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story.lead_photo.caption Entrepreneurial Properties Corp. of Newport Beach, Calif., bought Lexington Park Apartments in North Little Rock in February. - Photo by Benjamin Krain

Lexington Park Apartments in North Little Rock were sold to a California firm for $29.2 million last month.

The buyer was Entrepreneurial Properties Corp. of Newport Beach, Calif. The seller was Burkhalter Vestal LLC, owned by businessman John Burkhalter.

Burkhalter also owns Fountaine Bleau North in North Little Rock, Fountaine Bleau West in Little Rock and Fountaine Bleau Maumelle, said Chris Massingill, a spokesman for Burkhalter. Those are luxury apartments.

"Lexington Park was a pre-Fountaine Bleau model," Massingill said. "It doesn't fit with the high-end luxury style [complexes] that he builds now."

The three-story complex at 7601 Vestal Blvd., off Maumelle Boulevard, includes almost 15.5 acres and 288 units. The price paid per unit was about $101,400.

The apartments were built in two phases, 168 units in 2007 and 120 units in 2008. They were last appraised at $20.2 million.

The Multifamily Group, owned by Richard Cheek and Ted Bailey III, represented Burkhalter.

A call seeking comment from Matthew Wherry, executive vice president of Entrepreneurial Properties Corp., was not returned.

BASS PRO

SPT Prairie 1 BP Drive, a Connecticut limited liability company, made $3.5 million in an almost five-month flip of the Bass Pro Shops retail center property.

SPT paid $21.9 million on Sept. 25 to buy the 104,000-square-foot Bass Pro building and almost 15 adjacent acres near the Outlets at Little Rock, the shopping center at Interstates 30 and 430.

Then SPT Prairie 1 BP Drive, an affiliate of Starwood Capital Group of Greenwich, Conn., sold the same acreage and building to GG Holdings LR on Feb. 8 for $25.4 million.

At the time of the transaction in September, a lease agreement showed that SPT would act as the landlord for Bass Pro and Cabela's Wholesale Inc., who were listed as tenants. The lease had an expiration date in 2042.

After the first sale last year, a Bass Pro spokesman said there would be no changes for Bass Pro's customers.

"We will continue operating in Little Rock as we have in the past," the spokesman said.

The Bass Pro Shops building was constructed in 2013.

GG Holdings is based in Beverly Hills, Calif., and is affiliated with the Guilford Glazer Foundation. The foundation was established in 1997 in California.

A spokesman for the foundation did not return a call seeking comment.

RESIDENCE INN

A Residence Inn by Marriott at 1401 S. Shackleford Road in Little Rock sold last month for $8.5 million to Heart Residence Management LLC of North Little Rock.

The four-story hotel, sitting on 3 acres, was built in 2000 and has 96 rooms.

The hotel sold for $7 million in 2013. It was last appraised at $6.7 million.

The manager of Heart Residence Management is Rajesh Mehta.

Heart Residence is the current holder of a $5.2 million loan from Citigroup.

GROVE PLAZA

The Peggy D. Kerin Revocable Trust & Douglas S. Kerin Revocable Trust paid $3.9 million last month to buy Grove Plaza, a recently completed and fully leased retail strip center at Little Rock's Gateway Town Center.

The 9,652-square-foot, four-space center sits on 1.7 acres and includes tenants Taziki's Mediterranean Cafe, Pie Five Pizza, Gateway Nails and Sprint.

The address of the retail center, completed in 2016, is 10800 Bass Pro Parkway.

The Kerin trusts in Russellville borrowed $1.3 million from Searcy-based First Security Bank to help finance the deal. The mortgage matures in 2023.

The seller was Otter Grove Plaza LLC.

Isaac Smith, Lee Strother and Drew Holbert of Colliers International Arkansas facilitated the sale of the shopping center.

"Grove Plaza's success is proof of the robust retail potential at Gateway Town Center," said Smith, president of Colliers International Arkansas. "With its easy access and visibility from [Interstate 30-Interstate 430], this property proved to be a fantastic investment for the ownership group and will continue to be for the plaza's new owners."

Nearby attractions to Grove Plaza include Bass Pro Shops, the Outlets of Little Rock, Movie Tavern and Dave & Buster's, Smith said.

WAREHOUSE SOLD

Damor Holdings LLC bought a former National Auto Parts warehouse at 10118 Colonel Glenn Road in Little Rock for $718,000 last month.

The 2-acre site includes a 21,400-square-foot warehouse with a 1,500-square-foot office. The warehouse was built in 1976.

National Auto Parts occupied the building until moving to its current location at 4801 S. University Ave. in Little Rock, a spokesman said.

David Morris is managing member of Damor Holdings of Sherwood.

The building was sold in 2017 for $570,000. It was last appraised for $578,000.

Damor Holdings borrowed $560,000 from First Arkansas Bank & Trust of Jacksonville to aid in financing the purchase. The mortgage matures in 2023.

A call to Morris seeking comment was not returned.

CAPITOL CLEANERS

ZLH Holdings LLC of Sherwood paid Arkansas Cleaners Inc. $440,000 last month for a Capitol Cleaners location in Sherwood.

The seller was Arkansas Cleaners Inc.

Family members are on both sides of the transaction.

Zachary L. Hambuchen, 26, is an officer of ZLH Holdings and Carolyn Hambuchen, his mother, is the secretary-treasurer of Arkansas Cleaners, based in Conway.

The cleaners, built in 1995 at 3980 E. Kiehl Ave. in Sherwood, was last sold for $324,000 in 2000. It was last appraised for $500,000.

He wants to keep the business in the family, Zach Hambuchen said. His parents, aunts and uncles have owned cleaners for years, he said.

His father, Eddie, who died recently, had been in the cleaning business for about 30 years, Hambuchen said.

"I decided to buy from the rest of my family and stay with it, keep it within the family," said Hambuchen, who also owns Capitol Cleaners off Rodney Parham Road and on Kavanaugh Boulevard in Little Rock.

ZLH Holdings mortgaged the property with a loan of $520,000 from Centennial Bank in Conway.

BROADWAY BUILDING

Harp Holdings LLC of Little Rock paid $395,000 last month to buy a 4,000-square-foot building that houses a pharmacy and pediatric clinic.

Built in 1973, the property at 1801 S. Broadway in Little Rock is home to City Pharmacy and River City Pediatrics. It was last appraised at about $380,000.

Andrew Harp is manager of Benton-based Harp Holdings.

The sellers were Gary and Mary Bass.

Business on 03/11/2018

Print Headline: Burkhalter sells 288-unit Lexington Park Apartments in NLR for $29.2M

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