Red Lobster Serves Up $4.2M Transaction (Real Deals)


Red Lobster Serves Up $4.2M Transaction (Real Deals)

A 7,594-SF restaurant in west Little Rock tipped the scales at $4.25 million.

RL1AK LLC of New York purchased the Red Lobster at 8407 W. Markham St. from ARCP RL Portfolio VI LLC, an affiliate of American Realty Capital Properties Inc. of Phoenix.

The 2.82-acre development was bought for $3.4 million in July 2014 from GMRI Inc. of Orlando, Florida, an affiliate of Darden Restaurants.

Starbucks Sale
A coffee shop in Little Rock’s Riverdale area weighed in at $1.95 million.

Bradford Square of Arkansas LLC, led by Mark and Kimberly Dake, acquired the Starbucks at 2815 Cantrell Road for nearly $2 million. The seller is East Cantrell Development Group LLC, led by James Harkins and Edward Bailey.

The deal was financed with a 20-year loan of $1.1 million from Springfield First Community Bank of Missouri.

The 0.47-acre development previous-ly was tied to an April 2017 mortgage of $405,000, a February 2018 mortgage of $1.1 million and a June 2018 mortgage of $173,759 million held by Relyance Bank of Pine Bluff.

East Cantrell purchased the former Shogun Japanese Steakhouse project for $450,000 in April 2017 from LSPE Development LLC, led by Steve Im.

Peachtree Acquisition
A 16-unit apartment project in downtown Little Rock rang up a $900,000 sale.

315onsixth LLC, led by Darshan Patel and Rusty Thompson, bought Peachtree Apartments at 315 E. Sixth St. The seller is Peachtree Opportunity Funds LLC, led by Jill Judy and Mark Brown.

The deal is funded with a $765,000 loan from Farmers Bank & Trust of Magnolia.

The 0.26-acre development was previously linked with a June 2018 mortgage of $756,000 held by One Bank & Trust of Little Rock.

Peachtree acquired the project for $786,800 six months ago from the Arkansas Repertory Theatre.

Banyan Purchase
A 7,600-SF office project in west Little Rock changed hands in a $700,000 deal.

Banyan Capital Investments LLC, led by Bryan Hosto, purchased Merrill Street Plaza at 1602-04 Merrill Drive. The seller is Leung’s Inc., led by Yuen Ho Leung.

Leung’s carried $600,000 of the sale in the form of a 15-year loan.

The corporation recovered the 1.5-acre development in July 2010 at a $610,000 foreclosure sale.

The property was recovered from 1602 Merrill Drive LLC, led by Myron Harrison and Byron McKimmey.

Office-Warehouse Buy
A 14,000-SF office-warehouse in south Little Rock drew a $535,000 transaction.

Liberty Enterprise Group LLC of Joplin, Missouri, acquired the Metro Fire Extinguisher project at 5120 W. 65th St. from the Davis Family Trust, led by William and Barbara Davis.

The 1.21-acre property was purchased for $106,000 in October 1988 from B&T Development Co., led by Sidney Thom.

Moose Transaction
A 1,269-SF cleaners in Sherwood sold for $290,000.

BBG Investment Properties LLC, led by Joe Veiga, bought the Moose Cleaners project at 3960 E. Kiehl Ave. from the estate of Sherry Ann Gann.

The deal is backed with a 10-year loan of $250,000 from Hope Federal Credit Union of Jackson, Mississippi.

The 0.56-acre property was acquired for $53,000 in September 1988 from Gary and Robin Dean, Mike Barrow, the Hoofman & Bingham law firm, Edwin Kane, Michael Moore, Stefan Smith, Lynn Lindsey, Thomas Steves, Ted Hannah, Gordon Grayson and Brock Johnson.

Calvinistic Property
A 5-acre property in the Landmark community of south Pulaski County is under new ownership after a $250,000 deal.

Westminster Presbyterian Church, led by Robert McGough, Jerry and Brenda Donaldson and Lillian Scott, purchased the land and 2,200-SF house at 15802 Arch St. Pike.

The seller is the Lillian Griffith Revocable Trust, led by Letha Griffith and Robert Parsons.

The property was bought for $2,500 in November 1944 from W.A. and Sarah Duncan.

Germay Manor
A 4,370-SF home in the Germay Court neighborhood of west Little Rock’s Chenal Valley development tipped the scales at $1.15 million.

Jamie and Kim Cardenas acquired the house from the Timothy Scott Proctor Revocable Trust.

The deal is financed with a 30-year loan of $300,000 from Arvest Bank of Fayetteville. The residence previously was tied to an August 2016 mortgage of $392,500 held by Bear State Bank of Lit-tle Rock.

The property was purchased for $757,500 in March 2014 from Mike Allwine.

Kingwood Residence
A 4,137-SF home in Little Rock’s Kingwood neighborhood rang up a $825,000 sale.

The Celia Cupp Baker Trust bought the house from Julie Fullerton. The property was acquired for $512,000 in September 2005 from Jack and Ann Ward.

Sezanne Abode
A 4,672-SF home in the Sezanne Court neighborhood of west Little Rock’s Chenal Valley development changed hands in a $595,000 deal.

Komi Vovor-Dassu purchased the house from Jacqueline Caldwell.

The deal is funded with a 30-year loan of $595,000 from Simmons Bank of Pine Bluff. The residence previously was linked with a July 2008 mortgage of $150,000 and a January 2013 mortgage of $400,000 held by IberiaBank of Lafayette, Louisiana.

The property was bought for $600,000 more than 10 years ago from DavisBuilt Inc., led by James Davis.

Oaks Residence
A 3,100-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development sold for $500,000.

The Nutter Family Revocable Trust, led by Barry and Carole Nutter, acquired the house from the Wilimzig Revocable Living Trust, led by Robert and Sheila Wilimzig.

The deal is backed with a 30-year loan of $200,000 from Simmons Bank. The residence previously was tied to an August 2018 mortgage of $350,000 held by Bank OZK of Little Rock.

The property was purchased for $485,000 in April 2013 from Nicholas Kupferle III and his wife, Glenda.