Sonic Combo Purchase Totals Nearly $6M (Real Deals)

The sale of nine Sonic Restaurants in Pulaski County combined for a $5.94 million transaction.

D.L. Rogers Corp., a Sonic franchisee based in North Richland Hills, Texas, and led by Darrell Rogers, purchased the properties from SRI Real Estate Properties LLC of Oklahoma City.

The deal is financed with a $29.5 million loan from UMB Bank of Oklahoma City. The properties included six Little Rock projects:

  • The 1.56-acre development at 2917 Cantrell Road, $1.25 million. The former Steak & Ale site was acquired for $436,000 in December 2004 from Betty Baird.
  • The 0.95-acre development at 14216 Cantrell Road, $570,000. The location was bought for $353,000 in July 1996 from Joe Whisenhunt.
  • The 0.59-acre development at 9420 N. Rodney Parham Road, $565,000. The site was purchased for $405,000 in May 1996 from RLB Properties, led by Mike Pierce.
  • The 1.03-acre development at 10200 Mabelvale Plaza Drive, $517,000. The location was acquired for $275,000 in October 1998 from Conservative Development Co., led by Rick Ashley.
  • The 1.09-acre development at 10500 Stagecoach Road, $509,000. The site was bought for $275,000 in May 1999 from Otter Creek Land Co. LLC, led by Tommy Hodges.
  • The 0.76-acre development at 11214 Westhaven Drive, $435,000. The location was purchased for $297,000 in April 1994 from Parkway West Ltd., led by Christopher Burrow.

The deal included two Sonics in Sherwood:

  • The 0.61-acre development at 14516 Hwy. 107, $480,000. The site was acquired for $95,000 in January 2003 from Eagle Bank & Trust of Little Rock.
  • The 0.69-acre development at 4140 E. Kiehl Ave. in Sherwood, $512,000. The location was bought for $195,000 in May 2000 from Elbert Traister, Hsu Jen and Yueh Jyu Hwang and Kang and Emily Fan.

The final piece of the transaction was the 0.98-acre development at 13200 Crystal Hill Road in North Little Rock, $1.1 million. The site was purchased for $580,000 in May 2008 from Van-D’Lay Industries LLC, led by Andy Collins.

Parker Property

A 3-acre site in west Little Rock changed hands in a $1.3 million transaction.

Parker Brodie Creek Holdings LLC, led by Rick Parker, acquired the land near the northwest corner of Col. Glenn Road and Col. Glenn Plaza Drive.

The seller is Colonel Glenn Bowman Road Development I LLC, led by Leonard Boen and Hank Kelley.

The property previously was used to help secure a March 2012 mortgage of $8 million held by Centennial Bank of Conway.

The land is part of a 70.2-acre tract at the northwest corner of Interstate 430 and Col. Glenn Road largely assembled in two October 2002 transactions with:

  • An investment group composed of J. Kenneth and Linda Shollmier, Myra and Charles Hyde Jr., Bob Fewell, James T. Bell, Robert Byrne Jr., David N. White and Charles Abrams IV, $1.95 million.
  • James Hall, A. Dan Phillips, W. Daniel Thomas Jr. and William Humphries Jr., represented by Rector Phillips Morse’s Birch Brook Inc., $1.9 million.

A $950,000 deal in November 2002 with State Farm Mutual Automobile Insurance Co. of Bloomington, Ill., completed the $4.8 million land assembly.

Backyard Purchase

A closed Backyard Burgers in Little Rock is under new ownership after a $413,000 sale.

Cantrell Drug Co., led by James McCarley Jr., bought the project at 7323 Cantrell Road from Tommy and Karla Hilburn. The deal is funded with a five-year loan of $340,000 from Regions Bank of Birmingham, Ala.

The 0.31-acre location was acquired for $205,000 in December 1994 from Walter Higgins III and his wife, Mary.

Multifamily Buy

A 10-unit apartment property in North Little Rock rang up a $382,000 deal. Clarmot Properties LLC, led by Ray Sylvester, purchased the 801 McCain Blvd. project. The seller is Coray Properties Inc., led by Thomas Roy III.

The deal is backed with a five-year loan of $327,250 from IberiaBank of Lafayette, La. The 0.32-acre development at 801 McCain Blvd. previously was tied to an August 2012 mortgage of $249,598 from the bank.

The project was bought for $115,000 in December 2003 from Brett Sullivan.

Industrial Acquisition

An 82.9-acre industrial spread in south Pulaski County drew a $300,000 sale.

Clifton Family LLLP, led by Norman Clifton, acquired the Siemens Allis facility at 14000 Dineen Drive from Siemens Corp. of Iselin, N.J. The property in-cludes a 115,200-SF plant, 20,000-SF office building, 13,400 SF of warehouse space and a 3,200-SF cafeteria.

Siemens purchased the land in July

1969 for an undisclosed sum through its predecessor, Allis Chalmers Manufactur-ing Co. The seller was the Industrial Development Co. of Little Rock, led by Everett Tucker Jr.

Country Club House

A 3,154-SF home near the Country Club of Little Rock sold for $765,000.

Winston Ota bought the house from Mark Pryor and Jill Pryor. The deal is financed with a five-year loan of $612,000 from IberiaBank.

The residence previously was linked with a February 2009 mortgage of $282,800 and a September 2010 mortgage held by Arkansas Federal Credit Union of Jacksonville.

The Pryors acquired the house in April 2007 from Richard and Melissa Smith.

Rehabilitation Refinance

Two Pulaski County nursing homes were used to help secure a $35 million mortgage.

Trinity Court Inc., Robinson Nursing & Rehabilitation Center LLC, Ecumenical Care & Rehabilitation Center and Nursing & Rehabilitation Center at Good Shepherd LLC, led by Michael Morton, got the five-year loan from Tulsa’s

Bank of Oklahoma.

The 110-unit Robinson project at 519 Donovan Briley Blvd. previously was tied to a July 1998 mortgage of $2.27 million originated by North Little Rock’s Mercantile Bank of Arkansas.

The location was purchased for $131,000 in August 1993 from Camp Robinson Joint Venture, led by Jim Hathaway.

The 6.43-acre Good Shepherd site at 3001 Aldersgate Road was bought for $221,000 in February 1997 from Ecumenical Retirement Center Founda-tion Inc., led by Andrew Hudson.

Grocery Funding

The owner of three Food Giant grocery store projects in Little Rock landed a $5.8 million financial package.

EdProp Development Co. LLC, led by Stephen Edwards, obtained the five-year loan from BancorpSouth Bank of Tupelo, Miss.

The 2.11-acre development at 9203 Chicot Road was purchased for $785,000 in December from James Family Properties LLLP, led by Judith Scherer.

The 2.64-acre development at 10320 Stagecoach Road was acquired for $1.25 million, and the 2.63-acre development at 1703 Main St. was acquired for $1.75 million in July 2009.

Both properties were sold by BancorpSouth in July 2009.

Pharmasite Mortgage

A Little Rock enterprise picked up a $2.2 million funding agreement.

Pharmasite LLC, led by James McCarley Jr. and Lynn McCarley, received the five-year loan from Regions Bank.

The 1.02-acre Cantrell Drug Co. development previously was tied to three mortgages held by the bank: two July 2009 loans totaling $2.25 million and an April 2012 loan of $300,000.

Pharmasite bought the former luxury car dealership for $1.5 million in July 2009 from Larock Properties LLC, led by Lee Owens.