Pavilion in the Park Sells for $4.2 Million (Real Deals)

by George Waldon  on Monday, Jul. 23, 2012 12:00 am  

The sale of an 82,000-SF retail-office project in west Little Rock tipped the scales at $4.23 million.

Vivacat Investors LLC, led by Dr. Scott Schlesinger and the LaFrance brothers, Stephen Jr. and Jason, bought the project at 8201 Cantrell Road.

The seller is Pavilion in the Park LLC, led by Rick Ferguson. The deal is financed with a seven-year loan of $3.9 million from Delta Trust & Bank of Little Rock.

The 4.3-acre development previously was linked with a June 2008 mortgage of $4.5 million held by Riversource Life Insurance Co. of Minneapolis.

Pavilion in the Park purchased its namesake property for $6 million in July 2003. The seller was Cooper Commercial Properties IV LLC of Bella Vista.

The deal included the adjoining Catering to You property at 8121 Cantrell Road, which was sold for $375,000 in June 2008.

 

Automotive Transaction

A 5,120-SF auto service center in North Little Rock rang up a $330,000 sale.

Julie Grant acquired the Budget Brakes project at 5308 JFK Blvd. from Marlar Development Inc., led by Michael Marlar.

The 0.64-acre development previously was tied to a May 2008 mortgage of $246,500 held by Twin City Bank of North Little Rock.

Marlar bought the project for $290,000 more than four years ago from Hall Properties Inc., led by Robert Hall Sr.

 

Super Sale

A 1,624-SF shop in south Little Rock sold for $267,000.

Mohammad Abdelgani purchased the Little Rock Super Store at 5024 Mabelvale Pike from Swisher House Inc., led by Wael Karakra.

The project previously was linked with a January 2008 mortgage of $145,000 held by H. Thomas Gibbons.

The former Mullens Service Garage was acquired for $145,000 in January 2008 from Leo and Helga Mullins.

 

Agri Acquisition

An 86-acre tract in east Pulaski County drew a $240,000 transaction.

James Alexander bought the farmland along Highway 161 two miles south of Walter Estes Road from Hays Gin Co. LLLP, led by James Laidlaw.

The land previously was tied to a June 2006 mortgage of $245,000 held by Ethel Laidlaw.

The property was purchased in June 2006 as part of a $308,000 deal with Faver Farms LLLP, led by Ed Faver Smith.

 

Oaks Residence

A 3,840-SF home in The Oaks neighborhood of west Little Rock's Chenal Valley development changed hands in a $639,000 sale.

Richard and Patricia Cain acquired the house from Clarence J. Cropper and his wife, Catherine. The deal is funded with a 30-year loan of $417,000 from Wells Fargo Bank of Sioux Falls, S.D.

The residence previously was linked with an April 2002 loan of $460,000 from Carroll Mortgage Group Inc. of Little Rock and was used to help secure an October 2008 mortgage of $1.2 million held by Little Rock's Bank of the Ozarks.

The location was bought for $130,000 in November 2001 from Kevin Hughes Construction Inc.

 

Adkins Estates Sale

A 4,309-SF home in west Little Rock's Adkins Estates neighborhood is under new ownership after a $612,000 deal.

David and Janice Allmendinger purchased the house from Randall and Jennifer Jones. The deal is backed with a 30-year loan of $417,000 from Centennial Bank of Conway.

The residence previously was tied to a January 2011 mortgage of $417,000 originated by IberiaBank Mortgage Co. of Little Rock.

The site was given to the Joneses in December 2009 by The Robert R. Adkins Revocable Trust.

 

Normandy Abode

A 4,300-SF home in Little Rock's Normandy neighborhood rang up a $600,000 transaction.

Ryan and Margaret O'Connor bought the house from Kendall Stanford. The deal is financed with a 30-year loan of $417,000 from Delta Trust Mortgage Inc. of Little Rock and a $61,000 loan from Delta Trust & Bank.

The residence previously was linked with a March 2009 mortgage of $415,000 held by Bank of America in Charlotte, N.C.

The property was purchased for $396,000 in August 1999 from Benton Brandon III and his wife, Wendolyn.

 

Ridgefield Estates Sale

A 4,272-SF home in west Little Rock's Ridgefield Estates neighborhood sold for $500,000.

Peter and Denise Crooks acquired the house from Leo Hauser and Marlane Stakemiller. The deal is backed with a 30-year loan of $400,000 from Community Trust Bank of Pikeville, Ky.

The residence previously was tied to an October 2010 mortgage of $87,000.

The 5.3-acre property was bought for $60,000 in February 1998 from Robert Abraham.

 

Hotel Conversion

A $5.49 million funding agreement is backing a hotel conversion in west Little Rock.

Westrock Hotels LLC, led by Pravinchandra Patel, Ishver Govind and Manish Patel, obtained the six-month construction loan from Heartland Bank of Bryant.

The 128-room Chenal Suites at 10920 Financial Centre Parkway is undergoing transformation to become the 119-room Holiday Inn West Financial Parkway.

Other investors include Pankesh Jariwaia, Hiren Jetha, Naresh Patel, Nayan Nagin, Hasmukhlal Patel, Laxmi Patel, Janak Patel, Shailesh Patel, Keyur Vyas, Jayantilal Patel, Arvind Patel and Suresh Patel.

The project was purchased for $2.8 million in August 2011 from Jameson Crestwood I LLC of Smyrna, Ga. The 3-acre development previously was linked with a $2 million mortgage held by Heartland.

 

Madison Health Mortgage

The owner of a 140-bed nursing home in south Pulaski County landed a $3.2 million mortgage.

Trinik Holdings LLC, led by Saeed Niksefat, received the three-year loan from Farmers Bank & Trust of Magnolia.

The 9.09-acre Madison Health & Rehabilitation development at 2821 W. Dixon Road previously was tied to a June 2008 mortgage of $2 million held by Jonesboro's Liberty Bank of Arkansas.

It remains linked with a June 2008 mortgage of $3 million held by the Niksefat Family Trust of Los Angeles.

The property was acquired at a $2 million foreclosure sale in May 2008. The transaction followed a $5.7 million judgment two months earlier against Southwest Nursing Homes Inc., led by Stafford Kees.

 

Comfort Funding

The owner of a 108-room hotel near the Little Rock National Airport picked up a $2.5 million financial package.

Airport Lodging LLC, led by Naresh Patel, got the six-year loan from Malvern National Bank.

The 2.5-acre Comfort Inn & Suites development at 4301 E. Roosevelt Road previously was tied to an August 2006 mortgage of $3.04 million and an April 2010 mortgage of $250,000 held by Summit Bank of Arkadelphia.

The project was bought for $3.8 million in August 2006 from Little Rock Airport Lodging Associates LLP, led by Nayna Patel.

 

Industrial Refinance

Two industrial properties in North Little Rock were used to secure a $2.3 million funding agreement.

Haas Properties LLC, led by David and Darla Haas, obtained the loan from U.S. Bank of Cincinnati.

Haas Commercial Center previously was linked with two May 2005 mortgages totaling $2.5 million and an August 2008 mortgage of $500,000 held by BancorpSouth Bank of Tupelo, Miss.

The buildings at 25 and 29 Collins Industrial Place have 72,800 SF under roof, according to real estate records.

The two 3.05-acre sites were purchased for $40,000 each in deals with the estate of Avanelle Rogers in June 1999 and the estate of Anna Beth Nansen and Mary Sutton in December 1999.

 

 

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