REAL ESTATE TRANSACTIONS

$1.2M sale of land in central Arkansas for steakhouse finalized

Willow Redevelopment LLC of Addison, Texas, recently purchased and plans to renovate the Twin Pines Apartments near Baseline and Geyer Springs roads in Little Rock.
Willow Redevelopment LLC of Addison, Texas, recently purchased and plans to renovate the Twin Pines Apartments near Baseline and Geyer Springs roads in Little Rock.

National Retail Properties closed on the purchase of 1.4 acres of undeveloped property on Warden Road in Sherwood last month, the site of a future Saltgrass Steak House.

National Retail Properties of Orlando, Fla., paid about $1.2 million for the land, next to an On the Border restaurant and in front of Academy Sports.

The seller was Sherwood Forest LLC, a Texas limited liability company that is affiliated with Blackburn Properties, led by Paul Blackburn.

Jim Hathaway and Wes Martin of Coldwell Banker Commercial Hathaway Group represented the seller, Blackburn Properties, and Roger Davenport of Rector Phillips Morse represented the buyer.

The sale represents one of the final restaurant-size parcels along that stretch of the U.S. 67/167 corridor, Martin said in a prepared statement.

Blackburn Properties declined numerous opportunities to sell, Martin said.

"But when this came along, [Blackburn] knew it was the right user for this site," Martin said. "This will be a great location for Saltgrass."

The property was last appraised at $915,000.

Saltgrass, based in Houston, is a subsidiary of Landry's Inc.

It was reported last week that Landry's also is planning a Saltgrass Steak House restaurant near Bass Pro Shop and the Outlets of Little Rock off Interstate 30 and Interstate 430.

TWIN PINES DEAL

Willow Redevelopment LLC of Addison, Texas, recently bought the Twin Pines Apartments at 7510 Geyer Springs Road in Little Rock for $925,000.

The seller was Velocity Commercial Capital LLC of Westlake Village, Calif.

The apartment complex has 49 units, according to Pulaski County records.

Willow Redevelopment is an affiliate of Cross Equities, also in Addison, Texas.

Willow Redevelopment plans to renovate the complex with new roofs, new siding, new paint, new interiors and new landscaping, said Tim Gillean, a principal of Cross Equities.

"Just really bring the property up to a respectable community," Gillean said.

Cross Equities has owned four other apartment complexes in the Little Rock area, but it sold two of them, Gillean said.

Cross Equities was attracted to Twin Pines because it already owned a complex -- Spanish Willows Apartments -- across the street from Twin Pines, Gillean said.

"So it made sense for us to buy it," Gillean said. "But we like that Little Rock submarket and we like to find properties that we can add value to."

Spanish Willows is a 130-unit complex that was vacant when Cross Equities bought it, Gillean said.

"We completely renovated everything inside and out [at Spanish Willows]," he said.

Spanish Willows began leasing apartments about four months ago and is about 50 percent occupied, Gillean said. Twin Pines is about 75 percent occupied.

PARKING LOT SOLD

A&A Investments of Little Rock recently paid Christ Health Primary Care Clinic $315,000 for a small parking lot on North Taylor Street near west Markham Street.

The lot is about 0.2 acre and last appraised for $108,400.

Nkechi Patricia Ugwuh-Moss, president of Christ Health Primary Care Clinic in Little Rock, did not return a call seeking comment.

Bryan Duke is an officer with A&A Investments. Duke also did not return a call seeking comment.

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