Three Financial Centre Sells for $12.3 Million (Real Deals)

by Arkansas Business Staff  on Monday, Jan. 20, 2014 12:00 am  

A change of ownership visited the Three Financial Centre office building at 900 S. Shackleford Road in west Little Rock. (Photo by Jason Burt)

A 130,000-SF office building in west Little Rock tipped the scales at $12.3 million.

Crain Investments Ltd., led by Larry Crain Sr., and Kelley Commercial Realty LLC, led by Hank Kelley, bought the six-story Three Financial Centre at 900 S. Shackleford Road.

The seller is Three Financial Centre LLC, led by Ed Willis.

The deal is financed with a 20-year loan of $8 million from Southern Farm Bureau Life Insurance Co. of Jackson, Miss.

The 4-acre office development previously was linked with an October 2010 mortgage of $5.8 million held by the insurance company.

Three Financial Centre LLC purchased the project for $10.7 million in February 2000 from Three Financial Centre Joint Venture, led by Michael Marron.

The joint venture acquired the Three Financial Centre for $9 million in January 1985 from Financial Centre Development Co., led by Willis.

FCDC bought the site in April 1984 through its predecessor Faucett Development Co. as part of a $1.46 million deal with Ed Harvey and his Dace Corp.

Auto Expansion

A 3-acre commercial site in west Little Rock is under new ownership after a $1.1 million sale.

Crain Family Holdings LLC, led by Larry Crain Jr., purchased the land adjoining the north side of Crain Ford at 4601 Col. Glenn Plaza Drive. The sellers are LLEJ V LLC, led by Leonard Boen, and CG 430 LLC, led by Hank Kelley.

The land is part of a 70.2-acre tract at the northwest corner of Interstate 430 and Col. Glenn Road largely assembled in two October 2002 transactions with:

 

 

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