Land for a $17 million hotel development highlights a six-pack of multimillion-dollar transactions.
• The 120-room hotel project in downtown Little Rock is in motion after a $1 million land deal. Pinnacle Innvestments of Arkansas LLC, an affiliate of Little Rock’s Pinnacle Hotel Group, acquired a 1-acre site on the south side of Fourth Street between Rector and Collins streets.
Seller: Artisan on Collins LLC, led by Rusty Thompson, who is developing a namesake apartment for his limited liability company on an adjoining 1-acre site to the south.
Our insider reports that plans call for a six-story hotel project, yet to be branded, that will weigh in around $17 million.
• Four blocks to the west, work is almost completed on Pinnacle Hotel Group’s 140-room Hilton Garden Inn at 322 Rock St.
Pavilion Centre LLC, led by Tad Krug, Tim Farrell and Jim Irwin, sold its namesake 54,000-SF office building at 8315 Cantrell Road for more than $9.8 million.
Buyer: Two LLC, led by Keith Ingram.
• Rolling Hills H.C. Inc., led by Joey Wiggins, bought the 139-room Sandalwood Healthcare project at 2600 John Barrow Road for $5 million and the 70-room Chenal Healthcare & Rehabilitation Center at 3115 S. Bowman Road for $4.1 million.
The sellers were Sandalwood Arkansas Property LLC, an affiliate of AVIV REIT Inc. of Chicago, and FC Encore Properties B Holdco LLC, an affiliate of Formation Capital of Atlanta.
• Brian and Noel Reemtsen acquired an 8,844-SF manor in Little Rock’s Prospect Terrace neighborhood from Rod and Caroline Ford for $2.4 million.
• James and Patricia Wallis purchased a 6,235-SF home in the River Club neighborhood on the western outskirts of Little Rock for more than $1.4 million.
Sellers: Jeffrey and Tiffany Weatherly.
