Real McCoy

A 3.5-acre development in southwest Little Rock is under new ownership after $510,000 purchase agreement.

Hojo Enterprises LLC, led by J. Michael Hogan and Kaye O. Johnson, will buy the McCoy Building Supply Center at 9110 Interstate 30.

The would-be seller is McCoy Building LLC, led by Kevin Hutchingson, Barnett Grace, John Fleischauer and BQFA Holding Co. LLC, led by L. Dickson Flake and Samuel W. Anderson.

McCoy Building bought the property, which includes buildings of 18,000 and 9,000 SF, last year for $400,000. The deal was backed with a five-year loan of $365,000 from Metropolitan National Bank of Little Rock.

The project was linked with a December 1988 mortgage of $3.4 million held by Texas Commerce Bank of Austin. McCoy Investments acquired the land in September 1987 from Orbit Valve Co. Profit Sharing Plans A & B for $271,000 ($1.78 per SF).