REAL ESTATE TRANSACTIONS

North Little Rock motel sold for $3.5M; 3 Cantrell Road properties draw $815,000

OM Purshantam LLC of Beebe bought the Motel 6 at 4100 E. McCain Blvd. in North Little Rock last month for about $3.5 million.
OM Purshantam LLC of Beebe bought the Motel 6 at 4100 E. McCain Blvd. in North Little Rock last month for about $3.5 million.

OM Purshantam LLC, a limited liability company, bought the Motel 6 at 4100 E. McCain Blvd. in North Little Rock last month for about $3.5 million.

The two-story motel was built in 1988 and has 121 units. It sits on 2.6 acres and was last appraised at about $3 million.

The limited liability company, led by Tanvi Desai, financed the purchase with a $3.1 million mortgage from Eagle Bank & Trust. The loan matures in 2022.

Desai, who is listed as being from Beebe, did not return calls seeking comment.

Cantrell property

LaPalapa LLC bought three pieces of property on Cantrell Road for $815,000 last month.

The seller was Tri-B Realty Inc. of North Little Rock.

The sale included 6800 Cantrell Road, the building where the Blue Cake Co. bakery is located; 6820 Cantrell Road, site of Casa Manana and next to Blue Cake; and across the street, 6801 Cantrell, home of a vacuum repair store.

LaPalapa is led by Desiderio Juarez, who owns Casa Manana and Casa Manana West at 18321 Cantrell Road.

Juarez did not return a phone call seeking comment.

The Blue Cake business was not part of the transaction, said Steve Lewandowski, owner of the bakery.

"Blue Cake is not for sale," Lewandowski said of the 12-year-old business. "[Juarez] wants us to stay here. We couldn't be any happier. We're looking for a second spot, but that will be a few months down the road."

The three properties last appraised for a total of $974,000.

LaPalapa took out a $580,000 mortgage with Iberiabank that matures in 2022.

Sherwood lot sold

Jonesboro Carwash LLC paid about $785,000 for about 2 undeveloped acres at Arkansas 107 and Oak Dale Road in Sherwood last month.

The property, next to a McDonald's restaurant, last appraised at $881,000.

The firm financed the purchase with a $2.5 million mortgage with First Community Bank of Batesville.

Jonesboro Carwash has a business address in Hensley.

A carwash to be built on the site will be the eighth Team Clean carwash for Brad Vaden of Little Rock, manager of Jonesboro Carwash. He also has Team Clean operations in Little Rock, Jonesboro, Russellville, Pine Bluff, Bryant and one in Tennessee, Vaden said.

"We plan to continue to develop in Arkansas and maybe in Tennessee," Vaden said of plans for his business.

Love's growing

Love's Travel Stops & Country Stores Inc. paid $500,000 for almost 5.5 acres adjacent to its travel stop at Interstate 40 and Dick Jeter Road.

The seller was Lena Belle Young Stafford Limited Partnership.

Love's plans to expand its operation with the property, said Mitzi Vaughan, general manager at the store.

The company plans to add parking spaces, a tire shop and put in more pumps, Vaughan said

"And we're looking at revamping the truck entrance to help with the congestion problem at the exit," Vaughan said.

There were expectations that work on the project would start during the summer, but Vaughan now anticipates work will begin before the end of the year.

"We're going to do some more work inside the store, as well," Vaughan said. "Like expanding restrooms and showers."

Love's has operated the travel stop since the 1980s, Vaughan said. Before that, it was a Stuckey's, she said.

The store has 35 employees, Vaughan said.

Love's Travel Stops are based in Oklahoma City. The company has 430 stores in 41 states. It has 10 locations in Arkansas.

Day cares sold

Lisa Jenkins Properties LLC of Conway paid $450,000 last month for three day care centers.

The centers are the Children's Center at 11503 Mabelvale West Road, the Children's Center at 11512 Mabelvale Road in the Otter Creek Industrial Park and the Children's Center at 11610 Huron Lane in the Charles Valley subdivision in west Little Rock.

The three properties last appraised for a total of $1.4 million.

The seller was BSI Properties of Pangburn. Lundy Colvert and Lynda Colvert are partners in BSI Properties.

Jenkins financed the purchase with a $550,000 mortgage with First Security Bank.

Neither Jenkins nor Lundy Colvert returned phone calls seeking comment.

SundayMonday Business on 09/17/2017

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