WASHINGTON — After nine straight weeks of increases, long-term US mortgage rates fell this week.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

NEW YORK — After controlling the Craftsman name for 90 years, troubled department store operator Sears said it will sell the famous tool brand to Stanley Black & Decker Inc.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

A multibuilding commercial development in midtown Little Rock weighed in at $44 million.

Little Rock Midtown Ltd., an affiliate of Provident Realty Advisors Inc. of Dallas, purchased the five-building, 30-acre development at the northwest corner of Interstate 630 and University Avenue.

The sellers are a pair of New York investment groups, Little Rock Medical Associates IV LLC and Little Rock Medical Associates V LLC.

The transaction is funded with a three-year loan of $36.9 million from Centennial Bank of Conway and a $5.7 million loan from CNS Strategies Ltd. of Dallas.

The deal encompasses the 115,274-SF Doctors Building at 500 S. University Ave., the 69,734-SF Midtown Medical Park Building at 6119 Midtown Ave., the 56,060-SF Doctors Plaza at 600 S. McKinley St., the 162,082-SF former Sears store at 600 S. University Ave. and the 14,137-SF former Sears Auto & Tire Center at 602 S. University Ave. along with the adjoining parking lots and parking deck.

The properties previously were linked with a May 2013 mortgage of $28.4 million held by Little Rock’s Bank of the Ozarks.

The property was acquired for $22.5 million in November 1978 from Little Rock Land Co., led by William Humphries Jr.

Multifamily Sale
An 80-unit apartment complex in Little Rock tipped the scales at $3.5 million.

Bader Carmax Tennessee LLC of Santa Rosa, California, bought the Normandy Place project at 7111 Indiana Ave.

The seller is Normandy Place LLC, led by Max Mehlburger. The deal is financed with a five-year loan of $3.1 million from Great Southern Bank of Springfield, Missouri.

The 1.44-acre development previously was tied to a December 2008 mortgage of $200,000, an April 2012 mortgage of

$1.79 million and an April 2014 mortgage of $37,505 held by Centennial Bank.

The project was purchased in August 1974 from Norman and Carroll Holcomb for $1.06 million.

Village at the Gateway
A 59.6-acre residential tract in Alexander changed hands in a $1.35 million deal.

Big Rock Development LLC, led by Bob Francis and Russell Huckaby, acquired the land at the northwest corner of Vimy Ridge and Pleasant Hill roads from the Little Rock Municipal Property Owners’ Multipurpose Improvement District No. 2006-300.

The transaction is backed with a $1.35 million loan from First Community Bank of Batesville.

Construction of 145 duplexes in the Village at the Gateway project is funded with one-year loans of $1.7 million, $729,000 and $300,000 and a two-year loan of $816,000 from First Community.

The property was recovered at a $100,708 foreclosure sale in August 2010 from MW Properties LLC, led by Nick McDaniel and John and Jacqueline Williams.

The failed project, known as The Ridge Estates, was tied to a February 2007 bond issue of $1 million and an August 2005 mortgage of $1.2 million held by One Bank & Trust of Little Rock.

MW Properties bought the land for $425,000 in May 2005 from Property Development Group LLC, led by Richard Williams and Mark Middleton.

Office Transaction
A 7,592-SF office building in west Little Rock rang up a $957,000 sale.

Ranch CRA LLC, led by Victor Jacuzzi, purchased the 6301 Ranch Drive project. The seller is Consulting Management Innovators Inc., led by Cheryl Lattimer.

The deal is financed with an $828,750 loan from Malvern National Bank.

The 1.88-acre development previously was linked with a December 2014 mortgage of $150,000 held by Bank of the Ozarks and an August 2015 mortgage of $663,062 held by Regions Bank of Birmingham, Alabama.

The project was acquired for $940,000 in October 2006 from PRX Holdings Corp. of Elmwood Park, New Jersey.

Club House
A 5,076-SF house near the Country Club of Little Rock is under new ownership after a $1.79 million deal.

Ed Penick III and his wife, Jill, bought the house from Robert Porter Jr. and his wife, Marilynn. The deal is backed with a 10-year loan of $1.4 million from Simmons Bank of Pine Bluff.

