Bank-Owned Property Draws $3.9M Buyer (Real Deals)

by George Waldon  on Monday, Jun. 23, 2014 12:00 am  

Sedgwick Centre at 400 Hardin Road, captured by Google Street View cameras in August 2011.

A 49,100-SF office building in west Little Rock weighed in at $3.9 million.

Responsive Education Solutions of Lewisville, Texas, purchased the Sedgwick Centre at 400 Hardin Road from Simmons First National Bank of Pine Bluff.

The deal is financed with a 15-year loan of $3.31 million from Northstar Bank of Texas in Denton.

Simmons inherited the 4.8-acre development through its November 2013 bankruptcy court auction purchase of Metropolitan National Bank of Little Rock.

Metropolitan recovered the property from WSLIC Properties II LLC, led by Ralph Olsen II, president of Wonder State Life Insurance Co., at a $5 million foreclosure sale in July 2009.

The project was linked with a February 2006 mortgage of $5.4 million held by Metropolitan.

WSLIC bought the property for $6.4 million back then from R&R Partners, led by David Rees.

Office Park Sale

A four-building, 22,912-SF office project in west Little Rock changed hands in a nearly $1.66 million transaction.

Highway 10 Office Park LLC, led by Isaac Smith, acquired the 16603-23 Cantrell Road. The seller is HTES LLC, led by Todd Hart.

The deal is funded with a 10-year loan of $1.5 million from Greenwood’s State Bank of Lake Mills, Wisconsin.

The 2.3-acre office development was tied to a pair of May 2009 mortgages totaling $3.2 million held by BancorpSouth Bank of Tupelo, Mississippi.



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