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Historic Lafayette Building Visited by $3.2M Sale (Real Deals)Lock Icon

5 min read

A hotel redevelopment in downtown Little Rock is in motion after tandem transactions totaling $3.2 million.

G&G Lafayette LLC, led by Manish Patel, bought future hotel space on floors 1-5 plus the basement and mezzanine of the Lafayette Building at 523 Louisiana St. along with a 12,000-SF parking lot on the west side of Louisiana Street for $2.05 million.

G&G Lafayette Condos LLC, another affiliate of Little Rock’s G&G Hospitality Group, purchased eight condos on floors 6-8 for $1.2 million.

The seller in both deals is Lafayette Building LLC, led by Chad Gallagher. The deal is financed with a one-year loan of $2.7 million from Fidelity Bank of West Memphis.

The property previously was tied to a January 2014 mortgage of $2.4 million held by Fidelity.

Lafayette Building acquired about 43,000 SF of commercial space, the parking lot and 10 condos for $3 million more than six years ago from Lafayette Plaza LLC, an affiliate of Tower Investments LLC of Woodland, California.

Diamond Development

A nearly 2-acre piece of North Little Rock weighed in at $2.42 million.

Diamond State Oil LLC, led by John Harris, purchased the 2,624-SF Valero convenience store at 605 E. Broadway, the 3,081-SF Sharks restaurant at 613 E. Broadway, the 3,415-SF Incredible Kidz day care at 320 N. Locust St. and a 0.44-acre parking lot.

The seller is Anders Trust Properties LLC, led by Michael and Patrick Anders. The deal is backed with a seven-year loan of $2 million from Simmons Bank of Pine Bluff.

Most of the property was assembled in five transactions totaling $367,500.

The 0.58-acre Sharks property (a former KFC) was bought for $290,000 in January 2016 from DFM Investments LLC, led by Sam Fiori.

The 0.23-acre day care property was acquired for $31,000 in August 1970 from Poole Electric Inc.

The parking lot property was purchased for $29,000 in October 1975 from Lakehill Realty Co., led by John Sanders Sr.

Parts of the Valero property were bought in deals with Murriell and Maude Anderson, $10,000 in April 1959; and Blanche Thompson and Delphia McWilliams, $7,500.

Multifamily Sanctuary

A nine-unit apartment project in a former church in downtown Little Rock changed hands in a $975,000 deal.

The Matthew Emory Chavez & Igor Dos Santos SA Revocable Trust of Placerville, California, acquired Cathedral Park Apartments at 1500 Center St. from Jill Judy and Mark Brown.

The deal is funded with a 10-year loan of $682,500 from Arvest Bank of Fayetteville.

The 0.34-acre development previously was linked with a December 2015 mortgage of $547,835 held by One Bank & Trust of Little Rock.

The former home of the Annunciation Greek Orthodox Church was purchased for $425,000 in August 2005 from Charles and Susan Taylor.

Dollar Deal

An 8,990-SF Dollar General store in west Little Rock rang up an $825,000 sale.

Palrock DG LLC, an affiliate of FMOC Ltd. of Austin, Texas, bought the 9500 Satterfield Drive project.

The seller is Satterfield DG LLC, led by Jordan Jeter and Hank Kelley.

The deal is financed with a five-year loan of $701,250 from Encore Bank of Little Rock.

The 1.15-acre development previously was tied to a July 2015 mortgage of $618,750 held by Bear State Bank of Little Rock.

The project was acquired for $825,000 nearly five years ago from Long-Watson-Long Development LLC, led by Rodney Watson.

Sherwood Commercial

A 5,170-SF auto service repair shop in Sherwood drew a $585,000 transaction.

F9 Properties LLC of Miami Beach, Florida, bought the 8201 Warden Road project from Enter Inc., led by Karl Kohler.

The 0.85-acre development previously was linked with an April 2006 mortgage of $595,000 held by Eagle Bank & Trust of Little Rock.

Enter purchased the site for $340,000 more than 14 years ago from S.M.W. LLC, led by Willis Smith, Byron McKimmey and Robert Wilson.

Hardcore Transaction

A 5,600-SF fitness center in Jacksonville sold for $255,000.

Xpress Media Blasting LLC, led by John Barber, purchased Hardcore Fitness Center at 1108 S. Redmond Road. The seller is JDH Enterprises LLC, led by Mark Hatcher.

The deal is backed with a three-year loan of $480,000 from the Bank of Little Rock.

The 0.61-acre property was bought as part of two transactions in February 1985 and December 1990 totaling $46,900 with Dupree Brothers Ltd., led by P.W. Dupree Jr.

Pinnacle Residence

A 5,878-SF west Pulaski County home near Pinnacle Mountain State Park tipped the scales at $1.25 million.

Susanne Clinton acquired the 5-acre spread from David and Amy White. The deal is funded with a 25-year loan of $999,900 from Regions Bank of Birmingham, Alabama.

The residence previously was tied to a February 2017 mortgage of $757,500 held by the Bank of Little Rock Mortgage Corp.

The land was purchased in November 2004 as part of a $365,000 deal with the Chester A. Westergard & Linda R. Westergard Revocable Trust.

Heights Home I

A 4,000-SF home in the Heights area of Little Rock is under new ownership after a $935,000 sale.

Gene Ludwig bought the house from Jacob White Construction Co. The deal is financed with a 30-year loan of $510,400 from Centennial Bank of Conway.

The residence previously was linked with a May 2019 mortgage of $787,200 held by BancorpSouth Bank of Tupelo, Mississippi.

The property was acquired in August 2018 from David and Whitney Couch for $350,000.

Germay Court

A 6,244-SF home in west Little Rock’s Germay Court neighborhood changed hands in an $825,000 deal.

Mohammad Malik and Salmeen Haque purchased the house from Randell and Kristen Minton. The deal is backed with a 30-year loan of $783,750 from IberiaBank of Lafayette, Louisiana.

The residence previously was tied to an April 2019 mortgage of $770,000 held by IberiaBank.

The property was bought for $850,000 in January 2005 from Roger Coburn Jr. and his wife, Julie.

Grandview House

A 3,130-SF home in Little Rock’s Grandview neighborhood rang up a $550,000 sale.

Gable and Katherine White acquired the house from Mary Lee McHenry. The deal is funded with a 30-year loan of $160,000 from Centennial Bank.

The residence was purchased for $120,000 in September 1998 from Clay and Charlotte Cook.

Heights Home II

A 2,771-SF home in the Heights drew a $530,000 transaction.

Sarah King bought the house from Christy Properties LLC, led by Chris Christy. The deal is financed with a 30-year loan of $503,500 from Caliber Home Loans Inc. of Coppell, Texas.

The property was acquired in May 2018 for $200,000 from Austin McCaskill Jr. and Roddy McCaskill.

Robinwood Abode

A 3,556-SF home in Little Rock’s Robinwood neighborhood sold for $519,500.

Robert and Rebecca Neighbors purchased the house from James and Suzanna Abston. The deal is backed with a 30-year loan of $467,500 from U.S. Bank of Cincinnati.

The Abstons bought the residence for $417,000 in September 2005 from Joseph Bates.

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