Paramount Transaction Adds Up to $3.6 Million (Real Deals)

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

Paramount Life Building at 11025 Anderson Drive in west Little Rock. (Photo by Jason Burt)

A 42,291-SF office building in west Little Rock tipped the scales at $3.6 million.

Paramount Holdings LLC, led by Haitham Alley, bought the three-story Paramount Life Building at 11025 Anderson Drive.

The seller is Alltel Corp./Alltel Properties LLC, affiliates of Verizon Wireless.

The deal is funded with a five-year loan of $3.6 million from First Security Bank of Searcy.

On the backside of the deal, the state of Arkansas acquired 16,297 SF on the first and second floors for $738,000. The space will be used for data processing.

Alltel purchased the 2.11-acre development for $3.3 million in August 1994 from Phillip and Vicki Elkins.

Wash Purchase

A west Little Rock car wash sold in a $1.32 million transaction.

Chenal Autowash LLC, led by Larry Middleton, acquired the Best Car Wash project at 620 S. Bowman Road. The seller is Chenal Carwash LLC, led by Willis Smith.

The deal is financed with a 10-year loan of $1 million from BancorpSouth Bank of Tupelo, Miss.

The 1-acre development previously was used to help secure a December 2008 mortgage of $2.4 million held by One Bank & Trust of Little Rock.

The car wash site was bought for $315,000 in February 1996 from Grey Rock Real Estate Holding Inc., led by Jimmy Moses, Jim Nosari and Ramsay Ball.



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