NLR Nursing Home Switches Hands in a $7.04 Million Deal (Real Deals)

A 120-bed nursing home project in North Little Rock is under new ownership after a $7.04 million deal.

GPH North Little Rock LLC of San Diego purchased the Beverly Health-care facility at 3600 Richards Road from Beverly Enterprises Arkansas Inc. of Fort Smith.

The deal is funded as part of a $1.2 billion loan from Column Financial Inc. of New York.

BMO Global Capital Solutions Inc., an affiliate of Beverly Enterprises Inc., bought the 4.5-acre site in May 1998 for $690,000 ($3.50 per SF) from The Crestwood Co., led by James Matthews.

Warehouse Deux

Two warehouse projects in Little Rock changed hands in a $6.69 million deal.

Westcopley LLC of San Diego acquired the 185,250-SF Port Distribu-tion Center at 6001 Lindsey Road and the 50,000-SF Baxter Distribution Building at 5800 Lindsey Road.

The seller is LR Warehouse Properties II LLC, an affiliate of Cooper Realty Investments Inc. of Bella Vista.

The deal is financed with a 10-year loan of $5.15 million from Southern Farm Bureau Life Insurance Co. of Jackson, Miss.

The 10-acre Port Distribution Center development and the 3.7-acre Baxter Distribution development previously were linked with a March 2002 mortgage of $4.87 million held by Southern Farm.

Cooper Realty Investments purchased the properties for $4.7 million in March 1999 from Meridian Industrial Trust Inc., successor to Sierra Capital Realty Trust VII Co. of San Francisco.

Acreage Acquisition

More than 455 acres in west Pulaski County rang up a $1.41 million deal. Spring Haven LLC, led by Joe Cal-houn, sold the property south of Brandy Road, about 1.5 miles west of Garrison Road.

The buyers are RHST Inc., led by Curtis Thomas, 80 percent; Aday Enterprises Inc., led by Gary Aday, 10 percent; and Brian Hunt, 10 percent.

The deal is backed with a one-year loan of $3.69 million from Bancorp-South Bank of Tupelo, Miss.

The land was bought for $450,000 in January 1975 as part of a 641-acre deal with John and Ruth Pride, Paul and Corinne Pride, and Jewell and Christine Pride.

Motel Purchase

A 111-room motel in southwest Little Rock drew an $840,000 sale.

Mahesh Enterprises-Little Rock LLC purchased the Royal Inn at 2401 W. 65th St. from BLC Real Estate LLC of New York.

BLC recovered the 2.5-acre development at a $1.76 million foreclosure sale in November 2004. The project was forfeited by Bsayona Inc., led by Jiten-drakunar Patel.

Bsayona defaulted on a January 2002 mortgage of $1.3 million held by BLX Capital LLC of New York.

West Tree Site

A corporate office property change hands in a $688,000 deal.

6300 Forbing Road Ltd., led by Ford Overton, acquired its namesake West Tree Service location. The seller is WTS Building Partnership, led by William Jackson.

The 10-acre project was purchased for $225,000 in June 1990 from Duckwall-Alco Stores Inc. of Little Rock.

Thrifty Transaction

An auto project near Little Rock National Airport is under new ownership after a $500,000 deal.

DTG Operations Inc. of Tulsa bought the Thrifty Car Sales location at 2610 E. Roosevelt Road from Big Bear Enterprises Inc., led by James Siano.

Big Bear acquired the 2.7-acre development from D. Pate and Jeanette Pearson in September 1997 for $325,000.

Nazarene Deal

A 16.2-acre tract in west Little Rock rang up a $365,000 transaction.

Little Rock Living Water Nazarene Ministries Inc., led by Kenneth Camp-bell, purchased the property, which is on the north side of Colonel Glenn Road a half-mile west of Lawson Road. The sellers are Robert and Andre Hutson and their namesake revocable living trusts.

The Hutsons bought the property for $17,700 in March 1970 from Annabel Gifford.

Million-Dollar Manor

A 6,500-SF home near the Country Club of Little Rock drew a $1.7 million sale.

George Makris Jr. and his wife, Debbie, acquired the house from James and Gwen Gaston.

