Investors flipped a North Little Rock steakhouse last month with two sales, one for more than $1.7 million and the other for more than $2.1 million.
Ocean Block Real Estate, a New York limited liability company, paid Woodcrest Co. almost $1.8 million for the building that houses Outback Steakhouse at 4401 Warden Road. Ocean Block then sold the restaurant building to DG North Little Rock LLC of Montvale, N.J., for more than $2.1 million. Ocean Block made a profit of about $380,000.
Joseph Ricciuti is manager of Ocean Block. James Matthews is president of General Properties, an affiliate of Woodcrest Co. Jeff Friedman incorporated DG North Little Rock in July.
Outback Steakhouse, which sits on about 2 acres, was built in 1984 and has about 6,900 square feet. It was appraised at $1.7 million this year.
Dr. Shabbir Dharamsey, a Pine Bluff cardiologist, plans to convert about 21 acres of timberland in west Little Rock that was acquired last month into an apartment complex.
Dharamsey's ARD Real Estate paid almost $1.5 million for 21.3 acres off Chenal Valley Drive and Gordon Road. That's about $70,000 an acre.
Dharamsey will build a "Class A-plus" 256-unit apartment complex, to be known as Hampton Astoria, on the property, he said.
Dharamsey said he hopes construction on the $36 million project will begin next spring and open in 2020.
"They will be the highest end properties in Pulaski County," Dharamsey said. "There will be nothing to compare, I guarantee you."
He is still finalizing details on the development, but he said some of the Hampton Astoria amenities will include bay windows, center islands in the kitchen, granite countertops, hardwood flooring, a clubhouse with a European look, best available stainless steel appliances and bathrooms like a five-star hotel.
Dharamsey's two other multifamily developments in Little Rock are the Parkland Heights Townhomes and Renaissance Point, both in The Ranch development on Arkansas 10.
The seller was IberiaBank. The property was in foreclosure, Dharamsey said.
The property, west of Fox Ridge Luxury Senior Living, was last sold by Deltic Timber Corp. for $3.3 million in 2007, which makes it about a $5 million property today, Dharamsey said. He negotiated with IberiaBank for more than six months, Dharamsey said.
ARD Real Estate is made up of his relatives, including his mother and two brothers, Dharamsey said. ARD borrowed more than $1.5 million from Stone Bank in Mountain View to help finance the purchase. The loan matures in 2020.
Dharamsey is manager of Parkland Heights Ranch Properties, an affiliate of ARD Real Estate. Dharamsey and his mother, Razia, both incorporated ARD Real Estate in 2011.
ARD Real Estate's address is listed as 7200 Hazel St. in Pine Bluff. Also at that address is the Cardiac and Vascular Institute, which is Dharamsey's medical office.
River Walk Office and River Walk Office II, a pair of limited liability companies in Little Rock, invested more than $1.1 million last month to buy about two undeveloped acres in the Riverdale neighborhood.
The property is at Riverfront Drive and Morgan Keegan Drive.
The two companies at about the same time also bought a nearby four-story office building, Rock Plaza, for almost $8 million.
Rock Plaza, with about 55,000 square feet, is at 1 Information Way.
Sam Alley is an executive with the two companies. Alley also is chief executive officer of Little VCC LLC in Little Rock, one of the largest construction companies in the region.
River Walk Office and River Walk Office II consist of members of the Alley family, said Derek Alley, managing director of VCC and son of Sam Alley.
The two companies bought the 2 acres with the goal of building a "sister facility" there, Derek Alley said.
The land was appraised last year at $888,000.
The Winrock International Institute for Agricultural Development was the seller.
SundayMonday Business on 09/16/2018
Print Headline: Quick resale of NLR Outback building nets $380,000 for investors