The residence previously was tied to a September 2016 mortgage of $850,000 held by Farmers Bank & Trust of Blytheville and an April 2015 mortgage of $530,000 held by IberiaBank of Lafayette, Louisiana.

The Porters purchased the property for $1.28 million in March 2010 from Wayne Moore Construction Co.

Deauville Abode
A 4,530-SF home in the Deauville Place neighborhood of west Little Rock’s Chenal Valley development sold for $800,000.

The Amy Denise McDuffie Trust acquired the house from George and Linda Gleason.

The Gleasons bought the residence for $847,000 in April 2007 from Bill Hannah Homes Inc.

Robinwood Home
A 4,213-SF home in Little Rock’s Robinwood Valley neighborhood drew a $648,700 transaction.

Chanda and Carlo Chacon purchased the house from Shannon and Denise Palmer.

The deal is funded with a 30-year loan of $417,000 from Eagle Bank & Trust of Little Rock.

The residence previously was linked with a September 2012 mortgage of $270,000 held by PrivateBank & Trust of Chicago.

The Palmers acquired the property for $560,000 in September 2011 from Kevin Barre and Karen Barre.

Orle Residence
A 5,261-SF home in the Orle neighborhood of west Little Rock’s Chenal Valley development changed hands in a $635,000 sale.

Feliciano Yu Jr. and his wife, Wilma, bought the house from Dumitru and Lidia Rotaru.

The deal is financed with a 30-year loan of $417,000 and a 10-year loan of $154,000 from IberiaBank. The residence previously was tied to a May 2011 mortgage of $400,000 held by Moore Mortgage Inc. of Little Rock.

The Rotarus purchased the property for $630,000 more than five years ago from Mark and Misty Bartlett.

Arbors Dwelling
A 4,978-SF home in The Arbors neighborhood of west Little Rock’s Chenal Valley development rang up a $599,000 transaction.

Kevin and Judith Forte acquired the house from Brady and Nancy Chambers. The deal is backed with a 25-year loan of $599,000 from Regions Bank.

The residence previously was linked with an October 2012 mortgage of $417,000 held by Bank of the Ozarks.

The Chambers family bought the house for $758,000 in September 2005 from Coburn Construction LLC, led by Roger Coburn Jr.

Courtyard Mortgage
The owner of downtown Little Rock’s 120-room Courtyard by Marriott landed a $16.2 million funding agreement.

McKibbon Hotel Group obtained the seven-year loan from First Security Bank of Searcy.

McKibbon Hotel Group bought the space on the first six floors of the First Security Center at 521 E. President Clinton Ave. for $9.09 million in October 2004 from Clinton & Sherman Building LLC, led by Jimmy Moses and Rett Tucker.

Seven-Digit Construction

Lowe’s    $5,800,000
1100 S. Bowman Road
James R. Vannoy & Sons Construction Inc., Jefferson, North Carolina
 
Renovations    $2,800,000
Arkansas Blue Cross & Blue Shield
601 S. Gaines St., Little Rock
Baldwin & Shell Construction Co., Little Rock

2016 was a good year for U.S. Pizza Co., the nearly 45-year-old homegrown pizza chain based in Little Rock.

The company, founded by Judy Waller in the Levy neighborhood of North Little Rock in 1972, saw sales rise 5 percent last year, said COO Drew Weber. He put the company’s 2016 revenue at $14 million.

And now U.S. Pizza, which officially became a franchising company last February, will see its first out-of-state location, a franchise in Texarkana, Texas. Weber expects the restaurant, operated by Sam Dickens, to open this summer.

That announcement comes on the heels of the news last week that U.S. Pizza will open its first franchised restaurant this summer in Jonesboro, in the Highlands Shopping Center. The restaurant will occupy a 6,000-SF space that was the longtime home of Fuji’s Japanese Steakhouse, which is moving into the space behind U.S. Pizza.

The new restaurants will bring the U.S. Pizza-linked restaurants to 16 — 10 corporate stores, throughout central Arkansas and one in Fayetteville; three franchises, in Batesville, Jonesboro and Texarkana, Texas; and three licensees, in Cabot, Conway and Newport.

