Sonic Combo Purchase Totals Nearly $6M (Real Deals)

by George Waldon  on Monday, Apr. 29, 2013 12:00 am  

The Sonic at 2917 Cantrell Road in Little Rock was the highlight of a series of drive-in deals that added up to more than $5.9 million. (Photo by Jason Burt)

The sale of nine Sonic Restaurants in Pulaski County combined for a $5.94 million transaction.

D.L. Rogers Corp., a Sonic franchisee based in North Richland Hills, Texas, and led by Darrell Rogers, purchased the properties from SRI Real Estate Properties LLC of Oklahoma City.

The deal is financed with a $29.5 million loan from UMB Bank of Oklahoma City. The properties included six Little Rock projects:

  • The 1.56-acre development at 2917 Cantrell Road, $1.25 million. The former Steak & Ale site was acquired for $436,000 in December 2004 from Betty Baird.
  • The 0.95-acre development at 14216 Cantrell Road, $570,000. The location was bought for $353,000 in July 1996 from Joe Whisenhunt.
  • The 0.59-acre development at 9420 N. Rodney Parham Road, $565,000. The site was purchased for $405,000 in May 1996 from RLB Properties, led by Mike Pierce.
  • The 1.03-acre development at 10200 Mabelvale Plaza Drive, $517,000. The location was acquired for $275,000 in October 1998 from Conservative Development Co., led by Rick Ashley.
  • The 1.09-acre development at 10500 Stagecoach Road, $509,000. The site was bought for $275,000 in May 1999 from Otter Creek Land Co. LLC, led by Tommy Hodges.
  • The 0.76-acre development at 11214 Westhaven Drive, $435,000. The location was purchased for $297,000 in April 1994 from Parkway West Ltd., led by Christopher Burrow.

The deal included two Sonics in Sherwood:

  • The 0.61-acre development at 14516 Hwy. 107, $480,000. The site was acquired for $95,000 in January 2003 from Eagle Bank & Trust of Little Rock.
  • The 0.69-acre development at 4140 E. Kiehl Ave. in Sherwood, $512,000. The location was bought for $195,000 in May 2000 from Elbert Traister, Hsu Jen and Yueh Jyu Hwang and Kang and Emily Fan.

The final piece of the transaction was the 0.98-acre development at 13200 Crystal Hill Road in North Little Rock, $1.1 million. The site was purchased for $580,000 in May 2008 from Van-D’Lay Industries LLC, led by Andy Collins.

Parker Property

A 3-acre site in west Little Rock changed hands in a $1.3 million transaction.

Parker Brodie Creek Holdings LLC, led by Rick Parker, acquired the land near the northwest corner of Col. Glenn Road and Col. Glenn Plaza Drive.

The seller is Colonel Glenn Bowman Road Development I LLC, led by Leonard Boen and Hank Kelley.

The property previously was used to help secure a March 2012 mortgage of $8 million held by Centennial Bank of Conway.

The land is part of a 70.2-acre tract at the northwest corner of Interstate 430 and Col. Glenn Road largely assembled in two October 2002 transactions with:

  • An investment group composed of J. Kenneth and Linda Shollmier, Myra and Charles Hyde Jr., Bob Fewell, James T. Bell, Robert Byrne Jr., David N. White and Charles Abrams IV, $1.95 million.
  • James Hall, A. Dan Phillips, W. Daniel Thomas Jr. and William Humphries Jr., represented by Rector Phillips Morse’s Birch Brook Inc., $1.9 million.

A $950,000 deal in November 2002 with State Farm Mutual Automobile Insurance Co. of Bloomington, Ill., completed the $4.8 million land assembly.

 

 

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