Cardinal Health Project Attracts $7M Transaction (Real Deals)

by George Waldon  on Monday, Mar. 11, 2019 12:00 am   4 min read

A 71,005-SF office building in Sherwood weighed in at $7 million.

Cardinal Sherwood LLC of Marina Del Rey, California, bought the Cardinal Health project at 5426 Landers Road.

The seller is Schonfeld Properties Arkansas LLC of Burlingame, California.

The deal is financed with a $5.1 million loan from BNY Mellon of Pittsburgh.

The Schonfeld family acquired the 6.82-acre development for nearly $5.9 million in January 1991 from Karen Flake and George and Rebecca Wells.

Outstanding Purchase
A 128-room hotel in west Little Rock tipped the scales at $5.5 million.

Outstanding Hospitality LLC of Spring, Texas, purchased the Holiday Inn at 10920 Financial Centre Parkway from Westrock Hotels LLC, led by Pravinchandra Patel, Ishver Govind and Manish Patel.

The 2.99-acre development previously was linked with a January 2013 mortgage of $6.3 million held by Heartland Bank of Bryant.

The property was bought for $2.8 million in August 2011 from Jameson Crestwood I LLC of Smyrna, Georgia.

Snapbox Buys
Two Snapbox mini-storage projects in south Little Rock rang up tandem sales totaling $5.3 million.

Affiliates of Bentonville’s Walmart Stores Inc. acquired the projects from affiliates of Philadelphia’s Self Storage Capital Partners.

  • North Star Geyer LLC bought the 376-unit project at 8015 Geyer Springs Road for $3.2 million from SSCP Geyer Springs RD LLC.
  • North Star Leon LLC purchased the 562-unit project at 6100 Leon Circle for $2.1 million from SSCP Leon Circle LLC.

The 4.88-acre Geyer Springs development and 3.34-acre Leon Circle development previously were tied to a Novem-ber 2016 mortgage of nearly $7 million held by Citigroup Global Markets Realty Corp. of New York.

The properties were acquired in two deals totaling $5.2 million more than two years ago from Little Rock Self Storage LLC of Cordova, Tennessee.

Econo Acquisition
A 41-room motel in North Little Rock changed hands in a $666,250 transaction.

Protho Junction LLC, led by Bhu and Kal Makan and Anant Patel, purchased the Econo Lodge Inn & Suites at 5811 Pritchard Drive. The seller is Sarina Lodging LLC, led by Sanjay Patel.

The 1-acre development previously was linked with a March 2008 mortgage of $1 million held by Conway’s Centennial Bank and an April 2009 mortgage of $680,000 held by the U.S. Small Business Administration.

The site was acquired for $65,000 in December 1995 from First Southeast Corp., led by William Pritchard.

Chenal Downs
A 4,561-SF home in west Little Rock’s Chenal Downs neighborhood sold for $983,200.

Michael and Angela Elley bought the house from Charles and Cindy Harper. The deal is backed with a 30-year loan of $835,720 from Highlands Residential Mortgage Ltd. of Dallas.

The residence previously was tied to July 2014 mortgages of $417,000 and $233,000 held by Simmons First National Bank of Pine Bluff.

The Harpers purchased the 5-acre site for $125,000 in July 2012 from Circular Properties LLC, an affiliate of the Watkins Co. in Little Rock.

Hickory Creek
A 4,915-SF home in west Little Rock’s Hickory Creek neighborhood drew a $775,000 transaction.

Jeffrey and Kathryn Stambough ac-quired the house from Johnathan and Julia Goodwin. The deal is funded with a 30-year loan of $614,400 from Bank of America in Charlotte, North Carolina.

The Goodwins bought the residence for $825,000 in May 2016 from CBM Appraisals Inc., led by Chris Maris.

Heights House
A 3,781-SF home in the Heights area of Little Rock is under new ownership after a $630,000 deal.

Todd and Callie Havens purchased the house from Grubco Construction & Design LLC, led by Michael Grobmyer.

