LR Interstate Property, Nursing Home Both Net $5M+ Buys (Real Deals)

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

Chenal Heights Nursing & Rehabilitation, a 120-bed project  in west Little Rock, is under new ownership after a $5.4 million transaction. (Photo by Jason Burt)

A 16-acre commercial site in southwest Little Rock weighed in at $5.8 million.

Fletcher Realty LLC, led by Frank Fletcher, bought the land near the southwest corner of Interstate 30 and Otter Creek Road.

The seller is Thomas Bartholomew, founder of CalArk Inc.

Bartholomew purchased the land for $800,000 in August 1996 as part of a 21.5-acre deal.

The seller was Centrixx Realty Holdings Ltd., led by John E. Beales.

Hickory Manor Buy

The sale of a 120-bed nursing home in west Little Rock tipped the scales at $5.4 million.

Hickory Manor LLC of Fort Smith acquired Chenal Heights Nursing & Rehabilitation at 3 Chenal Heights Drive from Chenal Arkansas LLC of Chicago.

The 7.27-acre development is now helping secure a five-year loan of $110 million from Bank of Oklahoma in Tulsa.

The location was bought for $1.4 million in June 2006 from ATRS Retirement Properties LLC, an affiliate of the Arkansas Teacher Retirement System.

Cliff Lee Purchase

A 6,751-SF office building in Little Rock’s Riverdale area rang up a $1 million sale.

Cliff Lee Enterprises LLC purchased the 1401 Mart Drive project from Mart Drive LLC, led by Philip Tappan and Wayne Moore.

The 0.75-acre development previously was tied to a December 2011 mortgage of $857,007 held by Delta Trust & Bank of Little Rock.

The property was acquired for $145,000 in December 2009 from Alltel Corp.

Million-Dollar Construction  
120-bed Nursing Home $7,676,500
Argenta Health Services  
13500 David O. Dodd Road, Little Rock  
Capehart & Capehart Builders Inc., Sallisaw, Okla.  
Hampton Inn $3,890,000
3629 McCain Blvd., North Little Rock  
Vishnu Inc., North Little Rock  
Hybrid Operating Room $2,500,685
9601 Baptist Health Drive, Little Rock  
Baldwin & Shell Construction Co., Little Rock  
Chuck E. Cheese’s $1,481,146
2706 S. Shackleford Road, Little Rock  
Parkway Construction & Associates,  
Lewisville, Texas  
Chipotle Mexican Grill $1,147,249
100 S. University Ave., Little Rock  
Gallant Construction Co., Crystal Lake, Ill.  
Hotel Remodeling $1,000,000
521 President Clinton Ave., Little Rock  
Courtyard by Marriott, Bethesda, Md.

Allied Acquisition

An 8,632-SF office building in North Little Rock changed hands in a $950,000 deal.

Allied Investments LLC, led by Beth and Jeffrey Stamp, bought the 5532 JFK Blvd. project. The seller is Norock LLC, led by Michael Sentell.

Norock provided a 25-year loan of $930,000 to finance the deal.

Sentell purchased the 1.13-acre development for $780,000 in April 2001 from McKay & Co. LLC, led by John McKay Jr.

Double Convenient Deal

Two Hess convenience stores in Pulaski County are under new ownership after deals totaling $825,000.

Changho Lee acquired the 7715 Geyer Springs Road project in Little Rock for $450,000 and the 1530 W. Main St. project in Jacksonville for $375,000.

The seller in both deals is the Yelenich Family Revocable Living Trust, led by Roy Yelenich.

The 0.52-acre Little Rock property was purchased for $210,000 in August 2001 from A-1 Motors Inc. and U-Pull-It Auto Parts Inc., both led by Gary Johnson. The 0.27-acre property in Jack-sonville was bought for $260,000 in January 2004 from First Arkansas Bank & Trust of Jacksonville.

Blue Truck Land

A 4.87-acre commercial site in west Little Rock sold for $750,000.

Blue Truck Properties LLC, led by Charles Fiser and Lyle Beckemeyer, purchased the land at the west end of Shackleford Ridge Road.

The seller is Fiser Properties LLC, led by Chuck Fiser.

The deal is funded with a three-year loan of $600,000 from Arvest Bank of Fayetteville. The property previously was linked with an August 2012 mortgage of $640,000 held by IberiaBank of Lafayette, La.

The land was acquired in November 2005 as part of a $349,000 transaction with Barbara and Jeff Duty and Twilla and Lawrence Harper.

Southern Dutch Buy

A 2.63-acre commercial site in west Little Rock drew a $575,000 transaction.

Southern Dutch Properties, led by Dennis Vander Molen, bought the land near the southeast corner of Shackleford and Col. Glenn roads.

The seller is CG-Shack Properties LLC, led by Kevin Huchingson. The deal is backed with a three-month loan of $425,170 from BancorpSouth Bank of Tupelo, Miss.

CG-Shack purchased the property in November 2009 as part of a $4.6 million deal with Shackleford & Colonel Glenn LLC, led by Gene Cauley.

Crystal Hill Manor

A 9,152-SF home on the Arkansas River in North Little Rock tipped the scales at $1.9 million.

Prabhu Govindarajulu and Deepa Rajkumar acquired the 15.1-acre residential spread from the namesake trusts of Stephen Myers and Siobhan Rigney-Myers.

The deal is financed with a 30-year loan of $1.15 million from U.S. Bank of Cincinnati and a 25-year loan of $288,750 from Bank of America in Charlotte, N.C.

The Myers family bought the property for $1.83 million in June 2008 from Marquetta and Kerry Young.

Sherrill Heights Home

A 4,591-SF home in Little Rock’s Sherrill Heights neighborhood rang up a $1.05 million sale.

The Sorrells Joint Revocable Trust, led by Kent and Melissa Sorrells, purchased the house from Mark Nichols.

The residence previously was tied to a June 2007 mortgage of $500,000 held by U.S. Bank.

Nichols acquired the property for $750,000 in November 2006 from the Henry L. Nichols Revocable Trust.

Hickory Creek House

A 5,489-SF home in west Little Rock’s Hickory Creek neighborhood changed hands in a $913,000 deal.

Marc Tankel bought the house from CBM Appraisals Inc., led by Chris Maris.

The deal is funded with a 15-year loan of $821,250 from Bank of America. The residence previously was linked with a November 2011 mortgage of $654,010 from First State Bank of Russellville.

CBM purchased the property for $875,000 more than two years ago from Chris and Jennifer Ligon.

Scenic Heights Abode

A 3,495-SF home in Little Rock’s Scenic Heights neighborhood is under new ownership after a $505,000 sale.

Michael McGoogan acquired the house from Anthony and Suzanne Karklins.

The residence previously was tied to a September 2011 mortgage of $396,000 from First Security Bank of Searcy.

The Karklins family bought the property for $395,000 in December 2010 from Metropolitan National Bank of Little Rock.

Renaissance Financing

An 8.66-acre apartment development in west Little Rock is in motion with a $4.29 million funding agreement.

Renaissance Point Apartments LLC, led by Shabbir Dharamsey, obtained the five-year loan from Simmons First National Bank of Pine Bluff.

The property previously helped se-cure a July 2006 mortgage of $5 million held by Little Rock’s Bank of the Ozarks.

Dharamsey purchased the land in April 2006 through Parkland Heights Ranch Properties LLC as part of a $2.42 million deal with Ranch Properties Inc. led by Ed Willis.



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