra Capital Realty Trust VII Co. of San Francisco.

Acreage Acquisition

More than 455 acres in west Pulaski County rang up a $1.41 million deal. Spring Haven LLC, led by Joe Cal-houn, sold the property south of Brandy Road, about 1.5 miles west of Garrison Road.



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