REAL ESTATE TRANSACTIONS

Buyers from California, Florida spend $8.4M for 8 Arby's stores

The Arby’s at 4560 E. McCain Blvd. in North Little Rock was sold  recently for $919,000.
The Arby’s at 4560 E. McCain Blvd. in North Little Rock was sold recently for $919,000.

Two companies bought eight Arby's restaurant buildings in Pulaski County for more than $8.4 million last month.

MDC Coast 12, a San Diego limited liability company, bought five of the Arby's locations -- at 15510 Chenal Parkway (for $1.2 million) and 8212 Geyer Springs Road in Little Rock (for $1 million), 5324 JFK Blvd. in North Little Rock (for $1.1 million), 3921 E. Kiehl Ave. in Sherwood (for $964,000) and 105 Savannah Drive in Maumelle (for $1 million).

MDC's total investment was almost $5.3 million.

MDC Coast bought two of the Arby's from United States Beef Corp. in Tulsa, two from 2010 USB Real Estate LLC and one from JWD Properties Inc. P. Brett Pratt, president of United States Beef, signed the deed.

National Retail Properties Limited Partnership of Orlando, Fla., bought three Arby's from United States Beef for almost $3.2 million -- at 4560 E. McCain Blvd. in North Little Rock (for $919,000) and at 9624 N. Rodney Parham Road (for $932,000) and 2704 S. Shackleford Road in Little Rock ($1.3 million).

The restaurants were built between 1978 and 2013. The square footage ranged from 2,200 square feet to 3,500 square feet. The appraised value of the individual Arby's restaurants varied from $795,000 to $1.7 million.

NLR APARTMENTS

Dennis Capital, an Arkansas limited liability company, bought seven, two-story brick apartment buildings on North Walnut Road in North Little Rock last month.

Dennis Capital paid a combined $1.9 million for the apartments, which were built in the 1960s and early 1970s. The apartments are in the Pike View addition.

The apartments are at 4905, 4909, 5001, 5005, 5009, 5101 and 5105 N. Walnut Road in North Little Rock. They range from four to six units apiece and 2,800 to 4,200 square feet each. The seven buildings have 33 units total, said Zach Dennis, owner of Dennis Capital.

Dennis Capital borrowed $1.7 million from Central Bank of Little Rock to help finance the purchase. Anna and Zach Dennis signed the mortgage as trustees of the family trust. The mortgage matures in 2023.

Nathan Tyler incorporated Dennis Capital in 2007. Zach Dennis was the registered agent.

The sellers of the apartments were Johan and Juanita Adineh-Kharat. They bought the apartments for $600,000 in January 2017.

The Adineh-Kharats paid a low price in 2017, Zach Dennis said, because of the poor condition of the units.

"They were buying them to flip, essentially," Dennis said. "He spent quite a bit of money rehabbing them. I was able to get them for a pretty good price, based on the appraisal."

He plans to hold the apartments, Zach Dennis said.

"They are all really nice," Dennis said. "They have all granite countertops, custom cabinets, all new stainless steel appliances, new heating and air conditioning, electrical and plumbing."

Dennis said he owns several kinds of real estate, including single family residencies, duplexes, triplexes, mobile home parks and commercial real estate.

"I buy it for the passive income," Dennis said.

CHUCK E. CHEESE'S

FRC Genesis Fundsub III, a Dallas limited liability company, spent $1.8 million to buy the Chuck E. Cheese's property in west Little Rock last month.

The restaurant is at 2706 S. Shackleford Road at the Shackleford Crossings shopping center.

FRC Genesis borrowed $970,000 from Ramrock Lender LLC of Dallas to help finance the transaction. The mortgage matures in 2023.

The mortgage was signed by Justin Schoellkopf, vice president of FRC Genesis.

The restaurant was appraised at $3.6 million in 2018. It was built in 2014.

The seller was Shackleford Crossings Investors LLC.

SundayMonday Business on 01/20/2019

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