Partnership acquires downtown landmarks
Northeast Arkansas Business Today
Paul Holmes
11/14/2005
MBC Holdings has acquired two downtown buildings, the former Citizens Bank property and the McAdams Trust Building, on opposite corners of Main and Washington. The acquisition was two years in the making, said Bruce Burrow, a partner in MBC Holdings with Marty Belz of Memphis.
"We are grateful to the McAdams family for their confidence in our firm, which allowed us to acquire the former Citizens Bank Building," said Burrow. "I know over the years they have had a number of opportunities to sell the property, but we appreciate being the selected developer and their willingness to work with us in structuring this most difficult transaction."
The parking lot and drive-through bank located directly across from the courthouse on the southeast corner of Main and Washington were also included in the acquisition. Burrow said "Being able to acquire the parking lot will be key in the redevelopment of the properties."
Constructed in 1953, the Citizens Bank property located at 100 West Washington Street is a seven-story building that for nearly 50 years was the home of Citizens Bank. The property was owned by the estate of Herbert McAdams. The building contains 38,000 square feet.
Development of the complex to its current configuration was completed in 1967. Prior to the construction of the existing building, the property was occupied by a newspaper printing facility, a U.S. Post Office, retail establishments and commercial offices.
The McAdams Trust Building, the original headquarters of Citizens Bank, is now the downtown location for Bank of America. The building has three floors and contains approximately 20,000 square feet.
"It was a very difficult project to put together because there were so many properties to assemble along with multiple ownerships as well as several leasehold estates," said Burrow. "That is the reason that it took us nearly two years to accomplish the task, but we believe it gives us a chance to reposition these properties as continuing landmarks for the next 50 years.
Redevelopment plans are incomplete at this time; however, the developers are in negotiations with two parties for the entire Citizens Bank building to be retrofitted into an office facility. They will continue the leasing program with regard to the vacant space in the McAdams Trust Building.
"We are excited about the opportunity and hope to get started on design early next year," said Burrow.
MBC Holdings has already invested heavily in Northeast Arkansas and Southeast Missouri with the development of a number of shopping centers, including Jonesboro's The Mall at Turtle Creek, scheduled for a grand opening in March.
The group has projects in central Arkansas including The Peabody Little Rock, the Hilton Little Rock Metrocenter and The Shoppes at North Hills, with Arkansas' first Bass Pro Shops. The Jonesboro-based firm is one of the region's largest commercial property developers specializing in shopping centers and hotel properties.
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