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NLR Chuy’s Rings Up $4.5M Transaction (Real Deals)

5 min read

The sale of a North Little Rock eatery tipped the scales at $4.5 million.

Vera Cruz Properties Ltd. of San Marcos, California, bought the Chuy’s restaurant at 5105 Warden Road from NLR Palio Partners LLC, led by Clark Knippers.

The deal is financed with a 10-year loan of $2.07 million from First Internet Bank of Indiana in Indianapolis.

The 1.71-acre development previously was linked with a June 2014 mortgage of $2.83 million held by First State Bank of Russellville. NLR Palio Partners acquired the site 19 months ago for $1.14 million.

Ownership among the sellers was divided primarily between David and Holly Parker, 47 percent; and Richard and Nancy Parker, 47 percent.

The remaining 6 percent was split among the R. Bradley Parker Irrevocable Trust, 1.5 percent; Robert D. Parker Irrevocable Trust, 1.5 percent; Rachel Parker Harding Irrevocable Trust, 1 percent; Jessica Parker Casey Irrevocable Trust, 1 percent; and David Dallas Parker Irrevocable Trust, 1 percent.

Spirit Acquisition

A Sherwood car wash transaction weighed in at $2.5 million.

Spirit Master Funding X LLC, an affiliate of Store Capital of Scottsdale, Arizona, purchased the Boomerang Carwash at 7900 Hwy. 107.

The seller is Bailey’s Tunnel Wash LLC, led by John Bailey.

The 1.24-acre development previously was tied to a November 2012 mortgage of $14.1 million held by Arvest Bank of Fayetteville.

The property was bought more than three years ago for $2.4 million from 1908 Investments LLC, led by Mark McCaslin.

Multifamily I

Apartments in midtown Little Rock changed hands in a $1.74 million deal.

Alpha Holdings LLC, led by Howard Holmes and Rodney Turchi, acquired 27 units of the Lanai Apartments project at 5806-5808 B St. and 5815 C St. and eight units at 5718 B St. from the Jett & Georganne Ricks Family Corp.

The deal is funded with a five-year loan of $1.48 million from Bear State Bank of Little Rock. The property previously was linked with a July 2008 mortgage of $1 million held by Summit Bank of Arkadelphia.

The 0.96-acre property was assembled in four buys totaling $72,000. The sellers were Harry and Patricia Erwin and Fay and Gail Wardlaw, $11,000 in November 1976; Joseph and Ellen Kaufman, $10,000 in May 1978; Donald and Margaret Bratton, $13,000 in July 1978; and Jessie Siegman, $38,000 in September 1979.

Residential Acreage

A 39.8-acre residential tract near Roland drew a $1 million sale.

Boyd and Lynn Corley bought the land on the south side of Roland Cut-off Road from Waterview Meadows LLC, led by Bill Parkinson.

The deal is backed with a five-year loan of $776,000 from Little Rock’s Bank of the Ozarks. The land on the north side of the Waterview Meadows neighborhood originally helped secure a September 2007 mortgage of $3.4 million from Centennial Bank of Conway.

The property was acquired in September 2007 as part of a reported $7.86 million deal with Waterview Estates LLC, led by Rick and Randy Ferguson.

Multifamily II

Three apartment properties in Jacksonville combined for a $675,000 transaction.

KP Properties of Arkansas LLC, led by Paul Mead and Kel Benker, purchased the 46-unit Loop Road Apartments at 306 S. JP Wright Loop Road and the 14-unit South Park Apartments at 803 S. Redmond Road, a duplex at 801 S. Redmond Road and a vacant 0.88-acre parcel.

The seller is Martino & Carrasquillo Investments, led by Ronald Martino. The deal is financed with loans of $850,000 and $50,000 from Centennial Bank.

The property previously was linked with an August 2007 mortgage of $678,960 held by Imperial Capital Bank of Glendale, California, a September 2005 mortgage of $57,375 held by Eagle Bank & Trust of Little Rock and an August 2007 mortgage of $20,500 held by Arvest Bank.

Martino & Carrasquillo acquired the Loop Road project for $849,000 in August 2007 from Carl and Claudia Clem.

The other properties were bought for $380,000 in September 2005 from B2 Properties LLC, led by John Bingaman.

Retail Transaction

A 3,828-SF retail project in Maumelle rang up a $550,000 sale.

THM Properties LLC, led by Lynn Tiner, Matthew Hutsell and Jeremy McNabb, acquired the 127 Audubon Drive property, home to Little Caesar’s Pizza, H&R Block and The Mailroom. The seller is 4M Holdings LLC, led by Michael Fritz.

The deal is funded with a five-year loan of $440,000 from First Security Bank of Searcy. The 0.66-acre development previously was tied to a January 2014 mortgage of $207,000 held by Regions Bank of Birmingham, Alabama.

4M Holdings purchased the site for $182,000 in January 2002 from Phillips Development Corp., led by Elizabeth Small.

Surplus Sale

Five surplus school properties in North Little Rock were sold for a combined $475,000.

Terraforma LLC, led by David Bruning and Doug Meyer, bought the Argenta, Baring Cross, Lynch Drive and Rose City elementary schools for $300,000.

MVL-VLM Inc., led by Ben Engel, Juan Beltran and Cipriano Avila, purchased Redwood Preschool Center at 401 N. Redwood St. for $175,000.

The seller in both deals was the North Little Rock School District. The district acquired three locations in:

  • March 1924, when the 7-acre Rose City site at 100 Earl St. was purchased for $4,000 from John and Hannah Atkins.
  • May 1950, when the 3.99-acre Redwood site was acquired for $30,000 from Martha Shelby.
  • August 1956, when the 15-acre Lynch Drive site at 5800 Alpha St. was acquired for $15,000 from Myrtle Bradburn.

The 1.6-acre Baring Cross site at 901 Parker St. was largely assembled in deals with Barney Smith in February 1910; Andrew and Fannie Amrhein in November 1936; Elizabeth Shoppard and Collie Runyan in April 1946; H.T. and Annabelle Lawrence in May 1946; and Mary Watson in June 1957.

The 1.03-acre Argenta site at 1300 Main St. was assembled in two deals totaling $23,800. The sellers were C.E. Moore, $1,800 in November 1901, and Ronald and Gail Oberlag, $22,000 in October 1989.

ABC Purchase

A commercial property in southwest Little Rock is under new ownership after a $150,000 deal.

ABC Auto Sales of LR LLC, led by Charles and Beatrice Ekworomadu, purchased the 9520 Interstate 30 project. The seller is the Dickerson Family Trust, led by Larry and Marita Dickerson.

The deal is backed with a three-year loan of $150,000 from Eagle Bank & Trust. The 0.92-acre development previously was linked with a March 2004 mortgage of $153,000 held by One Bank & Trust of Little Rock and a May 2005 mortgage of $200,000 held by Centennial Bank.

The property was bought for $180,000 nearly 12 years ago from Ron Pack Inc., led by Bob Fewell.

Seven-Digit Construction

Cafeteria Expansion    $6,146,000
Lakewood Middle School
2400 Lakeview Road, North Little Rock
Baldwin & Shell Construction Co., Little Rock

MRI Suite    $2,094,739
Arkansas Children’s Hospital
1 Children’s Way, Little Rock
Nabholz Construction Corp., Conway

Caterpillar Plant    $1,767,550
9201 Faulkner Lake Road, North Little Rock
Harold Hall Roofing Inc., Little Rock

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