James and Terry Barnes and Promenade Hospitality Limited Liability Co. invested $3.4 million recently to buy almost 5 acres at 716 Rahling Road in west Little Rock.
The seller was Deltic Timber Corp.
James and Terry Barnes bought 44 percent of the land and Promenade Hospitality, led by Bhu Makan, bought 56 percent. Makan is president of Promenade.
The new owners plan to build a stand-alone restaurant and an upscale hotel on the property, possibly a Marriott/Smallwood Aloft Hotel, according to a special warranty deed filed with the purchase. The land is in the Chenal Kanis subdivision and near the Promenade at Chenal shopping center.
The project has gone through the city's Planning Commission and Board of Adjustment, requesting variances for the height of the building, which can be 45.5 feet, said Jamie Collins, director of Little Rock's Planning and Development Department.
The owners still have to submit plans for a building review, Collins said.
Makan spent more than a year and $2 million to renovate the former Best Western Governors Suites at 1501 Merrill Drive into the 49-room The Burgundy Hotel.
Makan did not return a phone call seeking comment on his plans.
WATERFORD CREEK
ATF Greenwood, a limited liability company in Searcy, spent $2.1 million for about 4 acres in Jacksonville last month.
The property at 140 Marshall Road and John Harden Drive includes the Waterford Creek shopping center.
ATF Greenwood financed the purchase with a $2.9 million loan from Simmons Bank. The loan matures in 2027.
The center was built in 2007. The property was last appraised at $3.4 million.
The seller was Hanner Properties Arkansas LLC.
JACKSONVILLE STARBUCKS
Baugh Corp., an El Dorado Hills, Calif., firm, bought a Starbucks at 2090 John Harden Drive in Jacksonville for $1.8 million last month.
The Starbucks, built in 2007, was last appraised at $750,000 and last sold in 2007 for $1.4 million.
Baugh Corp. borrowed $1.2 million from Capstar Bank of Nashville, Tenn. The mortgage matures in 2027.
Baugh Corp. is a California corporation doing business in Arkansas as Development Consultants. Randy Baugh is president.
The seller was the 2002 White Family Trust.
CANTRELL PROPERTY
T&S Real Estate Holdings LLC bought an 8,800-square-foot office building at 12824 Cantrell Road for $1.5 million this month.
Ted and Stephanie Clouser own T&S Real Estate Holdings and plan to move their technology company PC Assistance into the building. American Abstract and Title Co. will share occupancy in the building.
The seller was 12824 Cantrell Road LLC, which is owned by the family of Sharon Adkins, who operates American Abstract.
John Hathaway and Reed Billings of Coldwell Banker Commercial Hathaway Group represented the buyer. Ed Penick Jr. of the Hathaway firm represented the seller.
The Cantrell building met all of PC Assistance's requirements for location, convenience, size and quality, according to Hathaway and Billings.
To finance the purchase, T&S took out a mortgage of $1.3 million with Generations Bank in Fayetteville. The loan matures in 2022.
CUATRO HERMANOS
Halle Properties LLC, based in Scottsdale, Ariz., last month bought the building housing the El Porton restaurant at 5021 Warden Road in North Little Rock for $1.3 million.
The building and property were last appraised at $1.7 million.
The El Porton, built in 1995, is in the Somers Commercial Park subdivision.
The seller was Cuatro Hermanos Inc. Jose Perez is president, Juvenal Perez is vice president and Martin Perez is secretary of Cuatro Hermanos.
A spokesman for the Diane & Bruce Halle Foundation's real estate department in Scottsdale did not return a call seeking comment.
BALDWIN SHELL
The Bank of Little Rock sold Vouk Truck Brokerage's facility to 701 Judi Drive LLC for $925,000 last month.
The 13,700-square-foot Vouk building at 701 Judi Drive in North Little Rock consists of 27 percent office space and 73 percent warehouse space. It was built in 2002.
701 Judi Drive LLC is 100 percent owned by Baldwin Shell Construction Co., said Scott Copas, chief executive officer of the contracting firm.
Baldwin Shell will use the building as its new distribution warehouse and equipment operations facility, Copas said. Baldwin Shell has used a location near the University of Arkansas at Little Rock as its warehouse for more than 50 years, he said.
The 701 Judi Drive property also includes a 4,000-square-foot office building.
Baldwin Shell took out a $990,000 mortgage with Simmons Bank. The loan matures in 2027.
TIMBERLAND SOLD
JBB Holdings Inc. of Little Rock recently bought 28 acres of timberland from 2610 Acres LLC for $875,000.
JBB Holdings borrowed $568,000 from First NaturalState Bank in McGehee to finance the purchase. The mortgage matures in 2023.
The property is east of Arkansas 113, south of Arkansas 300 and north of Lake Maumelle, according to the mortgage.
The Pointe North Hills LLC paid $716,000 for about 14.5 acres of timberland on North Hills Boulevard from Richardson Properties LLC last month.
The Pointe North Hills is at 9800 Maumelle Blvd. in North Little Rock.
HUCKABAY HOUSE
The Clifton Family Limited Liability Limited Partnership sold the Huckabay House Senior Daycare center building in Sherwood last month.
The center is at 100 Shadow Oaks Drive.
Sky Holdings LLC of Little Rock paid $695,000 for the building, which was last appraised at $845,0000.
Clifton Family partnership bought the building out of foreclosure in 2014 from Centennial Bank for $370,000.
SundayMonday Business on 01/21/2018