A fortuitous real estate flip in the Heights area of Little Rock opened the door for a long-standing neighborhood business to transition from tenant to owner. At the center of it all is the U.S. Bank branch at 5200 Kavanaugh Blvd.
CIU 5200 KAVA LLC, led by Hank Kelley, bought the 1,744-SF project from the Cincinnati-based banking giant for $800,000.
The purchase represented something of a steal, with the property valued at $1.4 million on the real estate tax rolls.
The limited liability company resold the 0.32-acre development for $1.5 million to 5200 Kavanaugh LLC, led by Scott Pace.
The bank branch will be redeveloped as the new home of Kavanaugh Pharmacy, an ongoing enterprise at 5008 Kavanaugh since 1955.
We’re told the remodeling work could be completed in time to move the pharmacy into its new Kavanaugh address during the Memorial Day weekend.