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story.lead_photo.caption The Hampton Inn & Suites at 1301 S. Shackleford Road in west Little Rock has 126 units. - Photo by Staton Breidenthal

Hampton Inn & Suites in west Little Rock sold for almost $12 million to a Lonoke limited liability company last month.

HISLR 5 LLC paid almost $12 million for the 126-unit hotel at 1301 S. Shackleford Road in Little Rock. The hotel, near Arkansas Heart Hospital and built in 2002, appraised at $8.5 million this year.

Bhavin Sharolia was the organizer of HISLR 5. Sharolia did not respond to a call or an email seeking comment.

HISLR 5 took out two mortgages with Farmers and Merchants Bank in Stuttgart to help finance the purchase of the Hampton Inn.

One was for $10 million. It matures in 2021. The other loan, for $1.3 million, matures in June.

The seller was New Project LLC, which was incorporated in 2000. Wallis Blair Allen Jr. and Robert Matthew Allen are managers of New Project.

DIXIE CAFE LOT

Conway-based Centennial Bank paid $1.3 million last month for a former Dixie Cafe restaurant at 1215 Rebsamen Park Road in Little Rock.

The bank is considering its options with the property, said Gordon Silaski, division president for Centennial.

"It's safe to say we're big on the Riverdale market," Silaski said. "But we really haven't decided exactly what we're going to put there."

Centennial Bank is presently leasing space near Whole Hog Cafe, Silaski said. The bank's options in the leased space are limited, he said.

"A big part of our commitment going forward is to plan for an eventual move," Silaski said. "We're not quite ready to announce what our plans are."

There will be a branch bank in the Dixie Cafe space, which will require demolishing the building, Silaski said. The way the restaurant is built doesn't lend itself to the traffic flow necessary for a bank branch, Silaski said.

"[The new branch] may or may not include some additional offices," Silaski said. "We're studying some of the newest technologies for customer service platforms. We're excited about what all is possible."

Centennial Bank is in the design and cost phase of the project. It will take between 12 and 18 months before the new branch opens, Silaski said.

"I think everyone in the community will be interested to see what we're going to do," Silaski said.

The seller was RG Joint Ventures LLC of Little Rock, led by Allan Roberts. It owned the property since 2007.

FUNERAL HOME

The Clifton Family Limited Liability Limited Partnership bought a Huson Funeral Home in southwest Little Rock for $300,000 last month.

The funeral home, at 6400 Mabelvale Pike, has 4,800 square feet and was built in 1991.

The Clifton Family partnership is led by Norman and Shirley Clifton.

The seller was Smith Huson Real Estate, which paid $650,000 for the funeral home in February.

WEST LITTLE ROCK

The Ford Family Limited Partnership paid $300,000 for more than an acre in west Little Rock last month.

The property, which includes a 1,700-square-foot house and a 1,900-square-foot warehouse, is at 6610 Connie Lane, near Arkansas 10 and Ferndale Cutoff Road. The house was built in 1962.

The Ford Family Limited Partnership is led by Scott T. Ford, former chief executive officer of Alltel Corp.

The seller was Carl Harris Construction Co., which owned the property since 2003. It was appraised at $225,000 this year.

BEAR PAW LOTS

Two companies affiliated with Rausch Coleman Homes were involved in the sale last month of lots in a Sherwood subdivision.

ARG Little Rock LLC paid about $260,000 for lots in the Bear Paw Phase II subdivision in Sherwood. The seller was Sherwood 2015 LLC.

The lots are at 11301 Bock Road in Sherwood.

Rausch Coleman Homes, based in Fayetteville, is the largest homebuilder in Arkansas, with homes in Northwest Arkansas, Sherwood, North Little Rock, Cabot, Beebe, Bryant, Alexander, Conway, Jacksonville and Jonesboro.

David Frye, an executive with Rausch Coleman, is also manager of many of Rausch Coleman's affiliated companies.

Rausch Coleman, which starts about 400 houses a year, has been in business for 60 years and built more than 20,000 houses. It also builds houses in the Kansas City, Mo., area; Oklahoma City; Tulsa; the Birmingham, Ala., area, and in Texas.

Business on 07/08/2018

Print Headline: Lonoke company buys west LR Hampton Inn & Suites for nearly $12M

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