Arizona firm buys west LR convalescent health center for $11.1M
Avenir Memory Care @ Little Rock LP, a Scottsdale, Ariz., limited partnership, invested $11.1 million last month to buy the Clarity Pointe convalescent health center at 8401 Ranch Blvd. in west Little Rock.
Avenir borrowed $7.9 million from Dwight Bridge Fund LLC, a Florida limited liability company.
David Craik is the president and incorporator of Avenir.
The seller was Chicagobased HSRE Clarity Pointe at Little Rock LLC. Joel Nelson, the authorized signatory for HSRE Clarity Pointe, signed the deed.
The 37,000-square-foot, one-story center was built in 2014. It was appraised at $6.9 million this year. The facility covers about 4 acres and has 59 private suites.
Avenir Memory Care offers care for patients with Alzheimer’s disease and other dementias. Avenir also has a facility in Fayetteville, as well as in Arizona, Tennessee, Nevada and British Columbia.
A phone message left with a spokesman at Avenir in Little Rock was not returned.
Little Scholars of Arkansas LLC bought two properties in North Little Rock last month — the LISA Academy charter school building and property on Briley Road.
Each was valued at more than $1 million. The LISA Academy school building sold for $5.3 million. The property on Briley Road, directly behind LISA Academy, sold for $1.1 million.
LISA Academy, which is affiliated with Little Scholars of Arkansas, is a kindergarten-through-12th-grade school with 2,000 students on the waiting list to attend. The building, a former Best Buy store in a Landers Road shopping center, has 45,000 square feet.
LISA Academy wants to use the land on Briley Road to build a $13 million, two-story upper school. WER Architects/Planners of Little Rock designed the building.
Fatih Bogrek, superintendent of LISA Academy charter school, is the registered agent of Little Scholars of Arkansas. The organizer of Little Scholars is Cuneyt Akdemir.
“LISA Academy-North [kindergarten through 12th
grade] is stuck all in one building, so to have an effective system and to help meet the demand, we want to expand,” Bogrek told the state’s Charter Authorizing Panel earlier this year.
Another school official said the school has a 100 percent graduation rate and a high college-acceptance rate.
The panel approved the expansion unanimously, as did the state Board of Education.
The seller of the LISA Academy building was CRM Capital Partners LLC.
The sellers of the property on Briley Road were Brad, Laurie, Scott and Sumi Jolly.
In June, the Arkansas Development Finance Authority issued $20.8 million in charter school capital improvement bonds to help finance the new building.
ASHER SHOPS
Colonel Glenn Associates LLC paid $4.4 million for the Asher Shopping Center last month.
The neighborhood shopping center is at 6420 Colonel Glenn Road. Built in 1978, it has more than 80,000 square feet and covers more than 5 acres
The center includes a Kroger grocery store, It’s Fashion, a Kroger fuel center and a Dollar Tree.
The seller was the Doyle Rogers Family Limited Partnership. Doyle W. Rogers Jr. is the firm’s president.
The center was appraised at $1.7 million last year.
Colonel Glenn Associates is based in Baltimore. It was incorporated in March by Carl Verstandig.
Colonel Glenn Associates borrowed $3.3 million from Arvest Bank to help finance the transaction. The maturity date of the mortgage is 2023.
SHERWOOD LAND
CDRN Sherwood LLC bought about 1.5 acres of undeveloped land in Sherwood for $710,000 last month.
The property was appraised at almost $520,000 this year.
CDRN was incorporated in June. Chetan Patel was the incorporator and registered agent.
CDRN borrowed $1.5 million from Little Rock-based Telcoe Federal Credit Union. The mortgage matures in 2020.
The sellers were Stuart and Anne McGilvray.
Earlier this year, CDRN paid $850,000 for about 2.3 acres of undeveloped property on Country Club Road in Sherwood. Telcoe was the seller in that transaction.