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East LR Acquisition.

An east Little Rock commercial property is under new ownership after a $420,000 deal.

JAP Corp., led by Margaret McEntire, purchased the Sunbelt Convention & Exhibits Services project at 510 McLean St. from Patricia Hemingway.

The deal is backed with a one-year loan of $357,000 from Arvest Bank of Little Rock. The 1.75-acre development previously was tied to a June 1999 mortgage of $100,000, a July 1999 mortgage of $300,000 and a February 2001 mortgage of $25,000, all held by Regions Bank.

Hemingway and Robert and Lola Piggot acquired the property for $220,000 in November 1990 from the Raymond Cook estate and his Cook Realty & Investment Co.

Hemingway bought out the Piggots' interest in June 1999 for $60,000. Cook assembled the property in six buys totaling more than $67,000.

The sellers were Speas Co., $30,000 in June 1955; Frances Phillips, $12,000 in November 1980; Missouri Improvement Co., $11,000 in April 1959; Rosie Napier $8,000 in November 1980; Missouri Pacific Railroad Co., $6,500 in April 1959; and C.M. and Ellen McMillin an undisclosed sum in December 1949.
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Title Annotation:property in east Little Rock, Arkansas, changes hands
Comment:East LR Acquisition.(property in east Little Rock, Arkansas, changes hands)
Publication:Arkansas Business
Article Type:Brief Article
Geographic Code:1USA
Date:Oct 22, 2001
Previous Article:Kroger Sale.
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