The Allied Bank branch at the intersection Kavanaugh and Cantrell in Little Rock's Heights neighborhood took to the auction block Tuesday morning, leading off a four-day run by Blackmon Auctions of Little Rock.
Blackmon is auctioning off Allied Bank's real estate-owned assets, including branch locations in Little Rock and Van Buren and commercial property throughout northwest Arkansas.
The 1,426-SF Kavanaugh branch is appraised at $1.25 million and is the first of 23 auctions planned for Tuesday through Friday from Little Rock to Rogers that will attempt to sell Allied assets.
The $107 million-asset lender intends to liquidate a chunk of its OREO portfolio during the four-day event, Arkansas Business reported. The bank reported more than $11.1 million worth of "Other Real Estate Owned" as of March 31 (the most recent quarterly report available) and ended the first quarter with $3.2 million in nonaccrual loans secured by real estate.
Also on the block Tuesday is the 4,746-SF Allied Branch at 1022 West Capitol in Little Rock, appraised for $1.1 million; another branch at 112 West Pointer Trail in Van Buren (appraisal not available) will go on the block Thursday.
Residential lots and properties in Shannon Hills, Alexander and Little Rock round out the Tuesday agenda. Wednesday's auctions will include residential lots and properties in Malvern and Hot Springs. On Thursday, in addition to the Van Buren branch location, Blackmon will auction residential and commercial properties in Altus, Mansfield and Alma.
Notable northwest Arkansas properties on the block Friday include:
- Two tracts totaling roughly 3.5 acres in the 700 block of South Razorback Road in Fayetteville, appraised for $2.9 million;
- More than 27,000-SF of mixed office/retail/warehouse space off North McConnell Avenue in Fayetteville, appraised for $2.3 million;
- 8 acres off South 28th Street in Rogers, appraised for $1.4 million.
More Allied auction details are available at the Blackmon website here.