$6M Transaction Rolls Into LR Infiniti Dealer (Real Deals)

by George Waldon  on Monday, May. 5, 2014 12:00 am  

Infiniti of Little Rock at 15 Col. Glenn Plaza Drive. | (Photo by Jason Burt)

The sale of a west Little Rock auto dealership weighed in at $6 million.

Security Holdings Inc., an affiliate of Fenton Motors of Tyler, Texas, acquired Ellis Infiniti at 15 Col. Glenn Plaza Drive. The seller is ACE-H LLC, led by Anna C. Ellis.

The deal is funded with a $5.3 million loan from Infiniti Financial Services of Irving, Texas. The 15,700-SF facility previously was tied to a March 2012 mortgage of $4.1 million held by Wells Fargo Bank of Sioux Falls, S.D.

The 2.82-acre location was acquired for $1.38 million in June 2010 from Asbury Automotive Arkansas LLC of Duluth, Ga.

New Lafayette Owners

A condo-conversion project in downtown Little Rock tipped the scales at $3 million.

Lafayette Building LLC, led by Charles and Jessica Gallagher, purchased its namesake property at 523 Louisiana St. The seller is Lafayette Plaza LLC, an affiliate of Tower Investments LLC of Woodland, Calif.

The deal encompasses nearly 43,000 SF of commercial space on floors one through five and the mezzanine level and 10 residential condos on floors six through nine.

The deal is financed with a five-year loan of $2.4 million from Fidelity National Bank of West Memphis.

The 0.3-acre development previously helped secure a December 2005 mortgage of $6.5 million held by Arvest Bank of Fayetteville.

The 130,000-SF building was acquired for $1.99 million in February 2005 from Lafayette Partnership, originally composed of Henry Nichols and Johnny Mitchum.

National Bank of Arkansas replaced Mitchum in the ownership picture after he defaulted on $780,000 of debt he had personally guaranteed.

 

 

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