Baptist State Convention Quarters Sold for $2 Million (Real Deals)

by George Waldon  on Monday, Oct. 27, 2008 12:00 am  

Downtown Deal I

A 1.4-acre office development in downtown Little Rock tipped the scales at $2 million.

PB Capitol Properties LLC, led by Leonard Boen, acquired the Arkansas Baptist State Convention quarters at 525 W. Capitol Ave. The seller, ABSC, provided an eight-month loan of $2 million to finance the deal.

The property was assembled in three transactions totaling $1 million. The sellers were Coca-Cola Bottling Co. of Arkansas, $525,000 in June 1967; A.J. Wrape Real Estate Trust, $365,000 in December 1981; and Charles and Emma Simons, $110,000 in January 1982.

Bank Site

A 1.6-acre bank branch site in North Little Rock rang up a $1.05 million transaction.

Arvest Bank of Fayetteville bought the location near the northwest corner of Maumelle Boulevard and Crystal Hill Road from Lilac LLC, led by Andy Collins.

The Justin Matthews family has owned the property for more than 85 years. Lilac represents a big branch of the family tree.

Downtown Deal II

A half-acre office development in downtown Little Rock changed hands in an $800,000 deal.

The Arkansas Association of Educational Administrators, led by Tom Kimbrell, purchased the 219 S. Victory St. project. The seller is the Student Loan Guarantee Foundation of Arkansas, led by Ronald Nichoalds.

The deal is backed with a six-month loan of $800,000 from Twin City Bank of North Little Rock. The property previously was tied to a May 1990 mortgage of $1.2 million held by Simmons First National Bank of Pine Bluff.



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