The residence previously was linked with February 2018 mortgages of $496,131 held by BancorpSouth Bank of Tupelo, Mississippi, and $50,000 held by Malvern National Bank. Grubco acquired the property for $340,000 in January 2017 from Daniel Moore.

Woodlands Residence
A 3,320-SF home in west Little Rock’s Woodlands Edge neighborhood rang up a $545,000 sale.

Arthur Shumate bought the house from William and Sherryl Miller.

The deal is financed with a 30-year loan of $480,000 from Bank of Little Rock Mortgage Corp.

The residence previously was tied to a July 2017 mortgage of $375,000 held by Simmons Bank of Pine Bluff.

The Millers purchased the location for $76,000 in November 2015 from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

Lakewood Abode
A 4,869-SF home in the Lakewood neighborhood of North Little Rock changed hands in a $525,000 deal.

The Keeling Revocable Trust, led by Joe Keeling Jr. and his wife, Vicky, acquired the house from Carr Living Trust, led by John and Millicent Carr.

The residence previously was linked with a May 2013 mortgage of $324,000 held by Arvest Bank of Fayetteville.

The Carrs bought the house for $400,000 in May 2005 from Peggy Grenard.

Arby’s Examination
At year’s end, nine Arby’s in Pulaski County sold in a string of transactions totaling more than $10.2 million. Here are some more details on the properties.

MDC Coast 12 LLC of San Diego purchased five of the projects in deals with affiliates of a Tulsa-based franchisee: 2010 USB Real Estate LLC, United States Beef Corp. and JWD Properties LLC.

  • 15510 Chenal Parkway in west Little Rock, $1.2 million. The 0.81-acre site was acquired for $595,000 in June 2009 from Chenal & Wellington Hills 2007 LLC, led by Jeffrey Nicholas.
  • 105 Savannah Drive in Maumelle, $1 million. The 0.87-acre location was bought for $378,000 in November 2006 from Bob Fewell.
  • 5324 JFK Blvd. in North Little Rock, $1 million. The 0.76-acre site was purchased for $90,000 in September 1977 from Lakehill Realty Co., led by John Sanders Sr.; John and Catherine McCon-nell and John Sanders Jr.
  • 8212 Geyer Springs Road in southwest Little Rock, $1 million. The 0.67-acre property was assembled in two deals with Mobil Foundation Inc. of New York, $130,000 in May 1977; and Sparks Revocable Trust, led by Billye Sparks, $75,000 in July 2009.
  • 3921 E. Kiehl Ave. in Sherwood $964,000. The 1-acre location was ac-quired for $430,000 in May 2005 from Kiehl-Sherwood Properties LLC, led by Elmer Cochran Jr.

National Retail Properties Ltd. of Orlando, Florida, purchased three Arby’s from United States Beef. The deals encompassed:

  • 2704 S. Shackleford Road in west Little Rock, $1.3 million. The 0.95-acre site was bought for $765,000 in November 2010 from Shackleford Crossings LLC, once led by Steve Clary and then administered by Timothy Buss on behalf of the project’s lender, M&I Marshall & Ilsley Bank of Milwaukee.
  • 9624 N. Rodney Parham Road in west Little Rock, $932,000. The 0.58-acre location was purchased for $110,000 in May 1977 from Johnson Land Co., led by Glenn Johnson Jr.
  • 4560 E. McCain Blvd. in North Little Rock, $919,00. The 0.72-acre site was acquired for $543,000 in August 2005 from the Woodcrest Co. LLLP, led by James Matthews.

FRG Properties LLC of San Francisco bought the Arby’s at 1001 W. Main St. in Jacksonville from United States Beef for $797,150.

The project is now helping secure a $35.5 million funding agreement ad-ministered by Wells Fargo Bank of Sioux Falls, South Dakota.

The 0.57-acre location was purchased for $172,000 in July 1979 from General Properties Inc., led by James P. Matthews.

 

 

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