Maumelle Hampton Inn Hosts $6.3 Million Sale (Real Deals)

The sale of a 70-room Hampton Inn in Maumelle weighed in at $6.3 million.

Maumelle Hotel LLC, led by Narish and Manish Patel, acquired the 11920 Maumelle Blvd. project. The seller is WMHI LLC, led by Lisa Whitten.

The deal is funded with a five-year loan of $4.93 million from First Arkansas Bank & Trust of Jacksonville.

The 1.81-acre development previously was linked with an October 2009 mortgage of $5 million, a February 2011 mortgage of $200,000 and a May 2011 mortgage of $407,475 held by First Arkansas.

The location was purchased for $674,000 in October 2009 from JLB LLC, led by James and Lynda Bowers.

Office Property

Development of an office project in west Little Rock is in motion after a $1.93 million land deal.

Midcontinent Independent System Operator Inc. of Carmel, Ind., bought the 6.2-acre site at the southwest corner of Executive Center and Center View Drive from ISB Westlake LLC, led by Jim Irwin.

The land was acquired as part of a $30.4 million transaction in March 1999. The deal included the six-building WestLake Corporate Center (formerly known as the Koger Center).

The seller was Koala Little Rock Realty Holding Co., an affiliate of J.P. Morgan Investment Management Inc.

Storage Recovery

A 60,275-SF mini-storage project in south Little Rock changed hands after a $1.35 million foreclosure sale.

Wood Stone Little Rock LLC of Mount Kisco, N.Y., recovered the 6100 Leon Circle project from U-Store It Storage Solutions LLC of Tarzana, Calif.

The 3.3-acre development previously was tied to a December 2006 mortgage of $1.92 million originated by Column Financial Inc. of New York.

U-Store It Storage Solutions purchased the property for $2.4 million more than seven years ago from U-Storit Inc., led by Bill Humble.

Office Transaction I

A 7,605-SF medical office building in west Little Rock tipped the scales at $1.2 million.

South Central Management Services LLC, led by Jett Harris, acquired the 600 Autumn Road project from Drs. Rob L. & Angela H. Barrow LLC.

The deal is financed with a 20-year loan of $960,000 and a one-year loan of $300,000 from First Western Bank of Booneville.

The 1.07-acre development previously was linked with a June 2011 mortgage of $850,000 and a June 2012 mortgage of $40,000 held by IberiaBank of Lafayette, La.

The Barrows bought the site for $306,000 ($7 per SF) in May 2002 from Commercial Net Realty Inc., a real estate investment trust based in Orlando, Fla.

Million-Dollar Construction

White Oak Apartments $10,825,000
10701 Burkhalter Haas Drive, North Little Rock  
White Oak Apartments LLC, North Little Rock  
   
Forest Place Apartments Renovation $6,000,000
1421 N. University Ave., Little Rock  
Bear Claw Construction Management LLC, Kansas City, Mo.  
   
Pleasant Ridge North $1,300,000
11400 Cantrell Road, Little Rock  
Bailey Construction & Consulting LLC, Little Rock  
   
Parking Deck $1,215,000
215 E. Markham St., Little Rock,  
Clark Contractors LLC, Little Rock  
   
Office Remodeling $1,000,000
11025 Anderson Drive, Little Rock  
VCC LLC, Little Rock

 

Office Transaction II

A 5,944-SF office building in west Little Rock is under new ownership after an $835,000 transaction.

Pinnacle Management Group LLC, led by Peter Biagioni, purchased the 6321 Ranch Drive project. The seller is Simpson & Associates LLC, led by Dewayne Simpson.

The deal is backed with a $792,000 loan from Little Rock’s One Bank & Trust. The 0.63-acre development previously was tied to a December 2011 mortgage of $562,497 held by BancorpSouth Bank of Tupelo, Miss.

The location was acquired for $153,000 in January 2004 from Ranch Properties Inc., led by Ed Willis.

Gator Acquisition

An amusement destination in southwest Little Rock rang up a $290,000 sale.

MHH Properties LLC, led by Marcia H. Hall, bought the Gator Park project at 11411 W. Baseline Road. The seller is National Property Holdings LLC, led by Michael Love and Erick Stock.

The deal is funded with a $1.29 million loan from Delta Trust & Bank of Little Rock.

The 7.2-acre development previously helped secure a June 2011 mortgage of $280,000 held by First Security Bank of Searcy.

National Property Holdings purchased the property more than two years ago as part of a $313,000 deal with BancorpSouth Bank.

PV Residence

A 5,328-SF home in west Little Rock’s Pleasant Valley neighborhood drew a $900,000 transaction.

Greg and Shannon Ardoin acquired the house from One Bank & Trust.

The deal is financed with a 15-year loan of $600,000 from Arvest Bank of Fayetteville.

Hunter Stuart forfeited the property to One Bank in August 2013 to settle alleged loan fraud claims related to a March 2009 mortgage of $360,000 held by the bank.

That loan was orchestrated by Stuart’s father, the late Layton “Scooter” Stuart, CEO of One Bank at the time.

The elder Stuart allegedly used other One Bank funds to redevelop the residential property.

Club House

A 3,788-SF home near the Country Club of Little Rock sold for $650,000.

Rodney Thomason purchased the house from Lee and Kristina Raley. The deal is backed with a 30-year loan of $350,000 from Simmons First National Bank of Pine Bluff.

The residence previously was linked with a June 2012 mortgage of $524,000 held by Little Rock’s IberiaBank Mortgage Co.

The Raleys acquired the property for $600,000 in April 2009 from Aaron and Cynthia Salisbury.

Heights House

A 3,100-SF home in the Heights area of Little Rock changed hands in a $560,000 transaction.

Michael and Mary Bourns bought the house from Duda Properties LLC, led by Ralph Duda II.

The deal is funded with a 15-year loan of $417,000 from Bank of Little Rock Mortgage Corp.

The residence previously was tied to a December 2012 mortgage of $380,000 held by BancorpSouth Bank.

Duda purchased the property to redevelop in a $146,000 deal with Debra Branch 14 months ago.

Parkland Financing

A mix of homes and undeveloped home sites in west Little Rock is backing a $2.47 million funding agreement.

Parkland Heights Ranch Properties LLC, led by Shabhir Dharamsey, obtained the two-year loan from Simmons First National Bank.

The 12 properties along 5-29 Farrah Lane previously helped secure a July 2006 mortgage of $5 million, a June 2011 mortgage of $398,300, December 2011 and March 2012 mortgages of $408,000 and a June 2013 mortgage of $371,000, all held by Little Rock’s Bank of the Ozarks.

The land was bought in April 2006 as part of a $2.4 million deal with Ranch Properties Inc., led by Ed Willis.