The residence previously was tied to an April 1997 mortgage of $650,000 held by Little Rock’s First Commercial Bank and a November 2003 mortgage of $483,600 held by Cornerstone Mortgage Center Inc. of Little Rock.

The Gastons purchased the property for $336,000 in February 1997 from Bill and Sandra Tranum.

Ranch Residence

A 4,100-SF home in west Little Rock’s Glenn Johnson Ranch neighborhood sold for $710,000.

Scott and Michelle Miller bought the house from Joseph and Brenda Blankenship. The deal is financed with a 30-year loan of $417,000 and a 15-year loan of $100,000 from Bank of Little Rock Mortgage Corp. and a $210,000 loan from the Blanken-ships.

The residence previously was linked with a January 2004 mortgage of $1.2 million held by Bank of the Ozarks in Little Rock.

The Blankenships acquired the property for $700,000 in December 2003 from Robert McCormick.

Heights Home

A 2,500-SF home near the Country Club of Little Rock changed hands in a $610,000 deal.

John and Leesa Watkins purchased the house from John and Kristin Compton. The deal is funded with a 30-year loan of $549,000 from First Home Mortgage Inc. of Jonesboro. The residence previously was tied to a July 2003 mortgage of $294,000 held by Wells Fargo Home Mortgage Co. of Des Moines, Iowa, and a March 2002 mortgage of $33,824 held by One Bank & Trust of Little Rock.

The Comptons bought the property for $106,000 in May 1989 from the estate of Mary Hoover.

Montagne House

A 3,000-SF home in west Little Rock’s Montagne Court neighborhood is under new ownership after a $308,500 deal.

Justin and Nancy Garrison acquired the house from Korte & Wood Con-struction Inc., led by Rick Korte. The deal is backed with a 15-year loan of $150,000 from Bank of Little Rock Mortgage.

The residence previously was linked with a June 2005 mortgage of $250,000 and a March 2005 mortgage of $88,000 held by Regions Bank of Birmingham, Ala.

Korte & Wood purchased the site for $55,000 in March 2005 from Mon-tagne Court Development Inc., led by Jim Swink.

Parkstone Funding

A 2-acre living center development in North Little Rock is financed with a $9.2 million mortgage.

Parkstone Holdings LLC, led by Rodney Thomason, Nick Landers and Dr. John Menard, obtained the 30-month loan from Metropolitan Na-tional Bank of Little Rock.

The property on Parkstone Circle is leased from the city of North Little Rock.

Storage Loan

The owners of a storage project in southwest Little Rock picked up a $2.9 million financial package.

Jon and Eduviges Luer got the 10-year loans of $1.3 million, $1.1 million, $151,000 and $134,000 and a three-year loan of $252,545 from Metropoli-tan National Bank.

The Budget Mini Storage at 4716 Baseline Road previously was tied to a May 2005 mortgage of $600,000 held by Eagle Bank & Trust of Little Rock.

Luer bought the 2-acre development for $435,000 in September 2000 from Ron and Dale Broadaway.

Progress Financing

A 2.2-acre piece of the former Bugle Boy development in North Little Rock was used to secure a $2.25 million funding agreement.

3912 East Progress LLC, led by William Shroyer, received the one-year loan from Summit Bank of Arkadel-phia.

The limited liability company bought the property for $901,000 in December 2005 from a related entity, SD Property LLC.

SD Property purchased it in January 1997 as part of a $665,000 deal with Bugle Boy Industries Inc. of Simi Valley, Calif., led by Nai-Li Mow.

Knoebl Mortgage

A medical project in west Little Rock is backing a $2.2 million mortgage.

A 12,100-SF surgery center in west Little Rock changed hands in a $1.27 million deal.

Knoebl Properties LLC, led by Josh Lane, obtained the five-year loan of $1.28 million, one-year loan of $800,000 and five-year loan of $275,000 from Bank of the Ozarks.

The 1.4-acre surgery center development at 8820 Knoedl Court previously was linked with a December 2005 mortgage of $1.27 million held by Regions Bank.

The property was acquired for $1.27 million six months ago from Surgical Care Affiliates Inc., once led by Bill Hamburg.