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Holiday Inn Express Sale Checks In at $5.1 Million (Real Deals)

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A 69-room hotel in North Little Rock weighed in at $5.15 million. CDRN NLR LLC, led by Ishverbhai Govind, purchased the Holiday Inn Express at 4306 E. McCain Blvd.

The seller is Kilpatrick Hotels Two LLC, led by G.T. Kilpatrick. The deal is backed with a three-year loan of $4.4 million from Capital Bank of Little Rock.

The 1.5-acre development at 4306 E. McCain Blvd. previously was linked with a September 2014 mortgage of $4 million held by Progressive Bank of Monroe, Louisiana.

Kilpatrick bought the property for $6.8 million in June 2008 from McCain Hotels LLC, led by Rajesh Mehta.

MedExpress Purchase

A 4,667-SF medical clinic changed hands in a $2.3 million transaction.

Damart Holdings LLC of Camarillo, California, bought the MedExpress at 12300 Chenal Parkway from Quattro Little Rock LLC of Oakbrook, Illinois.

The deal is financed with a 10-year loan of $1.4 million from Bear State Bank of Little Rock.

Quattro purchased the 0.79-acre former TLC Daily Rental development for $875,000 in May 2015 from the Tyrell Family Living Trust, led by Becky and Brent Tyrell.

Dollar Deal

A 10,792-SF store in Jacksonville tipped the scales at $1.25 million.

Nick and Sharron Linner of Escondido, California, acquired the Dollar General at 2005 Old Military Road from Yellow Store Holdings LLC, led by Kevin Huchingson. The deal is funded with a 10-year loan of $300,000 from Wells Fargo Bank of Sioux Falls, South Dakota.

The 1.38-acre development previously helped secure a January 2012 mortgage of $3.12 million held by Metropolitan National Bank of Little Rock. Yellow Store bought the project for $1.1 million more than four years ago from PB General Holdings (Jacksonville) LLC, led by Leonard Boen.

Taco Transaction

A 2,082-SF Taco Bell in downtown North Little Rock served up an $890,000 sale. Grizzly Bear Investments LLC of Buena Park, California, purchased the 901 E. Broadway project from David Walser and Barbara Greenfield.

The 0.62-acre development previously was tied to a June 2013 mortgage of $500,000 held by First Security Bank of Searcy.

Walser and Greenfield acquired the property for $710,000 in September 2007 from CPCG KM AR 2 LLC of Los Angeles.

Dealership Land

A 6.31-acre commercial site in Sherwood is under new ownership after a $405,000 transaction.

North Little Rock Buick GMC Inc., led by Jamie Cobb, bought the land on Newman Drive behind Sam’s Club. The seller is KLBCG LLC, led by Karl Goshen.

The land was assembled in two deals with an investment group led by James Dietz and Hershel Bowman, $123,000 in January 2004; and RJR Lots LLC, led by Retha Jeanette Roberts, $167,000 in January 2013.

Other investors in the Dietz-Bowman group included Douglas W. Ashcraft; CBM Construction Co., led by Clark McGlothin; Dennis Jungmeyer; Hal Matthews; Rablaco LLC, led by Tom Cory; R-4 Enterprises Inc., led by Raymond Roberts; Seymour Real Estate LLC, led by Mike Seymour; Dow Worsham II; and Arkansas Precast Corp. of Jacksonville.

Rental Acquisition

An apartment building in the Hillcrest area of Little Rock rang up a $312,000 sale. C.A.M. AR LLC, led by Cody and Anna McGrath, acquired the 1117 Kavanaugh Blvd. project.

The seller is K-Ed LLC, led by John Simmons Jr. and Brenda Simmons. The deal is backed with a six-month loan of $395,250 from First Security Bank.

The 0.18-acre development was bought for $32,000 in October 1971 from S.G. Catlett Jr., and his wife, Betty.

Edgehill Manor

A 4,667-SF home in Little Rock’s Edgehill neighborhood weighed in at $1.8 million.

Donald and Lucinda Phelps purchased the house from John and Amber Meadors. The deal is financed with a one-year loan of $1.4 million from BancorpSouth Bank of Tupelo, Mississippi.

The residence previously secured a July 2005 mortgage of $2 million held by Pulaski Bank & Trust of Little Rock.

The Meadors family acquired the property for $2 million more than 11 years ago from Gene Cauley.

Rural Residence

A 4,525-SF home in west Pulaski County drew an $880,000 transaction.

Mark and Rhonda McMurray bought the house from Richard and Patricia Farnsworth. The nearly 5-acre spread previously was linked with a September 2011 mortgage of $417,000 held by Regions Bank of Birmingham, Alabama.

The Farnsworths purchased the property for $779,000 nearly five years ago from Michael and Carolyn Boshears.

Robinwood Abode

A 3,895-SF home in Little Rock’s Robinwood neighborhood sold for $640,000.

Cynthia and Becky Gillespie acquired the house from Thomas Buchanan III. The deal is funded with 30-year loans of $417,000 and $95,000 from Bank of Little Rock Mortgage Corp.

The residence previously was tied to a January 2014 mortgage of $479,600 held by Regions Bank.

The property was bought for $635,000 in November 2011 from David D. Henry.

Condo Exchange

A condominium swap in downtown Little Rock was valued at $550,000.

B. Finley Vinson Jr. and his wife, Nancy, traded a 1,563-SF unit on the 17th floor of the River Market Tower for a 2,185-SF unit on the 11th floor.

Their trading partner was RMT II LLC, led by Jimmy Moses and Rett Tucker.

RMT sold the 17th-floor condo at 315 Rock St. for $503,333 to Joseph Griffith. The Vinsons purchased the space for $446,000 in February 2014 from River Market Tower LLC, led by Moses and Tucker.

The development is linked with April 2014 mortgages of $18.6 million held by First Security Bank and $3.3 million held by Citizens Bank of Batesville.

The 1.2-acre site was acquired in October 2005 as part of a $5.08 million deal with the Arkansas Teacher Retirement System.

Courts House

A 4,222-SF home in The Courts neighborhood of west Little Rock’s Chenal Valley development changed hands in a $528,000 sale.

John and Noemi Ramsay bought the house from Lisa and Joel Poythress. The deal is backed with a 30-year loan of $501,600 from Bank of America in Charlotte, North Carolina.

The residence previously was tied to a May 2014 mortgage of $402,000 held by Cartus Home Loans LLC of Mount Laurel, New Jersey.

The Poythress family purchased the property for $502,500 more than two years ago from Donald Cottingame II and his wife, Tonya.

Multifamily Refinance

The owner of an 80-unit apartment project in North Little Rock landed a $6.3 million funding agreement.

Ridge Road Village Ltd. of Frisco, Texas, obtained the 40-year loan from Dwight Capital LLC of New York.

The 6.88-acre Ridge Road Village Apartments development at 4748 Ridge Road previously was linked with a March 2010 mortgage of $6.3 million held by Amerisphere Mortgage Financial LLC of Denver.

The limited partnership acquired the location for $440,418 in September 2004 from the North Little Rock School District.

Seven-Digit Construction

Infrastructure Upgrade    $1,773,000
320 W. Capitol Ave., Little Rock
Baldwin & Shell, Little Rock

Renovation    $1,200,000
United Cerebral Palsy    
8121 Distribution Drive, Little Rock
East Harding Inc., Little Rock

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