Nursing Home Quartet Add Up to $15.4M Sale (Real Deals)

Simmons Bank at 16600 Chenal Parkway in Little Rock

Four Pulaski County nursing homes changed hands in a series of multimillion-dollar transactions.

Affiliates of Strawberry Fields REIT Ltd. of South Bend, Indiana, bought the properties from affiliates of Skyline Health Care of Wood-Ridge, New Jersey. The deals are backed with a $99 million funding agreement with Mishmeret Trust Co. Ltd. of Tel Aviv. The projects were:

► The 154-bed Little Rock Post Acute & Rehabilitation Center at 5720 W. Markham St., $4.28 million. The 1.3-acre development was purchased for $8.2 million from Little Rock HC&R Property Holdings LLC.

► The 140-bed Hillview Post Acute & Rehabilitation Center at 8701 Riley Drive in Little Rock, $3.89 million. The 6.21-acre development was acquired for $7.5 million from Woodland Hills HC Property Holdings LLC.

► The 140-bed North Little Rock Health & Rehabilitation Center at 2501 John Ashley Drive in North Little Rock, nearly $3.89 million. The 4.77-acre development was bought for $7.5 million from Northridge HC&R Property Holdings LLC.

► The 120-bed Capital Health & Rehabilitation Center at 1516 Cumberland St. in Little Rock, $3.34 million. The 1.89-acre development was purchased for $6.4 million from APH&R Property Holdings LLC.

The sellers in all four September 2016 deals with Skyline were affiliates of AdCare Property Holdings LLC of Atlanta.

RELATED: Specter of Insolvency Overshadows Skyline Health Care

Charter Purchase
A charter school in west Little Rock tipped the scales at $3.4 million.

CSRC Charter Lisa LLC, an affiliate of Charter School Capital of Portland, Oregon, acquired the 18,796-SF Lisa Academy West Middle School at 21 Corporate Hill Drive. The seller is Atlas Barin Properties LLC of Katy, Texas.

The deal is financed with a 15-year loan of $1.8 million from Little Rock’s Bank OZK. The 2.2-acre development previously was linked with a November 2017 mortgage of $1.2 million held by IberiaBank of Lafayette, Louisiana.

The project was bought for $1.6 million in October 2007 from JRC Family LLC, led by Robert L. Watson.

Bank Branch
A Simmons Bank office in west Little Rock weighed in at $1.97 million.

G.P. LLC, led by Dr. Chandra K. Khasgiwala of Andover, Massachusetts, purchased the 2,943-SF branch at 16600 Chenal Parkway.

The sellers are 16600 CP Properties LLC, led by Walter Ebel, 58.5 percent; JPL Family LLLP, led by Jason LaFrance, 21.5 percent; Jayhawk Holdings LLC, led by Joe Cartwright, 15 percent; and MAB Realty Trust, led by Mark Bentley, 5 percent.

The 0.73-acre development previous-ly was tied to a November 2010 mortgage of $910,000 originated by Delta Trust & Bank of Little Rock. The project was acquired for $1.2 million nearly eight years ago from Delta Trust.

Foreclosure Deal
A 6,440-SF home of a construction company in Little Rock is under new ownership after an $819,000 foreclosure sale

Bank of Little Rock recovered the 9715 Col. Glenn Road project from Daniel Utility Construction Inc., led by Daniel Blair.

The 8.26-acre development previously was linked with two Small Business Administration loans from October 2015 totaling more than $3.7 million and a December 2017 mortgage of $125,000 held by Bank of Little Rock.

The property was assembled in three deals totaling $178,000. The sellers were Virginia Cenac, $18,000 in October 1996; Wanda Story, $75,000 in May 2001; and James and Terry Drew, $85,000 in July 2002.

Warehouse Acquisition
A 15,000-SF warehouse in Little Rock rang up a $520,000 sale.

Gridley Holdings LLC, led by Bradley Gridley, bought the Arkansas Janitorial Supply project at 8716 Interstate 30. The seller is KRA Properties LLC, led by Kyle Allmendinger.

The deal is funded with a five-year loan of $442,000 from First Security Bank of Searcy.

KRA purchased the 0.86-acre development for $400,000 in November 2017 from ABEC Partnership LLC, led by Gerald Garbett.

Office Transaction
Office space in west Little Rock drew a $450,000 transaction.

RS & CS Properties LLC, led by Russell and Creighton Simmons, acquired 3,608 SF in the 2 Office Park Drive project. The seller is DDB Inc., led by Joseph Berry.

The deal is backed with a five-year loan of $421,355 from Bank OZK. Half of the space previously was tied to a November 2017 mortgage of $147,380 held by BancorpSouth Bank of Tupelo, Mississippi.

DDB bought half of the space from Mark Cathey for $168,000 in December 2011. DDB’s ownership of the other space came through Berry, an original developer of the half-acre office project in 1999.

Office-Warehouse Buy
A 6,300-SF office-warehouse in downtown North Little Rock sold for $315,000.

1601NC LLC, led by Michael McClellan and William Harrison Sr., purchased the Signs First project at 1601 N. Cypress St. from Jerry and Mary Ann Hodge.

The deal is financed with a five-year loan of $307,511 from Regions Bank of Birmingham, Alabama. The Hodges acquired the 0.59-acre property for $95,000 in February 1998.

The seller was Lawrence Brothers Inc., led by Michael Lawrence.

Estates Sale
A 7,855-SF home in west Little Rock’s Valley Falls Estates neighborhood tipped the scales at $1.5 million.

Solid Rock Investments Ltd., led by Dennis and Kriswarna Cooper, bought the house from Donald Marshall and Melba Marshall.

The residence previously was linked with a December 2013 mortgage of $1.8 million held by Little Rock’s One Bank & Trust.

The property was purchased for a reported $2 million in December 2007 from Steve and Missy Wortman.

Heights Home
A 3,625-SF home in the Heights area of Little Rock changed hands in a $680,000 deal.

Stephen and Ashley Peeples acquired the house from Terra Firma Project LLC, led by Billy Collins Jr.

The deal is funded with a one-year loan of $680,000 from First National Bank of Paragould. The residence previously was tied to a December 2015 mortgage of $499,000 from Capital Bank of Little Rock.

Terra Firma bought the property for $165,000 nearly three years ago from Chad Newman.

Courts House
A 5,245-SF home in The Courts neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $655,000 transaction.

Jason and Jamie Burnside purchased the house from Jacqueline Cupples. The deal is backed with a 30-year loan of $205,000 from Eagle Bank & Trust of Lit-tle Rock.

The location was acquired for $62,000 in October 2005 from Deltic Timber Corp. of El Dorado.

Live Oaks
A 4,079-SF home in the Live Oaks neighborhood of west Pulaski County rang up a $550,000 sale.

Michael Crum bought the house from Michael Cassat. The deal is financed with a 30-year loan of $440,000 from Bank of England.

The residence previously was linked with a November 2016 mortgage of $408,000 from Riverside Mortgage Co. of Little Rock.

The property was purchased for $520,000 in October 2013 from Matthew and Susan Jeter.