Technology Drive Building Registers $11.7 Million Sale (Real Deals)

by George Waldon  on Monday, Apr. 14, 2014 12:00 am  

The 1001 Technology Drive project joined the LaFrance family’s growing portfolio of office holdings in the Little Rock market. | (Photo by Jason Burt)

The sale of a 100,000-SF office building in west Little Rock weighed in at $11.7 million.

1001 Technology LLC, led by Jason LaFrance, purchased the four-story project at 1001 Technology Drive.

Ownership of the property was divided among Acxiom Corp., 50 percent; Kelley Commercial Realty LLC, led by Hank Kelley, 25 percent; and John and Karen Flake, 25 percent.

The deal is financed with a $7.6 million loan from USAble Life of Little Rock.

The 7.25-acre development previously was tied to an April 1998 mortgage of $7.4 million held by Mercantile Bank of Arkansas in North Little Rock.

The site was acquired in July 1995 from Donald and Wilma Kirk as part of more than 67 acres assembled in a string of transactions totaling $3.3 million.

Mini Acquisition

A Maumelle mini-storage development tipped the scales at $1.64 million.

Robert and Danea Smith bought the Storage Spot project at 98 Commercial Park Court from CAD LLC, led by Donald Spears.

The deal is funded with a five-year loan of $1.24 million from Little Rock’s Bank of the Ozarks.

The 3.04-acre development previously was linked with an August 2007 mortgage of $1.6 million held by Summit Bank of Arkadelphia and a June 2007 mortgage of $500,000 held by the Bud & Julie Whetstone Trust.

The location was purchased for $292,000 in April 2006 from Gene Pfeifer and his wife, Linda.



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