“2016 was a really good year for us, to be honest with you,” Weber said. “Our sales were really, really strong. … Companywide, including everybody, we’re up about 5 percent. We were real happy with 2016.”

For U.S. Pizza, the difference between a licensee and franchisee lies in the degree of control. Licensees, Weber said, use the U.S. Pizza name but can modify the menu.

Ester and Hunter McClellan, who own the licensed stores in Cabot and Conway, have been with U.S. Pizza for about 20 years, Weber said. “They met and married here and opened up Conway,” Weber said. “They follow everything we do. We’re in the process of talking to them and turning them into a franchise as well.”

The company prefers the control and brand protection of franchising, he said.

“And as we grow, we want to make sure that everybody’s on the same pace, using the same product. We just want to make sure we ensure the quality. Judy’s had this company for 44 years, and now that we’re starting to branch out, we’ve got to make sure we control the quality.”

So while U.S. Pizza Co. wants to grow, it wants to grow in the right way. “We’re going to do it slowly and make sure we get the right people involved with us,” Weber said. “At this point in time, we’re only offering one-unit franchises to any state that touches us. And then basically once we get to the one-store franchisee and he wants to expand after they’re doing a good job, then we’ll definitely look at that. We want to keep our family tight.”

New Maumelle Location
Also on the horizon is a newly constructed store right on Maumelle Boulevard, which should open sometime next month. It replaces the U.S. Pizza at 650 Edgewood St. in Maumelle.

“This store is going to be absolutely gorgeous,” Weber said. The new location, 5,000 SF plus a patio, is triple the size of the old site and will have a full bar, private dining and a fireplace on the patio, in addition to its much more visible presence. Weber said the Maumelle restaurant will hire about 40 more workers.

“I’m really excited about it,” he said. “All of the remodels that we’ve done have just done so well for us, increasing our sales. Randy, Judy’s husband, designs them and makes sure the planting, the brick, everything’s done correctly.” That’s Randy Breece, co-owner of U.S. Pizza.

U.S. Pizza Co. maintains a construction crew of about 10 who, when not constructing new restaurants, occupy themselves with remodels and the upkeep of the company’s properties. An example is the 2014 remodel of the U.S. Pizza in the Heights neighborhood of Little Rock.

“It’s a real exciting time for U.S. Pizza,” said Weber, an employee for eight years. “Our sales are up, our profits are up, so that tells me we’re taking care of the guests and things are good.”

A new player has entered the financial fray at the dormant K Lofts development in downtown Little Rock.

Creek Capital Partners LLC of Fort Smith last month stepped to the front of the line of creditors by purchasing the project’s construction loan from IberiaBank of Lafayette, Louisiana.

The faces behind Creek Capital Partners: the Steve Creekmore Jr. family.

You might recall that four months ago IberiaBank sued to recover more than $1.4 million owed on an original June 2013 loan of $1.3 million to K Lofts LLC.

That debt bears the personal guarantees of Scott Reed of Portland, Oregon, and Brian Corbell of Los Angeles.

Another K Lofts creditor is Pulaski County Brownfields Revolving Loan Fund, which provided a $275,000, zero-interest loan for asbestos abatement.

Work on the renovated 115-year-old building at 315 Main St. remains incomplete six years after Reed trumpeted the mixed-use project.

The K Lofts contractor, Little Rock’s AMR Construction LLC, pulled off the job after April Fools’ Day 2015. The company has a lien claim of $196,440 divided between two contracts.

More than $143,700 of that is owed on the original $2.1 million contract to redevelop the upper floors of the once-dilapidated five-story building into 32 apartments.

The remaining $52,600-plus is owed on an $825,300 contract to repair a partial collapse of the east wall in 2013.

AMR filed a foreclosure action in June, and at last report, its dispute with K Lofts is in arbitration.

WER Architects/Planners announced Monday the opening of its northwest Arkansas office at a temporary location, 2241 Green Acres Road in Fayetteville.

The firm said the new office will be run by Principal John Langham, who has been in that market for 12 years, serving for 10 of those as principal and partner at a previous firm in Rogers.

