Residence Inn Marriott Hosts $20.3M Sale (Real Deals)

The Residence Inn by Marriott at 219 River Market Ave. in Little Rock.

A 107-room hotel in downtown Little Rock tipped the scales at $20.37 million.

SREIT RI Little Rock Propco LLC, an affiliate of Starwood Capital of Greenwich, Connecticut, acquired the Residence Inn Marriott at 219 River Market Ave. The seller is NFII/CI Little Rock LLC, an affiliate of Noble Investment Group of Atlanta.

SREIT assumed a December 2014 mortgage of $14.4 million held by Wells Fargo Bank of Sioux Falls, South Dakota.

The 0.53-acre development was bought for $17.5 million more than four years ago from MHG Little Rock RE Ltd., an affiliate of McKibbon Hotel Group Inc. of Gainesville, Georgia.

Office Acquisition I
A 48,800-SF office building in west Little Rock weighed in at $4.45 million.

Woodmont Hardin LLC of New York purchased the Sedgwick Centre at 400 Hardin Road from Responsive Education Solutions of Lewisville, Texas.

The deal is backed with a 20-year loan of $4 million from FNBC Bank of Ash Flat.

The 4.88-acre development previously was tied to a March 2014 mortgage of $3.3 million held by Northstar Bank of Texas in Denton.

Responsive Education acquired the project for $3.9 million five years ago from Simmons First National Bank of Pine Bluff.

Office Acquisition II
The Ten Three Ten office building in west Little Rock sold for $3.55 million.

10-3-10 LLC, led by Pete Hornibrook and Lee Stephens, bought the 52,800-SF building at 10310 W. Markham St. The seller is Ten Three Ten, a general partnership led by Robert DeBin Jr.

The deal is funded with a three-year loan of $2.7 million from IberiaBank of Lafayette, Louisiana.

The 2.94-acre development previously was linked with a January 2011 mortgage of $2.7 million held by Simmons Bank of Pine Bluff.

The location was purchased for $870,000 in April 1985 from Central Baptist Church.

Office Acquisition III
A 6,700-SF office building in North Little Rock changed hands in an $860,000 deal. Hidden Lovester LLC, led by Richard Bell, acquired the 4500 Burrow Drive project, home to Taggart Architects Inc. The sellers are Charles Foster, $645,000; and Kenneth Matthews, $215,000.

Foster carried $645,000 to finance the deal.

Foster and Matthews, through their FM Properties, bought out the interest of Burt Taggart in the 0.87-acre development for $377,000 in November 1996.

Riverdale Land
A 2-acre commercial site in Little Rock’s Riverdale area rang up a $586,631 sale.

Time Farms LLC, led by Gary Green, purchased the land at the northwest corner of Brookwood Drive and Turtle Creek Lane from Winrock International Institute for Agricultural Development.

The Winrock nonprofit, established by the late Gov. Winthrop Rockefeller, gained ownership of the Riverdale property in March 2014 through a Rockefeller-controlled entity: Pleasant Valley Inc.

The corporation developed its namesake subdivision in west Little Rock and negotiated a swap with Riverdale Country Club members.

In exchange for the Riverdale property, Pleasant Valley Inc. gave the members a 254-acre spread and invested $1.15 million to build the Pleasant Valley Country Club. Pleasant Valley Inc. also assumed $170,000 of outstanding debt.

Onsite Transaction
A 5,839-SF office building in west Pulaski County is under new ownership after a $515,000 deal.

MDJP LLC, led by Michael Morton, bought the Onsite Imaging project at 16502 Lawson Road from Barry Beck Properties LLC.

The property was purchased for $322,000 in February 2013 from the Pulaski County Baptist Association.

Aldersgate Land
A half-acre commercial site in west Little Rock drew a $200,000 transaction.

1224 Aldersgate LLC, led by Dr. Oumitana Kajkenova, acquired the land near the southwest corner of Aldersgate and Kanis roads. The seller is OA Land Co. LLC, led by Dr. Tad Pruitt.

OA Land bought the property for $165,000 in June 2006 from Elaine Jones.

Somersett Estates
A 4,330-SF home in the Somersett Estates neighborhood of west Pulaski County sold for $810,000. Phillip and Paula Dollar purchased the house from Christie and Deno Grumbos.

The deal is backed with a 30-year loan of $567,000 from Loandepot.com of Foothill Ranch, California.

The 5-acre spread previously was tied to a March 2017 mortgage of $424,100 held by Arvest Bank of Fayetteville.

The residence was acquired for $730,000 a year ago from Stuart and Mitzi Miller.

River Ridge
A 5,344-SF home in Little Rock’s River Ridge neighborhood changed hands in a $745,000 deal. Thomas Cupples bought the house from Mangaraju Chakka and Kanthi Dasari

The deal is funded with a 30-year loan of $596,000 from U.S. Bank of Cincinnati. The residence previously was linked with a September 2011 mortgage of $417,000 held by IberiaBank.

The property was purchased for $786,000 in September 2006 from Bradley and Rene Boop.

Cascade Creek
A 6,086-SF home in the Cascade Creek neighborhood of west Pulaski County rang up a $705,000 sale.

Gerald Carman Jr. and his wife, Abigail, acquired the house from Ron Kuhn. The deal is financed with a 30-year loan of $528,750 from First National Bank of Paragould.

The 10-acre spread previously was tied to a January 2014 mortgage of $639,000 held by IberiaBank.

The house was bought for $710,000 more than five years ago from the Mason Living Trust, led by Charles and Debra Mason.

Hickory Creek
A 4,979-SF home in west Little Rock’s Hickory Creek neighborhood is under new ownership after a $595,000 deal.

HC Lot 83 LLC, led by Ben and Jac-queline Boyette, purchased the residence from the namesake living revocable trust of Jimie and Janet Kusel.

The Kusels acquired the location for $99,000 in February 1993 from Hickory Creek Ltd., Hickory Valley Ltd. and Beacon Hill Ltd., all led by Clint Boshears.