NLR Office Building Tops $1.7 Million (Real Deals)

by George Waldon  on Monday, May. 6, 2013 12:00 am  

Crestwood Professional Building at 2501 Crestwood Road.  (Photo by Jason Burt)

Ownership of a 33,972-SF office building in North Little Rock shifted in a transaction valued at $1.78 million.

CPB LLC, led by Michael Quick, purchased the Crestwood Professional Building at 2501 Crestwood Road. The seller is Arkansas Land Group Inc., led by William Alfonso.

The deal is backed with a $1.5 million mortgage from First Federal Bank of Harrison.

ALG acquired the 1.82-acre site in March 1991 as part of a $481,000 deal with The Crestwood Co., led by James Matthews.

Bank Branch Land

A 1.07-acre site for a bank branch in the Otter Creek area of Little Rock sold for $864,000.

First Security Bank of Searcy bought the site at the northeast corner of Otter Creek Road and Bass Pro Parkway from Town Center LLC, led by Tommy Hodges.

The land previously helped secure a June 2012 mortgage of $3.5 million held by Malvern National Bank.

The land was part of a four-part assembly of 176 acres in January 2002 deals totaling more than $2.4 million.

The sellers were Canadian Pacific Properties Inc. of Alberta, Calgary, $1.46 million; Otter Creek Development Co. LLC, led by Robert McGinnis and Byron Eiseman, $784,000; Cynthia Keaton, $143,000; and Jennifer Mae Kochtitzky Trust No. 2, $81,390.

Commercial Acquisition

The sale of adjoining commercial projects in midtown Little Rock rang up a $510,000 transaction.



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