"We have always enjoyed working in this part of the state and are excited about the new opportunities we will be able to offer our clients by having a daily presence," CEO David Sargent said in a news release. "This is an exciting time at WER."

Langham said in the release, "I hope to expand on my relationships and be a great resource for high quality design and exceptional architectural service in this region."

Metroplan on Monday released its 2016 Economic Review and Outlook, noting economic trends for the Little Rock-North Little Rock-Conway Metropolitan Statistical Area.

The report says the growth of the central Arkansas economy was slow but steady in late 2016, and growth in the local businesses and professional services sectors outpaced the national average. 

From July 2015-July 2016, overall economic growth matched the national average of 1.7 percent. Unemployment fell to historic lows, although job growth was modest. The rate for central Arkansas was 3 percent in April and 3.4 percent in August. The metro area ranked 32nd lowest among 388 metros, landing in the top 8 percent for low unemployment.

The report also focuses on the future, which looks bright for the tech sector. It says the sector may be poised for dramatic growth, with the Little Rock Technology Park set to open early this year. The report says startups supported by the Venture Center in Little Rock have raised $19 million in seed capital since 2013.

It also notes cybersecurity as one of the fastest-growing businesses in the U.S. and in the world. Central Arkansas has the highest share of cybersecurity jobs of any metro area in the country. And, in total information security analyst jobs, it ranks ninth, according to Bureau of Labor Statistics data.

More: Get the full Metroplan report. 

Metroplan is a voluntary association of central Arkansas governments that develops transportation plans, deals with common environmental issues and provides information and staff resources to member local governments, the business community and the public.

The report says single-family housing growth was slow, but multi-family housing is expected to be stronger with construction for several projects likely to begin soon. 

Construction values were down in 2015, with only Saline County bucking the trend, as several large projects brought its total construction value to $117.2 million. The city ranked third in that area, behind Little Rock ($403.7 million) and North Little Rock ($150.2 million).

And, while central Arkansas has lost manufacturing companies in the past 20 years, those that have stayed are thriving, the report says. It called plans for Chinese garment-maker Tianyuan to open a plant in Little Rock encouraging.

Central Arkansas' manufacturing GDP grew 13.4 percent from 2010-15, beating the national average of 4.6 percent, although growth in manufacturing jobs was flat at 0.5 percent.

But the future is cloudy for the health care and hospital sectors because U.S. policy is expected to change and the specifics aren't known yet. Local retailing is also facing an uphill battle against rising internet sales, which are projected to average more than 10 percent of all sales by 2020. They account for about 8 percent now.

WASHINGTON — Long-term U.S. mortgage rates fell this week, the second week of declines after snapping a nine-week run of increases.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Morgan Baden has been hired as the marketing director of Moses Tucker Real Estate in Little Rock. She previously worked as the marketing coordinator at Baldwin & Shell Construction Co.

Jackie Flowers has joined Crye-Leike Real Estate Services as a real estate agent in the company’s Benton branch office. She was previously affiliated with iRealty in Benton.

Richard Ray has been promoted to assistant gaming director at Oaklawn Racing & Gaming in Hot Springs. He has been with Oaklawn since May, previously serving as table games manager.

See more of this week's Movers & Shakers, and submit your own announcement at ArkansasBusiness.com/Movers.

A 124,900-SF office building in west Little Rock tipped the scales at $11.3 million.

Two Financial Operating Associates Ltd., an affiliate of BGK Group of Santa Fe, New Mexico, sold Two Financial Centre at 10825 Financial Centre Parkway. The new ownership is divided among Two Financial Centre Holding Co. LLC, an affiliate of the for-profit arm of Baptist Health (Multi-Management Services Inc.), 65 percent; Kelley Commercial Realty LLC, led by Hank Kelley, 18.43 percent; Stephanie Kelley, 6.57 percent; Karen Flake, 5.81 percent; John Flake, 3.56 percent; and the Flake Family Trust, 0.63 percent.

The 3.83-acre development previously was tied to an August 2006 mortgage of $7.9 million held by Southern Farm Bureau Life Insurance Co. of Jackson, Mississippi.

Two Financial Operating bought the four-story office building for $11.1 million in August 2006 from Cooper Financial LLC of Rogers, an affiliate of Cooper Realty Investments Inc.

