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A Boynton Beach, Fla., limited liability company, Rappaport Properties LLC, paid $980,000 last month for a building on Baseline Road in Little Rock that housed a restaurant.

The seller was RG Joint Ventures LLC, led by Allan Roberts, chief executive officer of RG Joint Ventures and owner of Dixie Cafe restaurants.

The building is at 8800 Baseline Road.

The building sits on slightly more than 1 acre. It was formerly a Luby's restaurant in the 1990s and was sold by Luby's to R G Joint Venture in 1999 for $674,000.

The most recent appraisal was about $145,000.

Roberts did not return several phone calls seeking comment.

NORTH STREET LAND

Irwin Cantrell Properties LLC paid $475,000 for about an acre of undeveloped property on North Street near LaHarpe Boulevard last month.

The Schlereth Family LLC sold the property, which last was appraised at about $67,000.

John Schlereth is managing member of the Schlereth Family LLC.

Jim Irwin with Colliers International, a principal in Irwin Cantrell Properties, declined to comment about plans for the property.

"There are just a lot of things going on right now and I have no comment on it," Irwin said.

Schlereth had a simple reason for selling the property.

"He thought it was worth more than I did," Schlereth said.

The property originally was owned by Baird Inc., where Schlereth was president, Schlereth said.

"Then Baird Inc. was liquidated into my family real estate holding company," Schlereth said. "The continuation of ownership goes back 50 years or more."

The land has some problems, Schlereth acknowledged.

The terrain is not good and there is no access onto Cantrell Road, Schlereth said.

"It's got some limitations as it stands by itself," Schlereth said.

NORTH LITTLE ROCK LOT

KTS Real Estate LLC, a firm in Flowood, Miss., a Jackson, Miss., suburb, bought more than 2.5 acres at 100 Inmon Drive in North Little Rock for $440,000 last month.

The property is at Inmon Drive and Harold Ives Drive and near Interstate 440 and U.S. 70.

The property includes a 5,000-square-foot service repair garage that was built in 2000.

Jeff and Cathy Hooker, who sold the property to KTS, bought it from David Inmon in 2013 for $400,000. It was most recently appraised at about $336,000.

Jeff Hooker owns J Hook Towing & Recovery. He did not return a call seeking comment.

KIDDIE ACADEMY

A limited liability company from Little Rock, Zenith Landings LLC, paid $305,000 last month for property in west Little Rock off Chenal Parkway.

The sellers were Winrock Enterprises Inc. and Winrock Development Co.

Abiodun Oluwa and Olabode Olumofin are members of Zenith Landings. They plan to build a day care center -- Kiddie Academy of Little Rock -- at 610 Wellington Hills Road, Oluwa said. The groundbreaking for the facility was held last week.

Kiddie Academy Educational Child Care is a franchise based in Abingdon, Md., with more than 150 locations in 24 states. It has been in business since 1981, she said.

Kiddie Academy provides child care, infant care, preschool and pre-kindergarten early education, according to its website.

Oluwa and Olumofin plan to build four or five centers in the Little Rock area, Oluwa said. There are no other Kiddie Academy outlets in Arkansas, according to its website.

The two took out a mortgage for $3.9 million with First Chatham Bank of Savannah, Ga., to finance their expansion plans.

SundayMonday Business on 11/19/2017

Print Headline: Florida firm buys former restaurant site on Baseline in LR for $980,000

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