Texas company buys Little Rock hotel at I-630 for $10.4M

A worker touches up paint on the newly remodled Hilton Hotel on University Avenue in 2004. Now a Four Points by Sheraton, the hotel underwent a $20 million renovation in 2004 and an $8 million renovation in 2016.
A worker touches up paint on the newly remodled Hilton Hotel on University Avenue in 2004. Now a Four Points by Sheraton, the hotel underwent a $20 million renovation in 2004 and an $8 million renovation in 2016.

Newstream Hotel Partners-LIT, a Texas limited liability company, bought the Four Points by Sheraton hotel in Little Rock for $10.4 million last month.

The 263-room hotel at University Avenue and Interstate 630 was sold by Windsor Capital Limited Partnership, led by Al Rajabi. Rajabi bought the hotel out of foreclosure in 2014 for $5 million.

After the 2014 purchase the hotel was quickly rebranded as a Sheraton. It has been part of the Hilton and Clarion chains in years past.

The hotel underwent a $20 million renovation in 2004 and an $8 million renovation in 2016.

The three-story hotel has 171,500 square feet and was built in 1976. It covers 5.3 acres and was appraised at $8.5 million this year. The hotel's estimated annual taxes are $119,000.

Timothy Nystrom, manager of Newstream, did not return a phone call seeking comment. Newstream was incorporated in July.

Newstream borrowed $14 million from UC Funding Services LLC of Boston to finance the purchase.

"The [Sheraton] is in excellent physical condition and features outstanding full-service amenities," Newstream said on its website.

Rajabi bought the Arlington Hotel in Hot Springs last year and said he plans to spend $40 million on renovations.

A message left for Rajabi also was not returned.


Alter Trading Corp. of St. Louis bought substantially all the assets of Tenenbaum Recycling Group in North Little Rock last month, Alter Trading said in a statement.

The sale included all 10 of Tenenbaum's locations, nine in Arkansas and one in southern Missouri. Alter Trading said it would continue to operate all 10 locations.

Financial terms of the entire transaction were not disclosed.

"We knew that someday we would take advantage of the right opportunity to exit the industry to pursue our individual passions and could not be more proud of the Tenenbaum team for their accomplishments to this point," Harold Tenenbaum, chairman of the board of TRG NFP LLC, said in a statement.

Alter Trading and Tenenbaum have each been in the scrap metal recycling business more than 120 years, the statement said.

"This acquisition is the next important milestone in our growth strategy," Robert Goldstein, chairman of Alter Trading, said in the statement.

Alter Trading paid more than $6.8 million for more than 27 acres of the Tenenbaum Recycling Group in North Little Rock, according to documents filed at the Pulaski County courthouse.

Alter Trading handled the purchase in two transactions -- a $4 million acquisition from NLR Scrap LLC and a $2.8 million buy from TRG NFP LLC.

The deal includes a 30,000-square-foot office and warehouse, which was built in 1975; a 9,600-square-foot storage warehouse; a 17,000-square-foot service repair garage; a 10,700-square-foot warehouse building; and a 2,100-square-foot warehouse.

All five buildings are listed as being at 4500 W. Bethany Road.

The deal also lists three other buildings in the sale -- a 28,000-square-foot light manufacturing building at 2601 Central Airport Road; a 2,900-square-foot warehouse; and a 12,000-square-foot material storage building.

The property was appraised at $5.4 million this year. The Tenenbaum businesses pay at least $64,000 in estimated annual taxes.

Jack Grundfest is chief executive officer of TRG NFP and NLR Scrap.

Jay Robinovitz is chief executive officer of Alter Trading Corp.

A call seeking comment from Tenenbaum Recycling was not returned.


The American Cancer Society's 13,000-square-foot office building at 901 University Ave. in Little Rock was sold recently to 901 University LLC for $1.1 million.

Incorporated by Robert T. Smith in August, 901 University LLC borrowed $885,000 from First Security Bank of Searcy to help finance the purchase. The mortgage matures in 2025.

William Arthur Brock Martin III, manager of 901 University, signed the mortgage documentation. Gary Reedy, chief executive officer of the American Cancer Society, and Catherine Mickle, chief financial officer, signed the warranty deed.

A call seeking comment about the sale of the building was not returned.


Fason Properties LLC of Conway bought the Chasyns Apartments in Little Rock last month for $385,000.

The apartment complex at 4725 Hoffman Road has four buildings with 18 units covering about 10,800 square feet. They were built in 1973.

The development appraised at $483,000 this year. The estimated annual taxes are about $5,900.

Fason Properties bought the apartments in the Hoffman subdivision from Chasyn Management LLC of Little Rock. Chris and Shacuna Jones are members of Chasyn Management.

Fason Properties borrowed almost $349,000 from Central Bank in Little Rock to help finance the purchase. The loan matures in 2021.

Brian Fason incorporated Fason Properties in 2016.


Lafever Self Storage LLC of Cabot bought the Greystone Mini-Storage in Cabot for $280,000 last month.

Greystone has 97 units covering 2 acres and 4,500 square feet in each of three buildings.

The seller was Greystone Mini Storage LLC.

Jamey Christopher and Tracy Lynn Lafever incorporated Lafever Self Storage in July.

Lafever Self Storage borrowed $238,000 from First Community Bank of Batesville to help finance the acquisition. The mortgage matures in 2021.

SundayMonday Business on 09/30/2018

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