Child Care Transaction
A 9,000-SF child care facility in Maumelle weighed in at $1.83 million.

Cot Investments of Dos Rios, California, acquired the Childcare Network project at 104 Country Club Parkway from Child Development Schools Inc. of Columbus, Georgia.

The 1.28-acre site was purchased for $345,000 in February 2016 from CCP Development LLC, led by Skip Davidson.

Retail Acquisition
A 15,920-SF retail project in Sherwood drew a $975,000 sale. Baba Ganush LLC, led by William Marfoglio, bought the 6503-6515 Warden Road project from Larry and Kim Vognet.

The deal is financed with a three-year loan of $975,000 from First Arkansas Bank & Trust of Jacksonville. The 1.75-acre development previously was linked with a December 2006 mortgage of $600,000 held by Little Rock’s Bank of the Ozarks.

The Vognets acquired the property for $280,000 in March 1992 from the Federal Savings & Loan Insurance Corp., receiver for Madison Guaranty Savings & Loan Association.

Education Deal
A school in eastern Pulaski County changed hands in an $813,500 transaction.

Academics Plus Charter Schools Inc. purchased the 22.2-acre Scott Elementary School development at 15306 Alexander Road from the Pulaski County Special School District.

Most of the acreage was bought for $17,000 in July 1960 from George and Elaine Alexander and Louie Sanford.

Cruizzers Foreclosure
A west Little Rock car wash rang up a $630,000 foreclosure sale.

Simmons Bank of Pine Bluff recovered Cruizzers Car Wash at 13100 Otter Creek Road from Cornett Enterprises Inc., led by Roger and Paula Cornett. The bank obtained a $1.1 million judgment in August stemming from an October 2004 loan of $980,000 inherited from Delta Trust & Bank of Little Rock.

Cornett Enterprises purchased the 1.32-acre location for $275,000 more than 12 years ago from Highway 5/Otter Creek Investments LLC, led by Gene Cauley.

Med Office Purchase I
A 1,688-SF medical office in midtown Little Rock is under new ownership after a $286,000 deal.

IDRG Property Management LLC, led by Brandon Walser, bought the first-floor space in the Parkview Medical Building at 1 St. Vincent Circle from the Fernando & Steff Padilla Revocable Trust.

The deal is backed with a five-year loan of $243,100 from First Security Bank of Searcy.

The space was acquired for $101,000 in January 1988 from Medical Arts Associates, led by Dr. Troy Barnett and Dr. Fernando Padilla.

Med Office Purchase II
A 2,127-SF dental office building in the Hillcrest area of Little Rock sold for $250,000.

Malvi Acquisitions LLC of Concord, Massachusetts, purchased the 5500 W. Markham St. project from T.W.L.R. LLC, led by Tracy Windham.

The 0.15-acre development previously was tied to a January 2005 mortgage of $166,000 held by Arvest Bank of Fayetteville.

Windham bought the property for $115,000 in March 1996 from George and Barbara Beene.

Heights Manor
A 5,091-SF house in the Country Club Heights neighborhood tipped the scales at $1.35 million.

The Karen E. Flake Revocable Trust acquired the house from Chuck Hamilton Construction Inc.

The residence previously was linked with a June 2009 mortgage of $1 million held by One Bank & Trust of Little Rock.

The property was purchased for $310,000 in September 2008 from Rupert Blakely, Angela B. Ross and Angela B. Banks.

Quapaw Manor
A 7,323-SF manor in Little Rock’s Quapaw Quarter drew a $910,000 transaction.

Andrew Somers III and his wife, Sarah, bought the house from the Thomas Clyde Wittenberg & Lillian Phillips Wittenberg Joint Revocable Trust.

The deal is funded with a 30-year loan of $637,000 from IberiaBank of Lafayette, Louisiana.

The home previously was tied to a November 2009 mortgage of $417,000 held by Bank of Little Rock Mortgage Corp.

The Wittenbergs acquired the residence for $725,000 in September 2007 from James and Carla Davis.

Riverbend Residence
A 3,150-SF home in Little Rock’s Riverbend neighborhood changed hands in an $830,000 deal.

