Riverdale's Raney Building Headlines $3.5M Triple Purchase (Real Deals)

by George Waldon  on Monday, Sep. 23, 2013 12:00 am  

T.J. Raney Building at 3600 Cantrell Road. (Photo by Jason Burt)

An office building in the Riverdale area of Little Rock and neighboring commercial properties in Little Rock’s Hillcrest area shifted ownership in deals totaling more than $3.5 million.

Peartree Inc., led by Katharine Adams, purchased the 41,429-SF T.J. Raney Building at 3600 Cantrell Road from IberiaBank of Lafayette, La., for $1.85 million.

Peartree also took ownership of the Hocott’s Garden Center at 3700 Kavanaugh Blvd. in a transaction valued at $1 million and the nearby 3604 Kavanaugh Blvd. project in a deal valued at $685,000.

The seller of these two properties is Hill Valley Inc., which shared some common ownership with Peartree. The three projects are securing a $1.35 million loan from Centennial Bank of Conway.

IberiaBank recovered the Raney project at a $2.1 million foreclosure sale in July 2010 from T.J. Raney Building Inc., led by Thomas Raney.

The 3-acre development previously was linked with a March 2005 mortgage of $3 million originated by First Community Bank of Jonesboro (purchased by IberiaBank in 2007).

IberiaBank obtained a $2.98 million judgment against T.J. Raney Building and Tom Raney in June 2010.

T.J. Raney Building Inc. bought the one-time home of Allied Telephone Co. for $1.3 million in October 1982 from Mart Inc., led by Joe T. Ford and Hermann Ivester.

The 1.24-acre Hocott’s property was acquired for $900,000 in March 2011. The Hocott sellers were Hocott Enterprises, led by Terry and Perry Byron, Paula Herrin, David and Denice Hocott, Thomas and Kimberly Hocott, Karen Ridgeway, Patricia and Samuel Herrin, Joseph and Kristi Herrin, Patrick and Sheran Herrin, Dorothy Lovette and Erica Hocott.

The 3604 Kavanaugh Blvd. project was bought for $250,000 in March 2011 from Lorene Lloyd Patterson and her husband, James.

Insurance Acquisition

Rural acreage in northwest Pulaski County rang up a $775,000 sale.



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