Alltel Office Building Draws $12 Million Sale (Real Deals)

by George Waldon  on Monday, Jan. 13, 2014 12:00 am  

A 231,206-SF office building in the Riverdale area of Little Rock tipped the scales at $12 million.

Alltel Communications LLC, a Verizon affiliate, sold the 7.15-acre piece of the former Alltel campus at 1 Allied Drive. The buyers included LAF 5 Allied LLC, led by Kevin Huchingson; Stamja DT AR Properties LLC, led by Jason LaFrance; and JSJ Properties LLC, led by Joe Courtright.

The deal is financed with a 10-year loan of $10.1 million from First Security Bank of Searcy.

The site was purchased for $500,000 in August 1981 from Pleasant Valley Inc., led by Marion Burton.

Undeveloped Acquisition

Two commercial parcels totaling 12.4 acres in southwest Little Rock changed hands in an $831,000 sale.

T-Bar Properties LLC, led by Tom Bartholomew, acquired land near the southwest corner of Otter Creek South Road and William Dillard Drive. The limited liability company also purchased land across Otter Creek South Road that extends north to the Mabelvale West Road cloverleaf.

The sellers are Centennial Bank of Conway and 2610 Acres LLC, led by Rick and Randy Ferguson.

Centennial entered the 50-50 ownership picture in June 2011 as part of a $1.13 million foreclosure sale. The bank’s stake previously was owned by Gene Cauley.

He purchased the land as part of two April 2003 transactions totaling $636,000. The seller was Otter Creek Development Co. LLC, led by Robert McGinnis and Byron Eiseman Jr.

RV Purchase

A 149,170-SF industrial facility in south Little Rock sold for $495,000.

 

 

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