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$6 Million Transaction Visits LR Airport Hotel (Real Deals)

5 min read

A 201-room hotel and adjoining restaurant in east Little Rock tipped the scales at $6 million.

LR-HI LLC of Springfield, Missouri, an affiliate of O’Reilly Hospitality Management LLC, bought the Holiday Inn Little Rock-Airport-Conference Center at 3201 Bankhead Drive.

The transaction with H&C Little Rock Holiday Inn LLC of Fort Smith included Boston’s Restaurant. The deal is financed with a 10-year loan of $6.8 million from Springfield First Community Bank.

The 7.28-acre location was purchased for $413,800 in February 1981, and construction of the project was backed with a $6.9 million bond issue.

The site was sold by Edwin Cromwell, trustee and agent; Southland Building Products Co., led by Roland Remmel; Fixed Assets Leasing Co., led by Roland Remmel; Arkansas River Construction Co., led by Pratt Remmel; J.T. and Hazel Laman, H. Maurice Mitchell, agent; Curtis and Peggy Stout; and Jean Remmel.

Walgreens I

The sale of a west Little Rock Walgreens weighed in at $5.9 million.

ARCP WG Little Rock Bowman AR LLC, an affiliate of American Realty Capital Properties Inc. of New York, acquired the store at 111 N. Bowman Road.

The seller is Walgreen Co. of Deerfield, Illinois. The 1.57-acre development is now helping secure a $119 million funding agreement with Ladder Capital Finance LLC of New York.

The 14,300-SF project was bought for $4.8 million in November 2000 from BCD Arkansas Ltd., led by James E. Cox.

Walgreens II

A Walgreens in Jacksonville changed hands in a $4.8 million transaction.

Labelle Jacksonville LLC of Men-omonie, Wisconsin, purchased the 14,460-SF store at 819 W. Main St. from CGIBBS LLC of Oakland, California.

The 1.63-acre development previously was tied to a November 2004 mortgage of $3.6 million originated through Wachovia Bank of Charlotte, North Carolina.

The project was acquired for $4.8 million in August 2005 from Cole WG Jacksonville AR LLC of Phoenix.

Village Transaction

The Village Shopping Center in Little Rock rang up a $3.04 million sale.

North MacArthur Investments LLC of Jericho, New York, bought the 153,400-SF retail project from Greater Missouri Builders Inc. of St. Charles, Missouri.

That SF total excludes the 11,310-SF Cinema 150, which was razed in the weeks following the change of ownership.

The 14.89-acre development previously was linked with a November 2001 mortgage of $3.4 million held by Jefferson Bank & Trust of Creve Coeur, Missouri.

A Greater Missouri affiliate, Brentwood-Clayton Trade Center, purchased the shopping center and an adjoining 15 acres that was once home to the Asher Drive-In for $3.4 million in April 1996.

The seller was TCI Realty Investments Co. of Englewood, Colorado, also known as United Artists Theatre Holding Co.

Conservancy Deals

An undeveloped 247-acre tract along the Little Maumelle River in west Little Rock is under new ownership after a $1 million transaction.

The Nature Conservancy of Arlington, Virginia, acquired the land at the north end of Ranch Boulevard from Ranch Properties Inc., led by Ed Willis.

The acreage was part of a $2.15 million purchase in August 1984 from Johnson Land Co., led by Kelley Johnson.

The Nature Conservancy sold a 33,660-SF warehouse facility at 3201 S. Elm St. in Little Rock for $250,000 to 3200 Myers Street Partners LLC of Riverside, California.

The deal is funded with a three-year loan of $210,000 from Malvern National Bank. The 1.38-acre development was donated to the Nature Conservancy in December 2011 by Elm Street Fund LLC, led by Bob East.

Mapa Acquisition

A 12,240-SF commercial building in North Little Rock drew a $197,558 sale.

Mapa Enterprises LLC bought the Ultimate Technical Academy project at 6108 Getty Drive. The sellers, James and Lorene Patterson, provided a seven-year mortgage of $197,558 to finance the deal.

The Pattersons acquired the 2.05-acre development for $135,000 in September 1988 from Roger Whitecotton and Howard and Charlene Simmons.

Arbor Garden

A 13,940-SF industrial facility in south Little Rock sold for $170,000.

The city of Little Rock purchased the Barnhart & Crane Rigging project at 8216 Arch Street Pike, encompassing more than 147 acres. The seller is Barnhart Real Estate LLC, led by Alan and Eric Barnhart.

The property will become the new home of the city’s urban forestry operation that will include a tree farm.

The development was bought for $238,000 in June 2004 from Southern Auto Salvage Inc., led by Marvin Massey.

Woodland’s Home

A 4,349-SF home in west Little Rock’s Woodland’s Edge neighborhood changed hands in a $720,000 deal.

Michael and Leeann Whitlock acquired the house from Chenal Valley Construction Inc., led by James Miles.

The deal is funded with a 30-year loan of $576,000 from Arvest Mortgage Co. of Lowell. The residence previously was tied to an April 2014 mortgage of $528,000 held by Bancorpsouth Bank of Tupelo, Mississippi.

The site was purchased 11 months ago for $155,000 from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

Forest Heights Abode

A 2,400-SF home in Little Rock’s Forest Heights Place neighborhood rang up a $529,000 transaction.

Christopher and Annabel Johnson bought the house from Kathryn Thrailkill.

The deal is backed with a $570,000 loan from One Bank & Trust of Little Rock. The residence previously was linked with an August 2013 mortgage of $160,000 held by Centennial Bank of Conway.

Thrailkill acquired the property for $510,000 19 months ago from Lisa Kirkpatrick.

Lamarche Residence

A 4,887-SF home in the Lamarche neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $510,000 sale.

Sean Snape purchased the house from Mathew and Lori Kagy. The deal is financed with a seven-year loan of $408,000 from IberiaBank of Lafayette, Louisiana.

The residence previously was tied to November 2012 mortgages of $408,000 and $50,000 held by Bank of America in Charlotte, North Carolina.

The Kagy family bought the property for $510,000 in February 2002 from Billy Hartness Construction Co.

Twin Mortgage

A west Little Rock Twin Peaks sports bar and a North Little Rock Napa Auto Parts store were used to help secure a nearly $2.5 billion funding agreement.

Spirit Master Funding VI LLC and Spirit Master Funding VIII LLC, both of Scottsdale, Arizona, obtained the credit agreement overseen by Citibank of Sioux Falls, South Dakota.

Spirit Master Funding VIII acquired the 2.1-acre Twin Peaks development at 10 Shackleford Drive for $2.3 million in June 2014 from TC Little Rock LLC of Phoenix.

Spirit Master Funding VI purchased the 0.88-acre Napa development at 8717 Sheltie Drive for $631,000 in March 2014 from James Family Properties LLLP, led by Judith Scherer.

Apartment Funding

The owner of 176-unit apartment complex in west Little Rock landed a $8 million mortgage.

Deancurt Little Rock LLC of Agawam, Massachusetts, received the loan from Lenox Financial Services LLC of West Springfield, Massachusetts.

The 12.22-acre Fountains at Chenal development at 15000 Chenal Parkway previously was linked with April 2014 mortgages of $7.15 million held by Lenox Financial and $795,000 held by TD Bank of Hartford, Connecticut.

Deancurt bought the project 11 months ago for $7.95 million. The seller was Chenal Park Apartments Ltd. of St. Louis.

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