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Arkansas company buys west Little Rock hotel for $6.2M

by David Smith | July 22, 2018 at 4:30 a.m. | Updated July 23, 2018 at 4:30 a.m.
LR Markham Apartments LLC, a Conway-based limited liability company, paid $6.2 million for the Little Rock Comfort Suites hotel at 11 Crossings Court in Little Rock.

LR Markham Apartments LLC, a Conway-based limited liability company, invested $6.2 million to purchase a west Little Rock Comfort Suites hotel with 90 rooms last month.

The four-story hotel, built in 2010, is near Shackleford Crossings shopping center.

The Comfort Suites, with 90,000 square feet, was appraised this year at $4.7 million.

LR Markham Apartments borrowed $5.2 million from the Farmers and Merchants Bank of Stuttgart to help finance the acquisition. The mortgage matures in 2021.

Operating managers for LR Markham Apartments are Umang K. Patel, Nimesh Sitaram, Davesh H. Sitaram and Yogesh Bhawandas Asudani, with each one signing the mortgage.

LR Markham Apartments LLC and LR Markham Hotel LLC are affiliated companies. Each one has the same address in Conway, and Nimesh Sitaram is an officer for each one.

The seller was KDV Inc.

Conway Management Inc., also at the same Conway address, already owned at least 15 hotels -- four in Conway (a Candlewood Suites, a Comfort Inn & Suites, a Custom Suites and a Holiday Inn Express & Suites), five in Little Rock, two in North Little Rock, one in Benton, one in Bryant, Lindsey's Resort in Heber Springs and one in Columbus, Ohio.

A call to Patel, president of Conway Management, seeking comment was not returned.


One of Little Rock's longest-standing shopping centers, Town & Country, was sold on Monday for $3.8 million.

The 47,000-square-foot center is at 3700 S. University Ave., across from the University of Arkansas at Little Rock. It was built in 1956.

It was considered one of the city's first modern shopping centers. Early tenants included Kroger, Franke's Cafeteria and the predecessor of Bank of America, which has remained a tenant for 62 years.

Current residents include Sam's Oriental Store, Fun Wash, Rock City Smiles, Evan's Vision Center and C. Alexander School of Cosmetology

Mason Lewis of Colliers International-Arkansas represented the sellers, The Leah B. Trahin Revocable Trust and Walthour-Flake Co.

The buyer, AR Fortune Group LLC, was represented by Ted Arnett of Arnett Realty and Investments. Bryant-based AR Fortune Group borrowed $3 million from Arvest Bank to help finance the deal. The mortgage matures in 2021.

AR Fortune Group was incorporated in May by Hua Mei Chen, who is also the registered agent and manager. Also signing the mortgage as members of AR Fortune Group were Yan Mei Ni, Yu Sheng Xiao, Hui Yu Weng and Fei Jian Weng.

Dickson Flake is president of Walthour-Flake Co.

"Town & Country has been a staple of the Little Rock retail scene for more than 60 years," Lewis said. "The center continues to be well-leased, and it will make a great investment property for the new ownership group."

Colliers International will continue to lease and manage the center.


KG Store 138 LLC of West Des Moines, Iowa, paid $1.7 million for a convenience store, an armed forces office, a restaurant, a rental car office and almost 2 acres last month in the 1500 block of West Main Street in Jacksonville.

The seller was SNR Consulting LLC of Chesterfield, Mo. Stephen Zang is executive committee member of SNR.

The property, which was appraised at about $675,000 this year, will be used to build a Kum & Go convenience store.

Work began a few weeks ago at the store, said Kristie Bell, Kum & Go's director of communications. It should open early next year, she said.

Kum & Go has more than 400 stores in Iowa, Arkansas, Colorado, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oklahoma, South Dakota and Wyoming. The chain was founded in 1959 in Hampton, Iowa, with the first store known as Hampton Oil Co., Bell said.

There are 48 stores in Arkansas, Bell said. The first Kum & Go in Arkansas opened in 1998, she said.


2100 Brookwood LLC last month bought a 15,000-square-foot unoccupied building at 2100 Brookwood Drive in Little Rock for $1.3 million.

The LLC borrowed $1 million from Conway-based Centennial Bank. Samuel Mark Brockinton II is manager of 2100 Brookwood. John C. Lessel is an officer of the firm.

The building, built in 1995, and almost 2 acres were appraised at $1.4 million this year.

The seller was Stamja-LP AR Properties LLC, which was incorporated in 2012.

The managers of Stamja-LP are Stephen LaFrance Jr. and Jason LaFrance. Walter M. Ebel III is an officer, and Bryce Good is the tax preparer.


James L. Adams of San Diego paid $1.2 million last month for the building that houses a Dollar General Store at 1701 Pike Ave. in North Little Rock.

The seller was PB General Holdings (Pike) LLC. Price Gardner and Leonard Boen are managers of the firm. Boen is also the registered agent.

Gardner, a Little Rock lawyer, is listed as an officer on more than 45 similarly named limited liability companies.

The building, which appraised for more than $650,000 this year, was built in 2011. It includes more than 9,200 square feet.

Dollar General has almost 15,000 stores in 44 states.


Little Rock-based Unity Property Development Ownership Group LLC paid $1 million in two transactions last month for property on Garfield Drive and Garfield Court.

The purchased property near South University Avenue and West 12th Street, included an 8,700-square-foot storage warehouse and office building and parking areas.

Unity Property borrowed $744,000, of which $241,000 can be used for renovation and the remainder used to finance the purchase. Regions Bank made the loan. The mortgage matures in more than 25 years.

Tanner Hall Critz and Melanie Jean Chapin Critz are members of Unity Martial Arts LLC, an affiliate of Unity Property Development Ownership Group.

The sellers were R and J Realty Warehouse LLC and Garden Holdings LLC.


Gas N Go Investments LLC of Jacksonville paid $850,000 for a 3,300-square-foot convenience store in Jacksonville last month.

The store, a Victory Lane Shell station, is located at 1801 Military Drive.

The seller was Victory Lane Inc., which was incorporated in 2005.

Majid Adinehkharat is president and treasurer of Victory Lane. Rochelle Adinehkharat is vice president, secretary and controller of the business.

Gas N Go borrowed $720,000 from Batesville-based First Community Bank to help finance the transaction. The mortgage matures in 2021.

Anwer Hemani organized Gas N Go Investments in April and is also the registered agent. He signed off on the mortgage.

SundayMonday Business on 07/22/2018

Print Headline: Conway-based firm buys Comfort Suites near Shackleford Crossings


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