Athletic Trio Transaction Adds Up to $18.8 Million (Real Deals)

by George Waldon  on Monday, Jul. 1, 2013 12:00 am  

Little Rock Athletic Club at 4610 Sam Peck Road in west Little Rock. (Photo by Mauren Kennedy)

The sale of three athletic clubs tipped the scales at $18.8 million.

Little Rock Athletic Centers LLC, led by Brad Eichler, bought the Little Rock Athletic Club at 4610 Sam Peck Road, Little Rock Racquet Club at 1 Huntington Road and the North Little Rock Athletic Club at 3804 McCain Park Drive.

The seller is Riley’s Health & Fitness Centers Inc., led by Pat Riley Jr.

The deal is backed with a 15-year loan of $12.29 million and a one-year loan of $4.86 million from BancorpSouth Bank of TupeloMo., and a $6.5 million mortgage held by Riley’s Health & Fitness Centers.

The properties previously were tied to a January 2002 mortgage of $6.5 million and a March 2004 mortgage of $1.6 million held by Regions Bank of Birmingham, Ala.

The 13.7-acre Little Rock Athletic Club development was assembled in seven deals totaling $1.63 million.

The sellers were Indoor Tennis Center Associates Inc., led by Joseph Mullen and W. Philip Wiggins, $1.5 million in December 1985; JEA Ltd., led by John E. Allen, $36,000 in November 2003; John and Katherine Burnett, $25,000 in October 1990; Tommy and Ileane Tucker, $25,000 in December 1991; Piedmont Corp., led by Gene Pfeifer, $25,000 in November 1993; O.L. and Dorothy Holland, $12,500 in June 1993; and the estate of Lela Farrel Henry, $12,500 in June 1993.

The 10.3-acre Racquet Club development was acquired for $860,000 in October 1999 from Little Rock Racquet Club, led by William Russell, and its 450 members.

The 2-acre North Little Rock development was purchased for $1.2 million in September 1998 from Simmons First National Bank of Russellville.

Funeral Purchase

A Little Rock funeral home property has sold for $297,000.

Presidential Funeral Homes of Arkansas, led by Derrick Gunn, acquired the Gunn Funeral Home at 4323 W. 29th St. The seller is Henderson Investments of Arkansas LLC, led by Charles Henderson.

 

 

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