William and Peggy Marshall purchased the house from JSW Properties LLC, led by Jane Stewart Gillespie.

The deal is financed with a one-year loan of $841,653 from Simmons Bank.

The residence was bought for $290,000 in June 1993 from Virginia and H.A.T. Bailey.

Accadia House
A 5,100-SF home in the Accadia Court neighborhood of west Little Rock’s Chenal Valley development rang up a $770,813 sale.

Shariq and Sara Tariq acquired the house from The Wilson Co., led by Janet Dillon. The deal is backed with a 30-year loan of $417,000 and a seven-year loan of $160,500 from One Bank.

The location was purchased for $94,000 in October 2014 from Deltic Timber Corp. of El Dorado.

Club House
A 3,050-SF home near the Country Club of Little Rock is under new ownership after a $750,000 transaction.

Ten Timber & Wildlife LLC, led by Leon Catlett II, bought the house from the Lois L. Park Revocable Trust.

The Park family acquired the property for $1,200 in deals with James and Lecila Hewitt in February 1945 and Mary Rowan et al in May 1945.

Robinwood Abode
A 4,042-SF home in Little Rock’s Robinwood neighborhood sold for $568,000.

Barbara Samuels and Nancy Ryburn purchased the house from Steven Williams. The residence was bought for $467,000 in June 2010 from Pat and Stephanie O’Donnell.

Seven-Digit Construction

Renovation    $2,000,000
Country Club of Little Rock
4200 Country Club Road
East Harding Inc., Little Rock

Cornerstone Clinic     $1,992,144
9500 Baptist Health Drive, Little Rock
Bailey Construction & Consultants LLC, Little Rock

New Home    $1,650,000
2317 N. Palm St., Little Rock
Fred Lord Builder Inc., Little Rock

Dairy Queen Grill & Chill    $1,384,455
6100 W. 12th St., Little Rock
VCC LLC, Little Rock

(A correction has been made to this article. See end for details.)

An assisted living facility in Maumelle, two North Little Rock motels and the site of a future extreme aerial sports facility in west Little Rock provide this week’s quartet of multimillion-dollar transactions.

• An affiliate of Cornerstone Healthcare Group of Dallas bought the 60-unit Stonehaven Assisted Living project at 101 Olympia Drive for more than $7.1 million.

Seller: Stonehaven Assisted Living LLC, led by James Thomas.

• Shree Jala Bapa Associates Inc., led by Jitendra Patel, sold the 70-room Comfort Inn at 3915 McCain Park Drive for $3.9 million.

Buyer?

Andy & Andrew Hotel Investment LLC, led by Ashok Desai.

• CT BTS LLC, an affiliate of The McLain Group in Fort Smith, purchased 5 acres at the southeast corner of Col. Glenn and Talley roads to develop the 3rd Realm project for CircusTrix. Spring 2017 is the planned opening.

The sellers in the nearly $1.9 million deal are Virginia Fleming Unser and Ginger Owens.

• Parkway Motel Inc., led by Kantilal Patel, sold the 53-room America’s Best Value Inn at 14325 Frontier Drive for nearly $1.5 million.

Buyer? Shanti Sai LLC, led by Harshadbhai Patel.

(Correction, Jan. 16, 2017: Stonehaven is an assisted living facility. It was incorrectly described as a nursing home in the orginal article.)

What’s new with talk of a sale of the Acxiom Building in downtown Little Rock?

Glad you asked.

Our well-placed insider tells us that Simmons First National Corp. is taking a long, hard look at buying the 188,460-SF building at 601 E. Third St.

If the company moves forward with an acquisition, it would facilitate the consolidation of about 200 staffers scattered around town.

Most of those are on floors 11-14 at the Simmons Tower at 425 W. Capitol Ave.

Three of those floors were occupied by Metropolitan National Bank, which Simmons bought in 2013.

A purchase of the 10-story Acxiom Building with supporting five-story parking deck is among the several options that Simmons is exploring.

That list includes consolidating personnel in another location, staying as is and building a new building.

Did you know Arkansas Specialty Orthopaedics is developing a new midtown Little Rock home?

