Branmat Corp. paid $3.9 million last month for the buildings housing Arkansas Pediatric Facility at 4100 Heritage Drive in North Little Rock.
Arkansas Pediatric Facility is an intermediate care facility for the mentally disabled. It has served children from across Arkansas since 1986, according to its website.
The facility is licensed by the Office of Long Term Care to provide services for 58 children from birth to 21 years. It is Medicaid funded and provides residential services to children with disabilities such as cerebral palsy, spina bifida and autism, among other conditions.
The property, which includes almost 4 acres, appraised for $4.4 million in 2017 and last sold for $3.5 million in 2009.
Branmat and Arkansas Pediatric Facility are related businesses.
Branmat of North Little Rock does business as Arkansas Pediatric Facility, said Steve Sink, president of Branmat. The company was incorporated in 1992 and started the business the next year.
Branmat bought the Arkansas Pediatric building from HD Holdings Co., so Branmat wouldn't have to make lease payments on it, Sink said.
Sink's wife, Laura Sink, is administrator of Arkansas Pediatric Facility.
Branmat borrowed $4.5 million from First Security Bank of Searcy to finance the transaction.
MINI STORAGE SOLD
Related Fayetteville limited liability companies -- North Star Geyer and North Star Leon -- each bought large mini-storage facilities in Little Rock in January.
North Star Geyer bought Little Rock Storage at 8015 Geyer Springs Road for $3.2 million. The facility has 376 units.
Little Rock Storage appraised in 2017 for $3 million. It last sold for $3.2 million in 2016.
North Star Leon bought Little Rock Self Storage at 6100 Leon Circle for $2.1 million. The storage facility has 562 units.
Little Rock Self Storage appraised for $2.1 million in 2017. It was last sold for $2.1 million.
The sellers were SSCP Geyer Springs Road LLC and SSCP Leon Circle LLC.
Jacob Ramage is manager of SSCP Geyer Springs Road and SSCP North Star Leon Circle.
Ramage is also manager of SSCP Management LLC, an affiliate of First Neck University Avenue, which bought a storage facility in Little Rock in December for $8.3 million.
Ramage also is chief executive officer of Self Storage Capital Partners Management LLC of Philadelphia, an affiliate of which paid $9.6 million in August for a storage facility on 10th Street in Little Rock.
Both North Star companies are affiliated with Snapbox Self Storage.
Terry Pool incorporated each North Star company on Jan. 22.
ECONO LODGE SALE
Protho Junction LLC bought an Econo Lodge motel at 5811 Pritchard Drive in North Little Rock for $666,000 last month.
The Econo Lodge, with 41 rooms, appraised for $865,000 last year. It was built in 2008.
Protho Junction LLC was incorporated by Anant Patel, Bhu Makan and Kal Makan in December. Bhu Makan was also the registered agent.
The seller was Sarina Lodging LLC of North Little Rock.
Sanjay Patel, managing member of Sarina Lodging LLC, signed the warranty deed.
OFFICE BUILDING
MDJP LLC, a Fort Smith firm, invested $515,000 to buy the Onsight Imaging office building in southwest Little Rock in January.
The 5,800-square-foot building, which was appraised for $455,000 last year, formerly was owned by Crystal Hill Baptist Church. It was deeded to the Pulaski County Baptist Association in 2013 and sold that year to Barry Beck Properties LLC for $322,000.
Barry Beck Properties sold the building at 16502 Lawson Road and 2.7 acres to MDJP in January.
Amy Wilbourn incorporated MDJP in 2017. She also was the registered agent.
DAMGOODE DEAL
The owner of Damgoode Pies, a pizza restaurant at 6706 Cantrell Road, sold the building in January for $510,000.
Damgoode Properties LLC, led by Jeffrey Trine, sold the property to Pies in the Sky LLC, an investment group led by Realtors John Hathaway and Wes Martin.
Riley Hays incorporated Little Rock-based Pies in the Sky in October.
The 3,000-square-foot building at the northwest corner of Cantrell and Hughes Street will remain the home of Damgoode Pies Pizzeria under a lease agreement. The property includes a parking area that was added when a former liquor store was demolished years ago.
The building and property appraised for $534,000 last year.
Stuart Mackey, executive vice president at Hathaway Group, represented the seller in the deal. Hathaway and Martin, also executives at the Little Rock commercial real estate firm, represented the buyer.
SundayMonday Business on 03/03/2019