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:

• An investment group composed of J. Kenneth and Linda Shollmier, Myra and Charles Hyde Jr., Bob Fewell, James T. Bell, Robert Byrne Jr., David N. White and Charles Abrams IV, $1.95 million.

• James Hall, A. Dan Phillips, W. Daniel Thomas Jr. and William Humphries Jr., represented by Rector Phillips Morse’s Birch Brook Inc., $1.9 million.

McGeorge Acquisition

About 14.3 acres on the southeastern outskirts of Little Rock changed hands in a $475,000 deal.

McGeorge Contracting Co., led by Haskell Dickinson, acquired the property around 7911 Arch Street Pike. The seller is Razorback Service Inc., led by David Franklin Jewell.

Much of the land was originally assembled in three deals totaling $57,000.

The sellers included Charles Wade, $30,000 in November 1976; Linda Leonard, $15,000 in February 1997; and Green Mountain Development Inc., led by Frank Binores, $12,000 in March 1973.

Innovations Purchase

A 6,400-SF industrial facility in Sherwood rang up a $350,000 sale.

Galley Support Innovations Inc., led by Wade Radke, bought the 411 Manson Road project. The seller is Americare Early Learning Center Inc., led by Gus Barry Brady.

The deal is funded with a $612,000 loan from Centennial Bank of Conway.

The 1.96-acre site was acquired for $80,000 in August 1989 from The Crestwood Co., led by James P. Matthews.

Warehouse Development

A 10.7-acre commercial site in North Little Rock drew a $335,303 transaction.

LDG 1031 Holdings LLC, led by Richard Barrett, purchased the land at 11250 Smitty Lane. The seller is D&B Commercial Park LLC, led by James Dietz.

Development of a Hank’s Furniture Distribution Center is backed with a $5.3 million loan from HCB LLLP, led by Steven Roberts.

D&B bought the property for $1.05 million ($9,000 per acre) in June 2001 as part of a 117-acre deal with I-440 Business Fiberpark LLC, led by George Wilcox.

Retail Location

A 0.98-acre site for a Dollar General project in Alexander sold for $200,000.

PB General Holdings (Alexander II) LLC, led by Scott Proctor and Leonard Boen, acquired the land on the south side of Second Street between Main and Highway 111. The seller is Alexander Road LLC, led by Tommy Lasiter.

Construction is funded with a $912,000 loan from First Federal Bank of Harrison. The land previously was used to help secure a September 2001 mortgage of $115,000 held by Citizens Bank of Batesville.

The limited liability company purchased the land as part of a $128,000 deal in March 1995 with Metropolitan National Bank of Little Rock.

Tower Property

A 0.35-acre cell-tower site in North Little Rock changed hands in a $200,000 deal.

T10 Unison Site Management LLC of New York bought the property near the northeast corner of Maumelle Boulevard and Crystal Hill Road from AH Development Inc., led by Bryan Austin and Keith Harper.

The land was acquired in February 2005 as part of a $350,000 deal with the David R. Bruning Living Trust and the Jacki J. Bruning Living Trust.

Billboard Land

Two billboard sites along Interstate 30 in downtown North Little Rock are under new ownership after a $150,000 sale.

TLC Properties Inc. of Baton Rouge purchased the locations on Locust Street between 12th and 13th streets and the southwest corner of Cypress Street and Curtis Sykes Drive.

The seller is WFRT LLC led by Nayla Foster. The Locust Street land was acquired for $3,000 in February 1967 from Dan and Mary Gill. The other property was bought for $450 in February 1968 from the estate of Hugh Moore.

Deauville Manor

A 5,348-SF home in the Deauville Place neighborhood of west Little Rock’s Chenal Valley development rang up a $670,000 transaction.

Yuekui and Ling Li acquired the house from Shawn and Janetta Andrews. The deal is financed with a 30-year loan of $417,000 held by IberiaBank Mortgage Co. of Little Rock.

The Andrews family purchased the property for $785,000 in April 2008 from Jane and Matthew Young.

Lamarche Abode

A 5,216-SF home in the Lamarche Place neighborhood of west Little Rock’s Chenal Valley development drew a $625,000 sale.

Bryan Fuller bought the house from Ronnie and Barbara Glenn. The deal is backed with a 30-year loan of $531,165 from U.S. Bank of Cincinnati.

The residence previously was tied to a July 2011 mortgage of $415,000 held by Arvest Mortgage Co. of Lowell and a June 2012 mortgage of $50,134 held by Arvest Bank of Fayetteville.

The Glenns acquired the property for $535,000 in July 2011 from Paul and Allyson Riser.

High-Rise Home

A 2,078-SF condo in downtown Little Rock sold for $580,000.

Larry and Sheila Vaught purchased the 14th-floor unit in the 300 Third Building from Anna Ellis-Hendrix and her husband, Gregory.

The deal is funded with a 30-year loan of $319,000 from Arkansas Federal Credit Union of Jacksonville.

The residence previously was linked with an October 2010 mortgage of $350,000 held by Wells Fargo Bank of Sioux Falls, S.D.

The property was bought for $669,000 in April 2010 from Keith and Alana Hardin, John and Molly Schillinger and Robert and Patricia Schillinger.

Rural Residence

A 4,100-SF home in west Pulaski County changed hands in a $520,000 transaction.

Michael and Jennifer Cassat acquired the house from Matthew and Susan Jeter. The deal is financed with a one-year loan of $417,000 from Riverside Bank of Sparkman (Dallas County).

The residence previously was tied to a November 2007 mortgage of $75,000 held by CitiBank of Sioux Falls and a December 2011 mortgage of $402,619 held by Wells Fargo Bank.

The Jeters purchased the property for $550,000 in April 2007. The seller was Mary Healey.

 

 

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