Hospitality Project Draws $6.42 Million Transaction (Real Deals)

by George Waldon  on Monday, Apr. 22, 2013 12:00 am  

Holiday Inn Express at 7900 Talley Road in west Little Rock.

The sale of a west Little Rock Holiday Inn Express tipped the scales at $6.42 million.

BKS Hospitality LLC, led by Bhavin Sharolia and Kanti Patel, bought the 4900 Talley Road project. The seller is Swami Hotel Properties LLC, led by Rajesh Mehta.

The deal is backed with a five-year loan of $5.26 million from Farmers & Merchants Bank of Stuttgart.

The 1.95-acre development previously was tied to an April 2011 mortgage of $4 million held by BancorpSouth Bank of Tupelo, Miss.

Swami purchased the site for $852,000 in January 2005 from Boen Enterprises LLC, led by Leonard Boen.

Fitness Site

A 47,500-SF LA Fitness project is in motion in midtown Little Rock after a $2.18 million land deal.

LAF LR Ltd., led by Fred Gans, acquired the nearly 1.7-acre site at the Park Avenue development from SPC Park Avenue Ltd., an affiliate of Strode Property Co. of Dallas.

Construction is financed through a five-year loan of $7.3 million from First Security Bank of Searcy.

The land is part of the property assembled by SPC in September 2007 as part of a $22 million deal with Southern Real Estate & Financial Co., led by Charles Cella; the William L. Patton Jr. Family Ltd. LLLP; Arkansas Acquisitions Inc., led by John McDonald; Baird Inc., led by John Schlereth; and the Patton family.

Recycled Land

A 21.9-acre residential tract in west Little Rock is under new ownership after a $601,000 transaction. SJA Investment Partnership LLLP, led by Sam Alley, purchased the land in the Spring Valley area west of Cooper Orbit Road from Jonesboro’s Liberty Bank of Arkansas.

 

 

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