Former Color Tile Building Being Converted to Offices

The former Color Tile building at 3403 W. Walnut St. in Rogers was sold March 18 for $460,000.

Lancaster Holdings Corp. sold the building to Neosho Investments Ltd. of Chanute, Kan. The deed was signed by William Lancaster as president of Lancaster Holdings and Jean Lancaster as secretary of the company.

The purchase was financed with a $449,170 mortgage from NationsBank of Topeka, Kan. The loan was signed by Gary Clay as president of Neosho Investments, Gary and Jackie Clay as trustees of the Gary Clay Living Trust and Jackie Clay Living Trust. The couple also assumed personal liability for the loan.

Clay is remodeling the building and plans to open Aladdin Realtors and an investment company in the space.

The Clays also bought a home in Pinnacle for $1.3 million ($256 per SF) on March 16. The couple bought the 4,688-SF home at 32 Pinnacle Drive from John A. and Marsha Phillips. The purchase was financed with a $1.2 million mortgage from NationsBank.

The home was built in 1993 and had been listed by a local real estate agency for $1.8 million ($384 per SF).

The Clays moved to Northwest Arkansas in April. They own America’s Sales & Leasing with 22 stores in four states, including five in Northwest Arkansas.