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Recycled rental property.

Recycled Rental Property

The Hardin Building at 9110 Chicot Rd. in southwest Little Rock has a new owner these days.

Olin Wahrmund of Joint Venture Real Estate and investment partner Lynnon Gadberry of Arkansas Data Services in Conway bought the 5,500-SF office building in a 50/50 deal for $114,000 from American State Bank in Charleston.

The bank acquired title to the property 1 1/2 years ago after FSLIC, as receiver for FirstSouth, foreclosed on car man Otis Hardin and his wife Bobbie. American State held a second mortgage on the building as additional security on another loan to the Hardins.

"It came close to breaking even, but the original intent was to further secure a bad loan," reports Charleston banker Joe Hiatt. "It was a real learning experience."

The property, located at the southwest corner of Eagle Drive and Chicot Road, went for $100,000 when the Hardins bought it in 1979 courtesy of an 18-year note through Capital Savings and Loan, which was taken over by FirstSouth.

The building, which once housed United Parcel Service prior to its move east of the Little Rock airport, is currently about 85 percent leased.
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Title Annotation:Olin Wahrmund and Lynnon Gadberry bought the Hardin Building from the American State Bank
Author:Waldon, George
Publication:Arkansas Business
Date:Aug 27, 1990
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