Land Slated for Nursing Home

The state’s largest pension sold another piece of its west Little Rock land holdings in a $1.4 million transaction.

Arkansas Teacher Retirement System sold the near 7.3-acre site to Chenal Arkansas LLC of Chicago.

The property, which will be developed into a nursing home, is across the street from a 5.5-acre parcel at the southeast corner of Chenal Valley Drive and Chenal Heights Drive.

The latter location was sold for $1.1 million earlier this year to Chenal Heights Retirement LLC of Van Buren. It is slated to become home to an 80-bed assisted living center weighing in at around $7.7 million.

Both properties were part of a 71-acre tract that ATRS bought for $4.3 million in March 1999 from El Dorado’s Deltic Timber Corp.

At this rate, ATRS stands to make a nice profit on that investment.