REAL ESTATE TRANSACTIONS

North Little Rock motel sells for $2.2 million; church pays $1.8 million for 63 undeveloped acres

The Red Roof Inn at 5711 Pritchard Road in North Little Rock was sold to SAI Lodging Inc. The motel is at the Prothro Junction exit on Interstate 40.
The Red Roof Inn at 5711 Pritchard Road in North Little Rock was sold to SAI Lodging Inc. The motel is at the Prothro Junction exit on Interstate 40.

SAI Lodging Inc. recently bought a Red Roof Inn in North Little Rock for $2.2 million.

The two-story motel, at 5711 Pritchard Drive, has 52 rooms and was built in 1999.

Rajendrakumar Patel is president of SAI Lodging, a North Little Rock firm. Patel took out a $2.2 million mortgage with First Bank of Troy, N.C., to finance the purchase.

The rooms at the Red Roof Inn have already been renovated, but he also wants to update the lobby, Patel said.

"It's a little older hotel but we plan to do [renovations] to get it up to date," Patel said. "This area serves as a hub for a lot of travelers on [Interstate 40], especially truckers."

The motel is at exit 157, the Prothro Junction exit, on Interstate 40.

The property was last appraised at $1.5 million.

The seller was RRI Lodging LLC, a limited liability company. Kanti Sharolla is president and Nila Sharolla is secretary-treasurer of Ken and Nila Inc., a member of RRI Lodging.

Patel also owns an independent hotel in southwest Little Rock, the Atria Inn.

THE BIG CHURCH

North Little Rock's First Pentecostal Church of Jesus Christ paid $1.8 million recently for 63 undeveloped acres near North Hazel Street in the Dark Hollow Industrial subdivision.

The church is located at 1401 Calvary Road, the frontage road north of Interstate 40 and west of North Hills Boulevard. First Pentecostal owns about 22 acres on its church campus.

With the recent purchase of 63 acres, First Pentecostal now owns about 156 acres across Interstate 40 near East 19th Street, said Georgia Best, the church's administrator. The newly purchased property is close to where Interstate 40 merges into Interstate 30, Best said.

The church acquired the property for expansion, although there is no timetable to expand, Best said.

First Pentecostal has plans for a new church and a school campus, Best said.

"We have a preliminary site plan, but it is only preliminary at this point," Best said. "We don't have a time frame [to build]."

First Pentecostal doesn't keep up with the number of members it has, Best said.

"But we do have a full house," she said. "We're needing to expand."

The Woodcrest Co. of North Little Rock, formerly known as Crestwood Co., was the seller.

EXECUTIVE BUILDING

2020LR LLC, a San Francisco firm, invested $1.4 million to buy a six-story building at 2020 W. Third St. in Little Rock last month.

The building is known as the Executive Building and is home to the Arkansas Social Work Licensing Board.

The structure, built in 1971, and almost an acre of property was appraised for $1.3 million.

2020LR financed the purchase with a $1.3 million mortgage from BancorpSouth Bank that matures in 2038.

Richard Kelly, a member of 2020LR, signed the loan agreement with BancorpSouth Bank.

The seller was Tri-B Realty Inc. of North Little Rock. Tri-B Realty bought the building in 2005 for $1.5 million.

BERWYN SQUARE

Town Creek LLC, a Little Rock limited liability company, recently paid $980,000 to buy Berwyn Square Apartments.

Berwyn Square, at 6320 Butler Road in Little Rock, has 64 apartments ranging from one to two bedrooms and from one to 1.5 bathrooms. The two-story facility was built in 1976. The apartments are fully occupied.

Rick Ferguson is the manager of Town Creek LLC.

The seller was A Baby Acre By Grid LLC. Andrew Adkins is managing member and organizer of A Baby Acre By Grid.

The apartments were last appraised at a little more than $1 million. They last sold in 2012 for $800,000.

REPAIR SHOP

Kavanaugh Dreams LLC, a Little Rock limited liability company, bought Hillcrest Automotive, a former automotive repair shop, for $472,000 recently.

The 3,000 square-foot building is at 2904 Kavanaugh Blvd. in Little Rock, next to Hillcrest Animal Hospital.

Joseph Nichols is the organizer of Kavanaugh Dreams.

The seller was Hillcrest Ventures LLC, which paid $372,000 for the building in July. Stephen Davis is operating manager of Hillcrest Ventures.

The building was last appraised at $178,000.

SHERWOOD E-Z MART

Sultana's Property LLC of Little Rock invested $400,000 to buy an E-Z Mart in Sherwood last month.

The 2,100 square foot convenience store at 2200 E. Kiehl Ave. was built in 1971.

The store was appraised at almost $350,000 this year.

Kammarsultana Pabani and Ahmed Pabani are members of Sultana's Property.

Sultana's Property borrowed $340,000 from Eagle Bank & Trust Co. to finance the purchase. The loan matures in 2021.

SundayMonday Business on 04/01/2018

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