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Maumelle Motel Draws $2.4 Million Transaction (Real Deals)

5 min read

The sale of a 52-room motel in Maumelle weighed in at $2.4 million.

New Frontier Hospitality LLC, led by Dilep and Vitesh Patel, bought the Quality Suites at 14322 Frontier Drive. The seller is Premier Hospitality Group LLC, led by Harish and Avinish Patel.

The deal is financed with a five-year loan of $2.04 million from Peoples Bank of Sheridan.

The 2.95-acre development previously was linked with a July 2014 mortgage of $2.1 million held by the bank.

Premier acquired the project for $2.27 million nearly two years ago from the bankruptcy estate of D.J. Hospitality Inc.

Pharmacy Ground

A 1.73-acre commercial site in midtown Little Rock tipped the scales at $2 million.

CVS 10779 AR LLC, an affiliate of CVS Pharmacy of Woonsocket, Rhode Island, purchased the land at 1122 S. University Ave.

The seller is BH University Development LLC, led by Brandon Huffman.

The property previously helped secure a June 2013 mortgage of $3 million held by Commercial Bank & Trust of Monticello.

BH University bought the former Brandon House Furniture project for $3 million three years ago from MBC Holdings Worldwide LLC, led by Bruce Burrow and Marty Belz.

Tool Transaction

A 37,783-SF office-warehouse project in the Landmark community changed hands in a $900,000 transaction.

Carter Family of Arkansas LLC, led by Rocky Carter, acquired the 2.56-acre Little Rock Tools development at 11600 Arch Street Pike. The deal included an adjoining 1.82-acre parcel.

The seller is Summers Arkansas Family LLC, led by John Summers. The deal is backed with a seven-year loan of $720,000 from IberiaBank of Lafayette, Louisiana.

Summers Arkansas purchased the property in January 2000 as part of a $1.3 million deal with Little Rock Tool Service Inc., led by Jerry Victory.

Industrial Purchase

A 33.98-acre piece of an industrial development in southwest Little Rock is under new ownership after a $635,000 deal.

GFG Resources LLC of Little Rock bought the former Siemens Allis facility at 14000 Dineen Drive. The property will become the new home of G.C. Evans Sales & Manufacturing Co.

The deal encompasses the 115,200-SF plant, 20,000-SF office building, 13,400 SF of warehouse space and a 3,200-SF cafeteria.

The seller is Clifton Family LLLP, led by Norman Clifton.

The limited liability limited partnership acquired the property in December 2012 as part of a $300,000 deal with from Siemens Corp. of Iselin, New Jersey.

Shepherdsfold Sale

A nonprofit property in west Little Rock rang up a $550,000 sale.

Bennett Davis Group LLC, led by Michael Bennett, purchased the former Shepherdsfold Church at 1300 N. Shackleford Road.

The seller is Partners Against Trafficking Humans Inc., led by Louise Allison.

The deal is funded with a five-year loan of $640,000 from Arvest Bank of Fayetteville.

The 4.71-acre property was donated to PATH in April 2012 by Shepherdsfold Church.

Land Acquisition

A 1.12-acre parcel in west Little Rock drew a $500,000 transaction.

Akshar 8 LLC, led by Dr. Shailesh Vora, acquired the land at the southwest corner of Kanis and Kaufman roads. The sellers are Glenda C. Pehrson Family Ltd. and GCP Holdings LLC, led by Susan Pehrson.

The deal is financed with a one-year loan of $375,000 from Arvest Bank.

The Pehrson family purchased the property for $5,500 in August 1959 from Floyd and Jewell Wilson.

Cliffewood House

A 3,442-SF home in Little Rock’s Cliffewood neighborhood sold for $685,000.

Alexandru Biris and his wife, Glediana, bought the house from Mary Browne.

The deal is backed with a 30-year loan of $411,000 and a five-year loan of $205,500 from Simmons Bank of Pine Bluff.

The residence previously was tied to a May 2013 mortgage of $462,000 held by Little Rock’s Bank of the Ozarks.

Browne purchased the property for $615,000 in August 2010 from Elizabeth and David Powell.

Maisons Abode I

A 5,183-SF home in The Maisons neighborhood of west Little Rock’s Chenal Valley development changed hands in a $635,000 deal.

Michael and Whitnee Bullenwell acquired the house from Bruce and Jennifer Milstein.

The deal is funded with a 30-year loan of $508,000 from First Security

Bank of Searcy. The residence previously was linked with a November 2013 mortgage of $500,000 held by Bank of America in Charlotte, North Carolina.

The Milsteins bought the property for $625,000 more than two years ago from Max and Jennifer Davis.

Maisons Abode II

A 5,152-SF home in The Maisons neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $615,000 transaction.

Christine Zihala purchased the house from Zareena Khan Tilley. The deal is financed with a 30-year loan of $492,000 from Dillard’s Federal Credit Union of Little Rock.

The residence previously was tied to a December 2013 mortgage of $385,300 held by Citibank of Sioux Falls, South Dakota.

The property was acquired for $582,000 in May 2009 from Bank of New York Mellon.

High-Rise Home

A 2,078-SF condo in downtown Little Rock rang up a $609,500 sale.

The Robert W. Lehmberg Revocable Living Trust bought the 14th-floor residence in the 300 Third Tower from Evan and Christine Olsen.

The property previously was linked with a February 2010 mortgage of $258,600 held by JPMorgan Chase Bank of New York.

The Olsens purchased the unit for $658,000 in May 2007 from 300 Third LLC, led by Jimmy Moses and Rett Tucker.

Kingwood Residence

A 3,531-SF home in Little Rock’s Kingwood Place neighborhood drew a $585,000 transaction.

Vincent Dunlap and his wife, Tonya, acquired the house from David and Jessica McElreath.

The deal is backed with a 30-year loan of $417,000 and a five-year loan of $80,250 from IberiaBank. The residence previously was tied to a November 2013 mortgage of $374,100 held by First Security Bank.

The McElreaths bought the property for $410,000 in March 2008 from William and Paula Tinsley.

Woodland’s Property

A 4,229-SF home in west Little Rock’s Woodland’s Edge neighborhood sold for $520,000.

Tyler and Lauren King purchased the house from Anthony and Brandy Dalby. The deal is funded with a 15-year loan of $416,000 from Focus Bank of Charleston, Missouri.

The residence previously was linked with an October 2012 mortgage of $545,000 held by SunTrust Bank of Atlanta.

The Dalbys acquired the property for $559,000 more than three years ago from HRH Builders Inc., led by William Darby.

Apartment Note

The owner of a 203-unit apartment project in Maumelle landed a $10 million funding agreement. Maumelle Ltd. of Germantown, Tennessee, obtained the 35-year loan from Prudential Huntoon Paige Associates LLC of Dallas.

The 11.8-acre Audubon Pointe development at 100 Audubon Drive previously was tied to a January 2008 bond issue of $6.3 million through the Pulaski County Public Facilities Board.

The location was bought for $190,000 more than 25 years ago from Maumelle Land Co., led by Dowell Naylor.

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