Super 8 Transformation Follows $2.6M Purchase (Real Deals)

by George Waldon  on Monday, Nov. 4, 2013 12:00 am  

Rebranding to a Super 8 accompanied the sale of the former La Quinta Inn at 11701 Interstate 30 in Little Rock.  (Photo by Jason Burt)

A 145-room motel in southwest Little Rock tipped the scales at $2.65 million.

Otter Creek Lodging LLC, led by Animesh Patel, bought the La Quinta Inn at 11701 Interstate 30 from Supreme Bright Portfolio LLC of Irving, Texas.

The rebranded Super 8 project is financed with a three-year loan of $4.28 million from Simmons First National Bank of Pine Bluff.

Supreme Bright acquired the property for $2.49 million three months ago from BRE/LQ Properties LLC of New York.

The 4.23-acre development previously helped secure a July 2007 funding agreement of $2.4 billion from Merrill Lynch Bank of New York, Merrill Lynch Lending Inc. of New York, UBS Real Estate Securities Inc. of New York and Bank of America in Charlotte, N.C.

The property was purchased for $2 million in July 1993 from Marathon U.S. Realties Inc. of Dallas.

Branch Location

A future credit union branch site in Sherwood rang up a $1.23 million sale.

Telcoe Federal Credit Union of Little Rock acquired the 4.06-acre parcel near the northeast corner of Wildwood Avenue and Country Club Road from St. Vincent North.

St. Vincent bought the property in June 1998 as part of a $1.3 million deal with Lilac LLC, led by Andy Collins.

Warehouse Sale I

A 67,500-SF warehouse in Little Rock is under new ownership after an $850,000 transaction.

 

 

Please read our comments policy before commenting.
Search

Latest Arkansas Business Poll

Did the Fed make the right call on interest rates?