Presidential Hotel Hosts $8.5M Sale (Real Deals)

Presidential Hotel Hosts $8.5M Sale (Real Deals)
The Holiday Inn-Presidential at 600 Interstate 30 in downtown Little Rock.

A 150-room hotel in downtown Little Rock weighed in at $8.5 million.

LR HI Associates LLC, an affiliate of Centura Capital of Conshohocken, Pennsylvania, bought the Holiday Inn-Presidential at 600 Interstate 30. The seller is HI Presidential LLC, led by Larry Carpenter.

The deal is financed with an $8.6 million loan from The Bancorp Bank of Wilmington, Delaware.

The 1.26-acre development previously helped secure a March 2002 mortgage of $3.95 million held by Bank of Washington (Missouri) and a May 2006 mortgage of $5.8 million held by U.S. Bank of Cincinnati as trustee of a port-folio of mortgage-backed securities.

The transaction was accompanied by the $200,000 purchase of an adjoining 0.8-acre parking lot by Centura’s LR PS Associates LLC from Carpenter Hotel Group LLC.

Carpenter acquired what was the 2.06-acre Best Western InnTowne Hotel development through his HALR Holding LLC for $2.48 million more than 14 years ago. The seller was InnTowne Partners Ltd., led by Robert Ridenour.

Hooters Transaction

The Hooters in North Little Rock tipped the scales at $2.35 million.

Vera Cruz Properties Ltd. of San Marcos, California, purchased the project at 4110 Landers Road from Slevin Capital Development Inc. of South Barrington, Illinois.

The deal is backed with a 10-year loan of $1.5 million from Southern Bank of Springfield, Missouri.

Slevin Capital bought the 1.68-acre development for $1.93 million in June 2006 from Barrett Ventures I LLC of Rolesville, North Carolina.

Packet Purchase

The historic Packet House in downtown Little Rock changed hands in a $1.3 million transaction.

The 1836 Club PLLC, led by Rod Damon, Mark Camp and Jeremy Hutchinson, acquired the 8,200-SF building at 1406 Cantrell Road. The seller is Packet House Grill LLC, led by Betty Richards.

The deal is funded with 30-year loans of $1.1 million and $225,000 from First State Bank of Lonoke. The 2.16-acre development previously was tied to a January 2012 mortgage of $725,000 held by Arvest Bank of Fayetteville.

The property was purchased for $650,000 in July 2011 from Chambers Bank of Danville.

The bank recovered the property at a $635,000 foreclosure sale in August 2010 from Gibraltar National Insurance Co., led by Steve Standridge at the time.

Site Acquisition I

Two 1.1-acre commercial sites in Sherwood are under new ownership after an $862,000 sale. Multi-Management Services Inc., the for-profit arm of Baptist Health, bought the land at the northwest corner of Highway 107 and Oakdale Road. The seller is 107-Oakdale LLC, led by Byron McKimmey.

The property previously helped se-cure a May 2013 mortgage of $1.47 million held by Arvest Bank.

The land was acquired in February 2006 as part of an $8.3 million transaction with Metropolitan Land Co., representing the heirs of Justin Matthews and his Metropolitan Trust.

Site Acquisition II

A 2.5-acre commercial parcel in west Little Rock rang up a $510,000 sale.

KMS Legacy LLC, led by Kristy Spann, purchased the land at 15100 Cantrell Road from IberiaBank of Lafayette, Louisiana.

The deal is financed with a $485,000 loan from Centennial Bank of Conway.

IberiaBank entered the ownership picture in October 2011 at a $523,688 foreclosure sale. The bank recovered the land from Civil Design Inc., led by William and Carylon Dean.

Downtown Buy

Ownership of an 11,464-SF commercial building in downtown Little Rock consolidated in a $433,566 transaction.

Bek Kaiser sold his one-third stake in the 313 President Clinton Ave. project, home to Gusano’s Pizza and more.

The buyers were Three Thirteen LLC, led by Jimmy Moses, Lisa Ferrell, Jim Jackson, and Willis Smith & Co. Inc.

The deal is backed with a five-year loan of $825,000 from Relyance Bank of Pine Bluff.

The 0.16-acre development previously was linked with an October 2003 mortgage of $541,930, a November 2003 mortgage of $770,000 and a December 2010 mortgage of $24,000 held by BancorpSouth Bank of Tupelo, Mississippi.

The property was acquired for $770,000 in October 2003 from the creditors of Ozark Mountain Enterprises Inc.

Multifamily Deal

A seven-unit apartment project in the Hillcrest area of Little Rock drew a $317,000 deal. DWB Properties LLC, led by Danny William Brown, bought the complex at 503 N. Pine St.

The seller is Gamma Care Inc., led by Amin Amarshi. The 0.15-acre development previously was tied to a June 2008 mortgage of $310,000 held by Summit Bank of Arkadelphia.

The property was purchased for $268,000 nearly eight years ago from Second Genesis Ministries Inc., led by Anne Fulk.

Popeyes Sale

A 3,366-SF restaurant in Jacksonville sold for $300,000.

Walid and Hosam Ismail acquired the Popeyes at 1502 Main St. from JY Rental LLC, led by Richard Jones.

The 0.88-acre development is helping secure a six-year loan of $675,000 held by Bank of England. The Jones family has owned the land since 1948-49.

Site Acquisition III

A Windstream office-warehouse project is in motion after a $197,933 land deal in North Little Rock. NLR Partners LLC of Dallas purchased the 1.21-acre site at 5150 Northshore Lane from Pfeifer Family Ltd. No. 1, led by Gene Pfeifer.

Construction is funded with a $1.53 million loan from Centennial Bank. The property previously was linked with a June 2006 $2.4 million mortgage held by Little Rock’s Bank of the Ozarks.

The property was acquired in May 2000 for $2.1 million as part of a 600-acre deal with Karen Smith Riecke and North Shore Ltd., led by Harold Tenenbaum.

Maisons Abode

A 4,026-SF home in The Maisons neighborhood of west Little Rock’s Chenal Valley development changed hands in a $534,500 transaction.

Donald and Vickie Boyd bought the house from the Barbara Colwell Family Trust. The deal is financed with a 30-year loan of $417,000 from First Security Bank of Searcy.

The residence previously was tied to a December 2013 mortgage of $392,000 from Simmons Bank of Pine Bluff.

The Colwells purchased the property for $490,000 more than two years ago from Terry and Susan Murray.

Prospect House

A 4,326-SF home in Little Rock’s Prospect Terrace neighborhood is under new ownership after a $520,000 sale.

Gary Duke acquired the house from Bank of New York Mellon, as trustee of a portfolio of mortgage-backed securities.

The property was recovered from Thomas and Melissa McCain at a $648,109 foreclosure sale in June 2015.

The McCains bought the residence for $500,000 in June 2004 from Thomas and Sheila McHaffy.

Seven-Digit Construction

Pharmacy Remodeling     $1,782,366
Arkansas Children’s Hospital
1 Children’s Way, Little Rock
Nabholz Construction Corp., Conway

Office Building    $1,500,000
5103 Warden Road, North Little Rock
Ready Construction Services LLC, Dallas

Murphy Express    $1,272,300
12600 Chenal Parkway, Little Rock
JMD Construction Services LLC, Little Rock