A done deal.
The deal to buy 45 percent of the building from three Little Rock banks should close this week. The Atkins group already owns the rest of the building.
We reported in April that Atkins Development Co. Limited Partnership was interested in purchasing the rest of the building at 105 W. Capitol Ave.
Atkins has retained part ownership in the property since it was constructed in 1981. The Pickens-Bond Development Co. Limited Partnership owned the rest but lost its stake in 1988 through foreclosure.
Worthen National Bank of Arkansas, First Commercial Bank and Union National Bank of Arkansas took over that share after Pickens-Bond went through bankruptcy.
"I felt either the banks ought to own the whole building or I should," Atkins says. "The banks didn't want to, and I really didn't, either. But one needed to own it all, so I made an offer."
Finally, the Atkins Building will belong to the Atkins group.
All of it.
The office building is 44 percent occupied, according to the "Arkansas Business Office/Industrial Lease Guide."
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|Title Annotation:||Atkin's Development Company L.P. to acquire Atkins Building|
|Article Type:||Brief Article|
|Date:||Dec 9, 1991|
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