Four nursing homes in central Arkansas sold last month for nearly $15.2 million to Strawberry Fields Real Estate Investment Trust of South Bend, Ind.
The four nursing homes were part of nine in Arkansas sold by The Skyline Group. Strawberry Fields paid a total of $42.4 million for the nine Arkansas nursing homes plus one in Kentucky.
Strawberry Fields owns more than 60 medical facilities in Arkansas, Illinois, Indiana, Kentucky, Michigan, Oklahoma, Ohio, Tennessee and Texas.
The four Pulaski County convalescent hospitals sold by The Skyline Group include Little Rock Post Acute & Rehabilitation Center at 5720 W. Markham St., with 154 beds; North Little Rock Health and Rehabilitation Center at 2501 John Ashley Drive, with 140 beds; Hillview Post Acute and Rehabilitation Center at 8701 Riley Drive in Little Rock, with 140 units; and Capital Health and Rehabilitation Center at 1516 Cumberland St. in Little Rock, with 120 beds.
The Markham Street facility sold for $4.3 million; the John Ashley Drive facility sold for $3.9 million; the Riley Drive facility sold for $3.9 million, and the Cumberland Street facility sold for $3.1 million.
The nine Arkansas nursing home include 1,004 beds, Strawberry Fields said in the statement.
The West Markham Street convalescent hospital was appraised at $12.2 million this year with estimated annual taxes of $170,600. The four-story building was constructed in 1971.
The John Ashley Drive convalescent hospital, built in 1969, was appraised at $6.1 million this year with estimated annual taxes of $81,100.
The Riley Drive convalescent hospital was built n 1979. It was appraised at $5.2 million this year with estimated annual taxes of $72,300.
The Cumberland Street convalescent hospital was appraised at $3.8 million this year with estimated annual taxes of $53,000. The four-story building was constructed in 1971.
MAUMELLE PROPERTY
New Mercury LLC, a North Little Rock limited liability company, paid $2.2 million for a Shell convenience store and an adjacent McDonald's building last month.
The buildings sit on nearly 10 acres near Maumelle on Ark. 365 near Interstate 40.
Michael Coulson, chairman of Coulson Oil in North Little Rock, incorporated New Mercury in 2007.
New Mercury borrowed $1.9 million from Pine Bluff-based Simmons Bank to help finance the purchase. The mortgage matures in 2023.
Ronald West, vice president of Planet Oil Co., the sole member of New Mercury, signed the mortgage and the sellers were Brown-O'Rourke LLC and Hopkins-Osborne LLC.
The property appraised at $933,000 this year.
WEST LITTLE ROCK DEAL
Natalie Martinez LLC bought a mixed use investment property at 6804 Colonel Glenn Road in west Little Rock for $847,000 last month.
The seller was the R.W. Butler Family Limited Partnership. Ed Penick Jr., a senior brokerage associate at Hathaway Group, represented the seller.
The partnership includes an 8,600 square foot retail strip shopping center, six apartments and a 47-unit mobile home development, all on a seven-acre site at Colonel Glenn Road and West 36th Street, just south of Boyle Park.
Penick said the property was an excellent investment for the previous owner who asked him to find a buyer as part of work to simplify and consolidate a multi-property real estate portfolio.
The Martinez's plans are to continue the present use of the property.
Natalie Martinez LLC borrowed almost $161,700 from Conway-based Centennial Bank to help finance the purchase. Eduardo Martinez, managing partner of Natalie Martinez, signed the mortgage.
Paul Eaton Sr. is president of R.W. Butler.
FORECLOSURE SALE
Bank of Little Rock last month bought out of foreclosure the property of Daniel Utility on Colonel Glenn Road.
The bank paid $819,000.
Included in the property was a 3,550 square foot office building and warehouse built in 2002, a 1,450 square-foot office building built in 1955 and a 1,560 square-foot single family home built in 1940, all on 8.3 acres.
The property appraised for $921,000. Estimated annual taxes were more than $12,000.
Daniel Blair is president and Johnny Bennett is secretary-treasurer of Daniel Utility Construction Inc., which was incorporated in 1989. The address for Daniel Utility Construction is 9715 Colonel Glenn Road.
ARKANSAS BAG
Gridley Holdings LLC paid $520,000 last month for the 15,000 square-foot warehouse of Arkansas Bag Janitorial Supply.
The warehouse at 8716 Interstate 30 in Little Rock was built in 1973.
Bradley Gridley, the sole member of Gridley Holdings, incorporated Gridley Holdings in 2016.
The business also operates under names including Arkansas Door Sales, Arkansas Overhead Door Wholesale and Garage Door Wholesale.
Gridley Holdings borrowed $442,000 form Searcy-based First Security Bank to help finance the purchase. The loan matures in 2023.
The appraised value of the property, which is in the Young Road industrial subdivision of Little Rock, was $425,000.
The seller was KRA Properties LLC.
DIXIE CAFE BUILDING
Conway-based Centennial Bank bought the Dixie Cafe office building at 1215 Rebsamen Park Road in Little Rock last month for $475,000.
In June, Centennial paid $1.3 million to buy the former Dixie Cafe restaurant at the same location to put in a bank branch.
Centennial is still in the conceptual design phase for a new branch, said Gordon Silaski, division president for Centennial.
"It became clear to us that we were going to need the additional space [from the Dixie Cafe office] for parking and traffic flow," Silaski said.
Centennial is planning to move its nearby branch at 2610 Cantrell Road to the Dixie Cafe space, Silaski said.
"Looking at our long-term needs, we may add some additional office space and conference room space," he said.
The Dixie Cafe office was built in 1962.
The seller was RG Joint Ventures LLC of Little Rock, led by Allan Roberts. It owned the property since 2007. It also owned the Dixie Cafe restaurant that it sold to Centennial Bank in June.
SundayMonday Business on 10/07/2018