Selling the Bank

The NationsBank building that occupies the east side of the Fayetteville square was sold April 22 for $4.3 million.

NationsBank sold the 59,192-SF building to Argora Properties Limited Partnership of Dallas, Texas. The building was appraised this year for $5.1 million.

The building was built in 1981 by First National Bank of Fayetteville. Worthen bought the building Aug. 12, 1993, for almost $7 million. Boatmen’s Bank owned the bank briefly after acquiring Worthen.

Argora is one of five companies controlled by Michael Loftis of Dallas. The other companies include Limestone Investment Company LLC, Presidio Investments Limited, Centenary Partners Limited and Continental Star Investments Inc. All are based in Texas.

Presidio Investments has bought NationsBank’s properties in Little Rock for $8 million. The bank has 40 pieces of property in Arkansas, Kansas, Iowa, Missouri and Illinois that it plans to sell.

All the property was acquired in the bank’s $9.76 billion purchase of Boatmen’s Bancshares Inc. in January 1997.