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Friendly forfeit.

Friendly Forfeit

We've heard that Trammel Crow has handed First Little Rock Plaza, at Shackleford Road and I-630, back to Mutual Benefit Life, the mortgage holder from Newark, N.J.

"That's in progress," a reliable source says. It may be a done deal by the time you read this.

Apparently, the building wasn't leased at pro forma rates and the loan had become a burden on the TC partnership that owned the building. Our source tells us the group hadn't slipped behind in payments, and arrangements have been made in an amicable fashion.

The 116,000-SF office building opened in September 1986 and is 85 percent leased. Irwin, Bentley, Rystom (IBR) Management will continue to manage the property.
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Title Annotation:First Life Rock Plaza building sold back to Mutual Benefit Life
Publication:Arkansas Business
Date:Mar 11, 1991
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