Residence Inn Draws $7 Million Transaction (Real Deals)

by George Waldon  on Monday, Jul. 15, 2013 12:00 am  

Residence Inn by Marriott at 1401 S. Shackleford Road in west Little Rock. (Photo by Mauren Kennedy)

The sale of a 96-room hotel in west Little Rock tipped the scales at $7 million.

RILR Holding LLC of New York bought the Residence Inn by Marriott at 1401 S. Shackleford Road from Little Rock Lodging Associates I Ltd. of Atlanta.

The deal is financed with a 10-year loan of $5.2 million from CitiGroup Global Markets Realty Corp. of New York.

The 3.09-acre site was purchased for $628,000 in October 1996 from Peck Joint Trust, led by Cliff Peck III and Beverly Peck.

Cache Transaction

Restaurant space in the Arcade Building in downtown Little Rock changed hands in a $1.98 million transaction.

Monroe Cache LLC, led by Rush Harding III, acquired 5,502 SF on the ground floor, 2,962 SF on the second floor and 50 SF on the third floor. The seller is Clinton-Commerce LLC, led by Jimmy Moses and Rett Tucker.

The Cache Restaurant project is backed with a six-year loan of $3.5 million from Little Rock’s Bank of the Ozarks.

The 0.48-acre site at the southwest corner of President Clinton and River Market avenues was bought for $1.5 million in January 2009 from Arkansas Democrat-Gazette Inc., led by Walter Hussman Jr.

NLR Commercial

A 7,500-SF commercial building in North Little Rock is under new ownership after a $400,000 deal.

Hum’s Hardware & Furniture Inc., led by Bruce Hum, purchased the 3815 E. Broadway project. The seller is the Clifton Family LLLP, led by Norman Clifton.

 

 

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