Tandem transaction

Arkansas Business, May 5, 2008 by George Waldon

Two companies teamed together in a $4.3 million deal to acquire the 77,800-SF Federal Reserve Bank Building in downtown Little Rock.

Bank of the Ozarks Inc. owns more than 39,000 SF of office space on the first, third and fourth floors. Mainstream Technologies Inc., led by Johnny Burgess II, owns the more than 16,715 SF on the second floor. The remaining space is common area.

Mainstream financed its portion of the deal with a five-year loan of $1.44 million from One Bank & Trust of Little Rock.

The Federal Reserve assembled the 1.6-acre location at 325 W. Capitol Ave. in three August 1963 deals totaling more than $335,000.

The sellers were Boyle Realty Co., led by Cal Ledbetter, $250,000; Robert and Eleanor Bona, $85,000; and the Housing Authority of the city of Little Rock, an undisclosed sum.