The medical group recently bought a 4-acre site at the southwest corner of Interstate 630 and Fair Park Boulevard for $2.5 million.

The property is a 1-mile drive east from ASO’s leased quarters in the Doctors Plaza at 600 S. McKinley St. We’re told that the rental agreement expires in March 2018.

The 56,060-SF Doctors Plaza was among the five-building, 30-acre development that Provident Realty Advisors Inc. of Dallas purchased for $44 million in October.

You might remember that the Kum & Go convenience store chain looked at building at the future ASO location back in 2011. The Iowa-based chain abandoned the idea in the face of neighborhood opposition.

Relyance Bank of Pine Bluff and Citizens Bank of Batesville are the first two buyers in a new light commercial development on the southeast side of Hot Springs, developer Ross Whipple confirmed last week.

The Hot Springs Sentinel-Record used local property records to report that Relyance paid $965,699 for its lot in the new East Ridge subdivision, and Citizens paid $1.29 million. Whipple, who sold his Summit Bank to Bank of the Ozarks in 2014, partnered with local builder Tim Winston to develop East Ridge.

Citizens opened two branches in Hot Springs in the first half of 2015 after hiring 10 local bankers away from Southern Bancorp Bank, including David Wooldridge, now the market president. Wooldridge said the East Ridge site will be the market headquarters, assuming the new branch receives regulatory approval, and he is talking 12,000 to 15,000 SF, including some tenant space.

East Ridge subdivision, about 8 acres, is at the southeast corner of the intersection of Malvern Avenue and Carpenter Dam Road. It is southeast of the Hot Springs Country Club. Simmons Bank of Pine Bluff and Hot Springs-chartered Diamond Bank are also in the neighborhood, on the west side of Carpenter Dam Road, and Arvest Bank has a branch farther north on Malvern Avenue.

The East Ridge branch will be Relyance’s third in Hot Springs and fourth in Garland County. The Pine Bluff bank acquired its sister charter, Hot Springs Bank & Trust, at the end of 2013.

Todd Green, the Hot Springs market president for Relyance, said Pine Bluff architect Fred Reed is working on plans for the new branch. “We love our location,” Green said.

First Security Bank of Searcy is also planning a branch on Malvern Avenue.

“It’s bank alley,” Wooldridge said. “It’s kind of becoming the new Central Avenue of Hot Springs.”

Wooldridge said it was ironic that Whipple is the developer of the East Ridge site because he has been trying to recreate the Summit Bank footprint in Hot Springs.

Since Summit’s sale, he said, “I just think there’s a huge vacuum of banking the way it used to be.”

Whipple has three more lots for sale in East Ridge, and a second phase will be developed on 3 acres he and Winston have purchased just to the east at Malvern Avenue and Piper Street.

Hot Springs Bank Branches^*

*As of June 30
Source: Federal Deposit Insurance Corp.

Tacos 4 Life Grill of Conway announced Friday that it would break ground in the spring on a new restaurant on West Sunset Avenue in Springdale, between Buffalo Wild Wings and Freddy’s Frozen Custard.

The local chain also plans to open its first Little Rock location at Shackleford Crossing next month and a Benton location this spring.

Founders Austin and Ashton Samuelson said in a news release, "We are growing and are excited to be opening a location in Springdale. Because of its fast growth and market energy, Springdale has been at the top of our list for a while."

The restaurant also has a charitable focus. For every taco, quesadilla, salad or rice bowl purchased, 22 cents is donated to Feed My Starving Children, a nonprofit.

Since opening the first location in June 2014, Tacos 4 Life said it has donated over 2.2 million meals.

Block Healthcare Development LLC of Kansas City, Missouri, announced last week that it has closed on the acquisition of three medical office buildings in Siloam Springs and in Ringgold and Tucker, Georgia.

One of the two acquisitions announced included the buildings in Arkansas and Ringgold.

The building at 603 Progress Ave. in Siloam Springs is 18,542 SF and sold for $5 million. SE Medical Arkansas LLC was the buyer. AR Medical Holdings I LLC was the seller.

The building in Ringgold is 7,955 SF and sold for $1.77 million. SE Medical Georgia LLC was the buyer. Daniel B. Fox LLC was the seller.

