Southern Bancorp Buy
The one-time home of the Little Rock branch of the Federal Reserve Bank tipped the scales at $1.35 million.
Southern Bancorp CDC of Arkadelphia bought the 123 W. Third St. project. The seller is 123 West Third Associates Ltd., led by Kenneth McRae.
The 0.3-acre development in downtown Little Rock previously was used to help secure an October 2007 mortgage of $2 million held by One Bank & Trust of Little Rock.
The limited partnership took ownership of its namesake property from Wilson-McRae Inc. in a November 1990 transaction valued at $125,000.
The property was acquired for $250,000 in September 1990 from the Resolution Trust Corp., as receiver for Little Rock’s First Federal Savings of Arkansas.