Springhill Suites Hosts $4.5M Transaction (Real Deals)

by George Waldon  on Monday, Feb. 17, 2014 12:00 am  

Springhill Suites by Mariott at 306 Markham Center Drive.  (Photo by Jason Burt)

The sale of a 78-room hotel in west Little Rock tipped the scales at $4.5 million.

KNB Hospitality LLC, led by Bhavin Sharolia, purchased the Springhill Suites by Mariott at 306 Markham Center Drive. The seller is Summit Hospitality I LLC of Sioux Falls, S.D.

The deal is financed with a five-year loan of $4.4 million from Centennial Bank of Conway.

The 1.8-acre development was ac-quired for $4.2 million in February 2004 from WB Pineapple RP LLC of San Clemente, Calif.

Inviting Transaction

A 66,000-SF industrial facility in North Little Rock weighed in at $1.5 million.

I-40 RV Land LLC, led by Paul Minton, bought the 4545 W. Bethany Road

project. The seller is Inviting Properties LLC, led by Pamela Hatcher and Sarah Mitchell.

The deal is funded with a five-year loan of $1 million from Arvest Bank of Fayetteville.

The 5.5-acre development previously was linked with an August 2008 mortgage of $1.7 million, a December 2009 mortgage of $635,000 and a January 2010 mortgage of $614,623 held by Arvest Bank.

Inviting Properties purchased the property for $600,000 in May 2003 from Arkansas Air Inc., led by Russell Atkinson.

Dollar Deal

An 8,320-SF Family Dollar Store in southwest Little Rock rang up a $1.2 million transaction.

Realty Income Trust 2 of Escondido, Calif., acquired the 10412 Chicot Road project from Family Dollar Stores of Arkansas Inc., led by Steven Burt.

Family Dollar Stores bought the 1.46-acre property for $1.1 million in August 2012 from Max Alley Investments LLC, led by James Herrington.

Swiss Village Sale

A 53-unit apartment project in Jacksonville changed hands in a $925,000 deal.

KP Properties of Arkansas LLC, led by Kel Denker and Paul Mead, purchased Swiss Village Apartments at 1001 Quince Hill Road. The seller is Swiss Village Apartments LLC, led by Jim Peacock.

The deal is backed with a $740,000 loan from Centennial Bank and a $92,500 loan from the seller.

The 3.69-acre development previously was tied to a March 2011 mortgage of $175,000 held by First Arkansas Bank & Trust of Jacksonville.

Swiss Village acquired the project for $420,000 in November 2004 from the Goins Living Trust, led by David Delbert Goins.

Faithland Acquisition

Undeveloped land in west Little Rock drew an $859,000 transaction.

Second Baptist Church bought the 6.66-acre parcel at the southwest corner of Kanis Road and Michael Drive from Faithland Commercial Properties 5 LLC, led by Pam Brown Courtney.

The seller provided a 10-year mortgage of $858,746 to finance the deal. Faithland assembled the property in four transactions totaling $1.4 million.

Three sellers in September 2005 included GEM Enterprises, led by Gene Eberle and Martin Morgan, $610,000; the Louis E. Bona & Mary K. Bona Joint Revocable Trust, $458,000; and Gary and Elizabeth Houston, $153,000. The fourth parcel was purchased for $204,000 in June 2013 from the Malek Family LLC, led by Kourosh Malek.

Office Purchase

A 6,567-SF office building near the state Capitol sold for $625,000.

1300 West 6th LLC, led by Kevin Huchingson, acquired its namesake property from the Greg L. Hatcher Revocable Living Trust.

The deal is funded with a 12-year loan of $445,000 from Greenwood’s State Bank of Lake Mills, Wis.

The 0.41-acre development, once home to The Hatcher Agency, previously was linked with an October 2013 mortgage of $747,000 held by Delta Trust & Bank of Little Rock.

Hatcher bought the property for $190,000 in March 1996 from Bushman Family Ltd., led Janie Bushman.

Eatery Investment

Ownership of a 5,500-SF restaurant in west Little Rock was consolidated in a transaction valued at $488,000.

Raymond Boshears Non-Exempt Trust and the Boshears Exempt Family Trust purchased the new home of Vesuvio Bistro at 1315 Breckenridge Drive. The trust bought out the 50 percent stake in the property held by Bill and Constance Bowen.

The former El Chico is now backed with two loans totaling $492,347 from First Federal Bank of Harrison.

The 1.36-acre location was acquired for $70,000 in January 1970 from International Paper Co., now based in Memphis.

Charter Buy

An undeveloped 1.62-acre parcel in Maumelle rang up a $250,000 deal.

Pulaski Charter School Inc., led by Rob McGill, bought the site near the northeast corner of Lake Pointe Drive and Lake Point Place. The seller is Waller Investments LLC, led by Judy Waller.

Waller purchased the property in June 1999 as part of a $268,000 deal with Spearsville Timber Co., led by Bill Haley.

Bretagne Manor

A 7,214-SF home in the Bretagne Circle neighborhood of west Little Rock’s Chenal Valley development weighed in at $928,000. Tom and Cindy Formicola acquired the house from the namesake revocable trusts of Audrey and Gerry Riser.

The Risers bought the property for $856,000 in February 1999 from Joe E. Hughes Construction Inc.

River Ridge Abode

A 3,459-SF home in Little Rock’s River Ridge Pointe neighborhood sold for $505,000.

Jonathan Bevans purchased the house from Nikolaos and Sarah Paslidis. The deal is financed with one-year loans of $525,000 and $180,000 from Eagle Bank & Trust of Little Rock.

The Paslidis family acquired the property for $358,000 in December 1999 from Joseph and Maudie Stillman.

High-Rise Finance

The owner of a 25-story office building in downtown Little Rock landed a $25 million funding agreement.

111 Center Street Ltd., led by Stephens Investments Holdings LLC, obtained the 20-year loan from four affiliates of Prudential Financial Inc. of Newark, N.J.: Gibraltar Life Insurance Co. Ltd., Prudential Arizona Reinsurance Universal Co., PICA Hartford Life & Annuity Comfort Trust and Par U Hartford Life Insurance Comfort Trust.

The 2.06-acre development previously was tied to an August 1995 mortgage of $25 million held by Prudential Insurance Co. of America.

The limited partnership bought the 432,000-SF Stephens Building and adjoining seven-story parking deck from Doyle and Josephine Rogers in November 1989 for $26 million.

On June 1987, the development was linked with $39.5 million in debt to Republicbank of Dallas and a $3.6 million mortgage held by FirstSouth of Pine Bluff.

The Rogers family assembled land for the project in two buys totaling $1.73 million. The sellers were First Southern Corp., led by Howard Wiechern, $1.5 million in March 1978; and Jack Collier East Co., led by James East, $233,000 in August 1980.

Access Funding

A nonprofit, special needs school in west Little Rock picked up a $2.5 million financial package.

Access Group Inc., led by Jeffrey Sebree, received a five-year loan of $2.2 million and a two-year loan of $350,000 from First Security Bank of Searcy.

The 4-acre development at 10618 Breckenridge Drive previously was linked with a December 2008 mortgage of $350,000 and a February 2013 mortgage of $2 million held by Delta Trust & Bank.

The property was purchased for $1.04 million in February 2001 from Bible Church of Little Rock.

All locations on map approximate.

 

 

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