Atlanta company buys LR Marriott Residence Inn for $20.4M
SREIT RI Little Rock Propco LLC, an Atlanta company, purchased the Residence Inn by Marriott in downtown Little Rock for $20.4 million last month.
The six-story hotel, with 107 rooms, is at 219 River Market Ave. It was built in 2013.
SREIT RI Little Rock assumed a loan in the original amount of $14.4 million from Wilmington Trust, National Association, as trustee for the registered holders of Wells Fargo Commercial Mortgage Trust.
Adam Singer, authorized signatory of the lender, signed the mortgage. Nate Bagnasch, authorized signatory for the new borrower SREIT RI Little Rock, also signed the mortgage.
The seller was NF II/CI Little Rock LLC, a Greenwich, Conn., firm. Mark Rafuse, vice president of NF II/ CI Little Rock LLC, signed the deed.
The Residence Inn by Marriott appraised at $11.9 million last year. The hotel last sold for $17.5 million in 2014.
Nick Antonopoulos of Miami incorporated SREIT RI Little Rock Propco in August.
The McGibbon Hotel Group Inc. of Gainesville, Ga., developed the Residence Inn by Marriott in 2013 as the first of a group of downtown Little Rock hotels. The others developed by McGibbon include the Hampton Inn and Suites and the Hilton Homewood Suites on River Market Avenue and the Courtyard by Marriott on President Clinton Avenue.
CARDINAL HEALTH
Cardinal Sherwood LLC, an investor based in Marina del Rey, Calif., acquired the 70,000-square-foot Cardinal Health customer service center in Sherwood last month.
Cardinal Sherwood paid $7 million for the building at 5430 Landers Road.
Cardinal Health, which ranks among the top 25 on the Fortune 500 list and leases the facility, will continue its operations at the location with no change.
The seller, Schonfeld Properties Arkansas LLC, was represented by Jeff Hathaway and Reed Billings of Hathaway Group in Little Rock. Robert Schonfeld is manager of Schonfeld Properties.
The buyer was represented by KW Commercial Calabasas of California.
“I believe all parties were very happy with this result,” Hathaway said. “The property’s tenant is about as financially strong as they get,
and they’ve been operating a high-quality customer care center there for over 13 years. We were in the early stages of marketing the asset, and the buyer recognized the opportunity and acted on it before others could.”
The building was originally a retail grocery store, Billings said.
“When you walk in and see the comfortable work atmosphere and the bustling office activity, you’re just amazed at how the building’s been transformed,” Billings said.
To help finance the transaction, Cardinal Sherwood borrowed $5.1 million from BNY Mellon, based in New York. Dan LaHave, a managing member of Cardinal Sherwood, signed the mortgage.
Cardinal Health, based in Dublin, Ohio, is a global health care services and products company, serving hospitals, pharmacies, surgery centers, labs and physician offices worldwide, with more than 50,000 employees.
RIVER CITY
Store Master Funding X LLC invested $6.3 million to buy River City Recreational World in Sherwood in December.
River City is a dealership for recreational vehicles and campers at 6721 Warden Road. Store Master Funding X is based in Scottsdale, Ariz.
River City sold for $4.7 million in April, a 34 percent return on investment for the seller, FRHP Lincolnshire LLC, which is based in Lincolnshire, Ill.
Included in the sale was 4 acres of property.
The dealership appraised at $1.5 million in 2017.
When FRHP Lincolnshire bought the dealership in April, an executive with the company said it was attracted to River City because of the extremely high number of RV registrations in the area.
“We were mainly looking to expand our footprint in that area,” the executive said. “We recognized the people of Arkansas love to travel and camp.”
Michael Bennett incorporated Store Master Funding X in 2016 and is also a manager of the company. Other managers are Christopher Volk and Catherine Long.
CHENAL REHAB
Fort Smith’s Bowman Pointe Property Investments LLC bought the Chenal Rehab and Healthcare Center in west Little rock for $5.9 million last month.
The property at 3115 Bowman Road includes 70 units and was built in 1995. It was last sold for $4.1 million in 2017.
The facility and 4.5 acres appraised at $4.1 million last year.
The seller was Rolling Hills HC Inc. Joey Wiggins, president of Rolling Hills, signed the deed.
Bowman Pointe Property Investments took out a $5 million mortgage from First National Bank of Fort Smith. The loan expires in 2024.
James Stein, a member of Stein and Associates, the operating manger of Bowman Pointe, signed the mortgage. John Rellous Davis incorporated Bowman Pointe in December.
GAS STATION SOLD
Vault CS 9909 Hwy 5 LLC bought T Ricks Highway 5 Citgo in Cabot for $1 million last month.
The seller was Taylor Mercantile LLC, which sold the gasoline station and convenience store for essentially the same price it paid in November.
Barry Bierenbaum, manager of Taylor Mercantile, signed the warranty deed. Bierenbaum incorporated Taylor Mercantile in November.
The 8,000-square-foot store at 9909 Arkansas 5 in Cabot was built in 1984. The property included almost 2.5 acres.
Vault CS is based in Bloomfield Hills, Mich. It was incorporated by Debby Ferguson in December.
Vault CS borrowed $425,000 from Cerco Capital Inc., a financial firm based in the Bahamas.
CLINE CONSTRUCTION
A Little Rock general contractor will relocate, after the acquisition this month of the multi-tenant Kemp Office Building in the Riverdale area of Little Rock.
The 9,000-square-foot building, built in 2000, is at 2200 Brookwood Drive. It was purchased by Karen Cline for $1 million. Cline is married to Ernie Cline, owner of Cline Construction Group, which will move into the property’s one vacant space.
Three other businesses will continue operating as tenants at the location.
The seller was the Margaret L. Kemp Revocable Trust through its trustee, Ellen Rogers, and was represented by Jamie McLarty of Hathaway Group. Mark Bentley and Justin Bentley of Colliers International represented the buyer.
“This will be a great investment and business location for the Clines,” McLarty said.