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Partially-done deal.

Partially-Done Deal

Perhaps you caught the announcement that Basham & Co. would be starting a new commercial development in west Little Rock called Hinson Park.

The company would like to develop the entire 2.75-acre site at Hinson Road and Hinson Loop but has only bought about 32,675-SF so far. Operating under the name of West Markham Properties Inc., Basham bought this parcel for about $210,000 ($6.06 per SF).

Basham is already moving forward with an 8,500-SF shell office building the company will partially occupy when the $256,000 construction project is complete in January 1991.

One National Bank is providing a one-year construction financing package of $709,000.

The seller is Henson Loop Partnership, a joint venture that assembled the property between 1984 and 1987 at a cost of about $293,000. Prior to the recent sale to West Markham Properties, the land was supporting a $364,000 note with Federal Savings Bank in West Memphis.

Who is Henson Loop Partnership? Realtor Pat Morrison is the lead man in this deal that also involves developer John Flake, Harrigan Wortsmith, Independent Air Conditioning; James Summerlin, Summerlin Associates; Vernice Wright, Wright Enterprises; the estate of James May, as in May Construction; and Gary Dean, president of General Construction Co.

Henson Loop still owns the acreage that Basham & Co. would like to purchase and develop a second building on with 19,500 SF of office/retail space.

"The development of the property was held up until Hinson Road was widened," observes Pat Morrison.
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Title Annotation:Real Deals; new commercial development by Basham & Co.
Author:Waldon, George
Publication:Arkansas Business
Date:Sep 10, 1990
Words:254
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