Commercial Buildings Mortgaged in Two Loans
by January 12, 1998 12:00 am 69 views
Two commercial buildings on North College Avenue in Fayetteville were mortgaged Nov. 18 for $440,000.
Kenneth and Kathie Marvin received two separate mortgages on property from the Bank of Arkansas in Fayetteville. The loan is due Nov. 15, 2000, and includes an assignment of rents on the property.
A 1,356-SF building at 407 N. College Ave. that currently houses Chuck’s Cake Shoppe, was mortgaged for $366,000. A 2,645 SF building at 413 N. College Ave. was mortgaged for $74,500.
Office building
sells for $425,000
An office building at 1913 N. Walton Blvd. in Bentonville was sold for $425,000 on Dec. 1.
Wesley and Kandis Wright and Jimmy and Cheryl Wright bought the building from Lehman Properties Limited Partnership, which is controlled by Arnold and Carmen Lehman.
The purchase was financed with a $425,000 mortgage from the Bank of Bentonville. The loan was signed by all four Wrights.
The 7,500 SF building has three office spaces. Diversified Retail Solutions, a consulting firm, occupies one of the spaces and other spaces are leased to other companies.
Wesley Wright is owner of Diversified and a former senior vice president with Wal-Mart Stores Inc.