CORFAC News

Little Rock, AR (October 26, 2011) – Mark A. Bingman, MCR and Associate Broker with Rector Phillips Morse Inc./CORFAC International has represented Metropolitan National Bank, (the sellers) in a $2.63 million sale of approximately 488 acres of land that is northwest of Little Rock and along the border of Lake Maumelle. The buyer was the Trust for Public Land (TFPL), a national nonprofit group that purchases land for public preservation. The immediate benefactor in the deal is Central Arkansas Water, which supplies water to Little Rock and the region, drawing from Lake Maumelle. The land sale essentially will help preserve the quality of Little Rock’s water supply.While the sale is officially closed, the Trust for Public Land plans to raise money to fund the acquisition with a bond sale in 2012.The wooded acreage, about a mile north of Lake Maumelle and 1.5 miles west of Highway 300, was once owned by a local developer, who lost the property to the bank in foreclosure.Not included in that transaction is a 100-acre patch of woods that the previous owner controlled and also lost through foreclosure to Metropolitan. This property, which does not border Lake Maumelle, was planned as an upscale residential development called Paradise Ridge and tentatively home to 19 estate-sized lots.About Rector Phillips Morse Inc./CORFAC InternationalRector Phillips Morse Inc./CORFAC International (RPM) is a multi-faceted and leading Arkansas real estate company that serves commercial property owners, investors, institutions and tenants with brokerage and property management services, including office, industrial, retail, land and multifamily property types. Founded in 1955, RPM also has a commercial auction division and sister company that serves the residential real estate market (Coldwell Banker Rector Phillips Morse). For more information call 501.664.7807 or visit www.rpmrealty.com.About CORFAC InternationalCORFAC International is one of the largest commercial real estate services organizations in the world and founded in 1989. U.S.-based CORFAC is comprised of privately held entrepreneurial firms with expertise in office, industrial, corporate services, retail real estate, multifamily properties and property management. In association with FIABCI – the International Real Estate Federation, BDIin Mexico,five independent firms in Canada, Rios Commercialin Puerto Rico and Panama-based Latin American Corporate Property Services, CORFAC International has 80 offices in the Americas and a market reach to 65 countries worldwide.  For more information on CORFAC, contact 954-923-6160, info@corfac.com or visit www.corfac.com.