Value Place Hotel Visited by $4M Sale (Real Deals)

by George Waldon  on Monday, Jul. 28, 2014 12:00 am  

A 121-room hotel in west Little Rock tipped the scales at $4.08 million.

Value Place Little Rock AR West LLC of Wichita, Kansas, bought the Value Place Hotel at 21 Remington Drive from VP Partners 2 LLC of Fort Smith, led by Chris Whitt.

The deal is financed with a $4.08 million loan from Simmons First National Bank of Pine Bluff.

The 3.59-acre development previously was tied to a June 2010 mortgage of $5 million held by BancorpSouth Bank of Tupelo, Mississippi.

VP Partners 2 acquired the site for $665,000 in November 2004. The seller was Boen Enterprises LLC, led by Leonard Boen.

Industrial Transaction

A 6,450-SF warehouse in southwest Little Rock is under new ownership after a $1.26 million sale.

ARCP SN Mabelvale AR LLC of Phoenix purchased the 11618 Otter Creek South Road project.

The seller is Rogers Warehouse Development LLC, an affiliate of Crossland Construction Co. of Columbus, Kansas.

The facility previously was linked with an October 2011 mortgage of $690,000 held by CrossFirst Bank of Overland Park, Kansas.

Rogers Warehouse Development ac-quired the land beneath the project for $300,000 in April from Clifford and Gayla Byrd.

The Byrd family bought the 2.72-acre location for $272,000 in July 2006.

The seller was 2610 Acres LLC, led by Rick Ferguson.

Office Land

A 1.57-acre office site in west Little Rock changed hands in a $374,848 transaction.

13000 Cantrell Road LLC, led by Robert Jorgensen, Rodney Breuer and Robert Harrison, acquired the land on the west side of its namesake project from Jamie and Gregory Saad.

The property, along with the neighboring 5,840-SF office building at 13000 Cantrell Road, now is helping secure a five-year loan of $1.27 million from Regions Bank of Birmingham, Alabama.

The land previously was tied to a June 2013 mortgage of $2.69 million held by Coastal Bank & Trust of Florida in Pensacola.

The location was purchased in September 1993 as part of a $255,000 deal with Grace Community Church.

Jacksonville Purchase

A 5,713-SF commercial project in Jacksonville rang up a $280,000 sale.

Robert Wilson Enterprises Inc., led by Robert A. Wilson, bought Hall’s Dry Cleaners at 1802 N. First St. from Tim and Jennifer Hall.

The deal is funded with a $459,131 loan from Centennial Bank of Conway. The 0.87-acre development previously was linked with a July 2004 mortgage of $459,131 from First Security Bank of Searcy.

The Halls acquired the property for $200,000 in March 1999 from the namesake trusts of Todd and Kristi Misak.

Rural Residence

A 6,829-SF home in the Ferndale area of west Pulaski County sold for $720,000.

Christopher and Gail Stuart purchased the 5.59-acre spread from the Suzanne Lindsay Bradshaw Revocable Trust.

The deal is backed with a 13-year loan of $576,000 from Regions Bank.

The land was bought for $200,000 in January 1987 from Alan and Melissa Easley.

Robinwood Home

A 4,986-SF home in Little Rock’s Robinwood neighborhood drew a $635,000 transaction.

Sanford Benjamin and Barbara Vogt acquired the house from Black Sky LLC, led by Jackson T. Stephens Jr.

The deal is financed with a 15-year loan of $417,000 from First National Bank of St. Louis in Clayton, Missouri.

Ownership was transferred from Peter and Kristen Panagopoulos to Black Sky in October 2007. Stephens held a September 2005 mortgage of $585,596.

The Panagopoulos family purchased the residence for $580,000 nearly nine years ago from Benjamin Selman and Shawn Smith.

 

 

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