EMR Land Co. LLC, a limited liability company in Reno, Nev., and other investment groups bought the Pediatrics Plus location in Sherwood last month for $9.5 million.
Pediatrics Plus at 1540 Club Road, built last year, has almost 33,000 square feet of space. The building and 4.4 acres last appraised at $6.3 million.
Pediatrics Plus also has offices in Conway, Little Rock, Russellville and Frisco, Texas.
Pediatrics Plus provides specialized pediatric health care for its clients, including physical therapy, occupational therapy, a developmental preschool and services for autism, according to its website. From providing home health therapy for about a dozen families 15 years ago, Pediatrics Plus now works with 2,500 children with special needs.
The seller was Pediatrics Plus Real Estate Sherwood LLC.
EMR Land Co. and the JWDM Trust, with Judith Warde Davis Morrison as trustee, took out a $4.7 million mortgage with Bear State Bank in Little Rock to help finance the purchase. The loan matures in 10 years.
Joshua Thieriot signed the mortgage as manager of Javelin Enterprises LLC, an affiliate of Elk Mountain Holdings Co., which is an affiliate of EMR Land Co.
A spokesman for Pediatrics Plus did not return a phone call seeking comment.
SPLASH EXPRESS
Store Master Funding VII LLC of Scottsdale, Ariz., invested $4.4 million last month to buy the Splash Express 10 carwash at 14021 Cantrell Road.
Store Master took out a mortgage with New York-based Citibank for $4.5 million to help with the financing. Michael Bennett, executive vice president and general counsel of Store Master Funding, signed the mortgage. Other managers or officers of Store Master are Catherine Long, Kelly Lettmann and Christopher Volk.
The seller was Splash Express 10 LLC.
Store Master Funding has acquired real estate in central Arkansas since 2015, buying carwashes, medical offices and exercise facilities.
BEST WESTERN
Sun Rise Lodging LLC of Sherwood bought the Best Western JFK Inn & Suites in North Little Rock for $3 million last month.
The four-story hotel at 2500 Main St. in North Little Rock was built in 2009. It has almost 40,000 square feet and 65 rooms. The hotel last appraised at almost $4 million, about $1 million more than the sale price.
Sun Rise Lodging took out a $4 million, five-year mortgage with Farmers and Merchants Bank in Stuttgart. Animeshbhai Patel is the manager of Sun Rise Lodging and signed the mortgage. Patel did not return a phone call seeking comment.
WAREHOUSE SOLD
MK Realty Co. LLC paid $750,000 to Stribling Equipment for a 15,000 square-foot repair garage and warehouse in southwest Little Rock last month.
The structure, which sits on 5 acres, was built in 1975. Kim Salinas and Michael Salinas are members of Benton-based MK Realty. Stribling moved out of the building last year and into its current location on Interstate 30.
MK Realty borrowed $792,000 for a construction mortgage with Regions Bank. The loan matures in 25 years. Included in the $792,000 loan was $35,000 to be used to pay the cost of renovating the mortgaged facility.
A spokesman at Stribling's office in Jackson, Miss., did not return a phone call seeking comment.
LIFE INSURANCE
Allen and Charles Turner paid $725,000 last month to buy Heart's Journey Community Church on Tall Timber Boulevard in Little Rock.
The church no longer congregates at the location. Allen Turner and his son Charles bought the church building and about 5 acres it sits on to convert it into an insurance agency, Allen Turner said.
The agency is Senior Care USA Insurance Services, Allen Turner said. It sells life insurance to senior citizens. His agency has an office in Hot Springs with about 35 agents and more than 50 employees, he said.
"We sell insurance by telephone," Turner said. "The agents are located in a call center." The business sells insurance in 39 states. "We have been frustrated by slow growth. ... So we've opened a second call center here in Little Rock," he said.
Allen and Carolyn Turner, who are married, and Charles and Kerry Ann Turner, who are married, borrowed $725,000 from Arkadelphia-based Southern Bancorp Bank. The mortgage matures in 2023.
Prior to Heart's Journey Community Church, the church was known as Bible Doctrine Church of Little Rock.
SundayMonday Business on 03/25/2018