Three Little Rock-area La Quinta Inns filtered through a series of owners and multimillion-dollar deals.
Prominent Hotels LLC of Irving, Texas, bought two west Little Rock projects at 200 S. Shackleford Road and 1010 Breckenridge Drive and the 4100 E. McCain Blvd. project in North Little Rock for nearly $7.5 million from LQ Properties LLC of New York.
Prominent purchased the 121-room North Little Rock project, 106-room Shackleford project and 96-room Breckenridge project through Supreme Bright Portfolio II LLC of Lewisville, Texas.
Prominent Hotels kept the 7,383-SF Khalil’s Pub & Grill at 110 S. Shackleford Road. The 0.92-acre development was part of the adjoining 200 S. Shackleford buy.
Prominent sold the hotel projects in deals financed with five-year loans from International Bank of Commerce in Oklahoma City.
Little Rock Hotel Group LLC of Irving, Texas, purchased the 2.63-acre North Little Rock development for $3.8 million, funded with a $3.3 million loan.
Patel Legacy Hotels LLC of Denton, Texas, acquired the 2.06-acre Shackleford development for $2.85 million, backed with a $2.6 million loan.
J&B Legacy Hotels LLC, led by Jay Patel, bought the 2.15-acre Breckenridge development for $2.4 million, financed with a $2.3 million loan.
LQ Properties acquired the projects in January 2006 deals with La Quinta Properties Inc. and LQM Operating Partners Ltd., both of Irving, Texas.
The separate transactions were $6.96 million for the hotel-restaurant development on Shackleford Road, $3.97 million for the Breckenridge project and $3.09 million for the East McCain project.
Warehouse Sale I
An 18,800-SF warehouse in North Little Rock tipped the scales at $1.81 million.
Bednad LLC of Haltom City, Texas, purchased the 7900 Counts Massie Road project from EH Properties LLC, led by Ben Eiler and David Haas.
The deal is funded with a 15-year loan of $1.4 million from JPMorgan Chase Bank of New York.
The 2.14-acre development previously was tied to an October 2006 mortgage of $374,000 held by U.S. Bank of Cincinnati.
The land was bought in October 2006 as part of a $465,000 deal with Burkhalter Haas Properties LLC, led by John Burkhalter and David Haas.
Multifamily I
A 52-unit apartment complex in Little Rock weighed in at $1.34 million.
Fair Park Gardens LLC, led by Keith Holland, sold its namesake Little Rock apartment project at 1100 Fair Park Blvd.
The buyer is Pinnacle Rock Apartments LLC, led by Ethen and Zach Schultz, Dakotah Provence and Garrett Edwards.
The deal is backed with loans of $1.57 million and $316,000 from Centennial Bank of Conway.
The 0.77-acre development previously was linked with a March 2013 mortgage of $977,970 held by the bank.
The property was purchased for $1.5 million in January 2007 from FPG Inc., led by Jeff Siebold, James Ferstl and Thomas Ferstl.
Multifamily II
Three fourplexes in southwest Little Rock changed hands in a $621,180 deal.
Doug Johnson bought the 6101-6115 Queensboro Drive project from James and Allison Hoffman, Brian Teeter, Samantha McKelvey, Alex Craig and Benolyn Mabry.
The deal is financed with a 10-year loan of $435,000 from Simmons First National Bank of Pine Bluff.
The 0.73-acre development previously was tied to a July 2015 mortgage of $409,024 held by the bank. The properties were acquired for $485,000 seven months ago from Rickey Evans Sr.
Convenient Buy
A Jacksonville convenience store rang up a $600,000 transaction.
Ramadan Inc., led by Muhammad Malik, purchased the 729 J.P. Wright Loop Road project. The seller is Lone’s RT 92 Inc., led by Shahlla Lone.
The deal is funded with a $455,000 loan from Centennial Bank. The 0.58-acre development previously was tied to a March 2015 mortgage of $120,111 held by Bank of Star City (Lincoln County).
Lone’s bought the property for $230,000 in January 2007 from Century Properties Inc., led by Garland Ridenour.
Warehouse Sale II
A 7,000-SF office-warehouse in Sherwood sold for $362,000.
Carp LLC, led by David Frye, acquired the 271 Newman Drive project. The seller is Bird & Bear Properties Inc., led by Jay Heflin.
The deal is backed with a $308,125 loan from Centennial Bank.
The 2.21-acre location was purchased for $92,000 in August 2001 from an investment group led by James Dietz and Hershel Bowman.
Other investors 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.
Motel Property
A dormant motel property in downtown Little Rock drew a $275,000 transaction.
LRC Acquisition LLC of Memphis bought the former Red Roof Inn at 704 E. 21st St. from Remi Enterprises Inc. of San Antonio.
The deal is financed with a $300,000 loan from Oakworth Capital Bank of Birmingham, Alabama.
Remi acquired the 2.41-acre property for $851,000 in May 2010 from the U.S. government.
Jacksonville Eatery
Ownership of a 3,484-SF restaurant project in Jacksonville was consolidated in a $180,000 transaction.
CBL Properties LLC, led by Rebecca Looper, purchased the two-thirds share in AP’s Seafood Buffet at 1400 John Harden Drive. The seller is I-40 Kerr LLC, led by Billy Morden.
The deal is funded with a three-year loan of $180,000 from First Arkansas Bank & Trust of Jacksonville.
The 0.77-acre development was bought for $180,000 in October 2013 from the Abdin Family LLC, led by Delores Abdin.
Roland Residence
A 4,396-SF home in Roland is under new ownership after a $630,000 sale.
Denise Chai and Mark Mulkerin acquired the house from George and Carrie Hutchison.
The 10-acre spread previously was linked with a June 2012 mortgage of $325,000 held by One Bank & Trust of Little Rock and an October 2015 mortgage of $240,000 held by Bank of Little Rock.
The land was purchased in September 1995 as part of a $140,000 deal with Nina Brewer.
River Ridge Home
A 3,444-SF home in Little Rock’s River Ridge Pointe neighborhood changed hands in a $580,000 deal.
Mark and Suzanne Massey bought the house from Leslie Lane III and Rebecca Blair.
The deal is backed with a 30-year loan of $275,000 from IberiaBank Mortgage
Co. of Little Rock. The residence previously was tied to a July 2012 loan of $363,200 held by the mortgage company.
The location was acquired for $59,000 in August 2007 from Wayne and Billie Ratcliff.
Courts House
A 4,730-SF home in The Courts neighborhood of west Little Rock’s Chenal Valley development rang up a $537,000 sale.
Naureen and Naeem Sheikh purchased the house from Perry and Janet Black.
The deal is financed with a 30-year loan of $510,150 from Bank of America in Charlotte, North Carolina.
The site was bought for $70,000 in October 2005 from Deltic Timber Corp. of El Dorado.
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