BHD said called it "an outstanding investment for those seeking a combination of 100 percent occupancy, strategically-located services, strong credit tenancy, and steady yields."

The Tucker building is 8,749 SF and 100 percent leased to Northlake Surgical Center LP. BHD called it "an outstanding investment for those seeking a combination of 100 percent occupancy and long term leases."

Urban Air Trampoline & Adventure Park and Bargain Hunt will soon open their first locations in Arkansas at the Conway Towne Center on Skyline Drive.

Urban Air is an indoor park with wall-to-wall trampolines, trampoline basketball, trampoline dodgeball, a stunt bag, warrior course, fitness classes and more. The company has leased 30,411 SF of the former American Furniture Outlet space for the park.

Bargain Hunt offers customers name-brand merchandise at 30-50 percent below normal retail pricing. The company has leased 33,237 SF of the former American Furniture Outlet space for the store.

Justin Bentley, a broker at Colliers International of Arkansas, announced the deals in a news release.

"Conway Towne Center's easy access to I-40 and Highway 65 as well as its location in one of Arkansas' fastest-growing cities make it a fantastic choice for both Urban Air and Bargain Hunt," he said. "We look forward to a long and successful partnership with both businesses."

Urban Air CEO Michael Browning called Conway "a major destination for family entertainment" and "perfect market" for the company.

Hickingbotham Investments Inc. of Little Rock and RML Automotive of Lewisville, Texas, announced Monday that Hickingbotham has agreed to purchase Landers Harley-Davidson of Little Rock and Conway from RML.

Financial details of the transaction were not disclosed, and the sale is scheduled to close Jan. 31.

The Little Rock location will operate as Rock City Harley-Davidson and the Conway location will continue as Toad Suck Harley-Davidson.

President and COO Gene Whisenhunt told Arkansas Business that the firm now owns five dealerships in Texas and two in Oklahoma; the latest purchase in Arkansas brings that total to nine.

Whisenhunt said the Harley-Davidson dealerships had been a good investment because the firm has the right people to manage them and a lot of experience in the industry.

"We are pleased to continue the Landers tradition of providing customers, in our home state of Arkansas, with the superior customer experience and personal treatment this iconic American brand deserves," Whisenhunt said in a news release. "We are planning customer enhancements and facility upgrades in the near future."

"These are good people with proven Harley experience, and I am confident our customers are in good hands," George Newcomb, general manager of Landers Harley-Davidson, said in the news release.

WASHINGTON — The U.S. economy grew a bit faster at the end of last year, spurred by healthier sales for manufacturers and steady hiring that is slowly pushing up wages.

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(Editor's Note: The Arkansas Realtors Association has corrected this morning's report, saying it included incorrect numbers in certain areas. The new version shows November home sales rose 24 percent from the same month last year, not 27 percent. Arkansas Business has revised its story based on the corrected report.)

The Arkansas Realtors Association said Wednesday that home sales rose 24 percent in November, driven by a spike in activity in four Arkansas counties.

The report, which surveys home sales in 43 counties, showed 2,573 homes sold in November, up from 2,069 in the same month in 2015. 

Home sales in Arkansas' top five most active markets totaled 1,457, up 35 percent from the same month in 2015.

More: See the complete ARA report here.

Four of those counties — Benton, Sebastian, Pulaski and Saline — saw home sales rise by more than 30 percent. Washington County home sales rose by nearly 19 percent.

Here's unit sales for Arkansas five busiest counties:

• Sebastian: 132, up 50 percent from 88 in November 2015.
• Pulaski: 439, up 35 percent from 325.
• Washington: 255, up nearly 19 percent from 215.
• Saline: 162, up nearly 49 percent from 109.
• Benton: 469, up 37 percent from 342.

From January to November, Arkansas home sales are up nearly 10 percent from the same period in 2015, with 31,395 home sold. The most homes sold are in Benton (5,622), Pulaski (5,136) and Washington (3,308) counties, according to the report.

Benton County leads the state for highest average prices for the year so far, at $219,568, up 8 percent from the same period in 2015. 

Washington County's average price stands at $199,978, and Pulaski County's average price is $188,828.