Maumelle Hampton Inn Hosts $6.3 Million Sale (Real Deals)

by George Waldon  on Monday, Mar. 3, 2014 12:00 am  

New ownership visited the 70-room Hampton Inn at 11920 Maumelle Blvd. (Photo by Jason Burt)

The sale of a 70-room Hampton Inn in Maumelle weighed in at $6.3 million.

Maumelle Hotel LLC, led by Narish and Manish Patel, acquired the 11920 Maumelle Blvd. project. The seller is WMHI LLC, led by Lisa Whitten.

The deal is funded with a five-year loan of $4.93 million from First Arkansas Bank & Trust of Jacksonville.

The 1.81-acre development previously was linked with an October 2009 mortgage of $5 million, a February 2011 mortgage of $200,000 and a May 2011 mortgage of $407,475 held by First Arkansas.

The location was purchased for $674,000 in October 2009 from JLB LLC, led by James and Lynda Bowers.

Office Property

Development of an office project in west Little Rock is in motion after a $1.93 million land deal.

Midcontinent Independent System Operator Inc. of Carmel, Ind., bought the 6.2-acre site at the southwest corner of Executive Center and Center View Drive from ISB Westlake LLC, led by Jim Irwin.

The land was acquired as part of a $30.4 million transaction in March 1999. The deal included the six-building WestLake Corporate Center (formerly known as the Koger Center).

The seller was Koala Little Rock Realty Holding Co., an affiliate of J.P. Morgan Investment Management Inc.

Storage Recovery

A 60,275-SF mini-storage project in south Little Rock changed hands after a $1.35 million foreclosure sale.

 

 

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