In The News

Report Shows First Signs of Significant Absorption in NW Commercial Real Estate Market

The 24th edition of Arvest Bank’s Skyline Report for Benton and Washington counties is sure to be well-received.

That’s because the report, issued Tuesday, indicates the first consequential positive absorption in the commercial real estate market since the third quarter of 2008. A total of 387,877 SF was absorbed in the second half of 2010, according to the report.

“This quarter’s report shows some early positive signs in the commercial market for the first time in quite a while,” researcher Kathy Deck said in an accompanying news release. “While encouraging, we do still have a long way to go in working towards a more balanced commercial real estate market.”

Deck is director of the Center for Business and Economic Research at the University of Arkansas’ Walton College of Business. The CBER conducts the Skyline Report, a quarterly analysis of the latest commercial, single-family residential and multifamily residential property markets in Benton and Washington counties.

To read the full Arkansas Business article,

Metropolitan Tower and Flake & Kelley Commercial Rewarded for Energy Efficiency

LITTLE ROCK, ARK. – (Nov. 12, 2010) – Flake & Kelley Commercial was awarded an incentive check of $6,300 from Entergy Arkansas, Inc.’s Large Commercial and Industrial (C&I) Solutions Program for upgrading the energy efficiency of the lighting and air conditioning systems in the Metropolitan Tower. The no-cost C&I Program provides technical and financial support to help businesses identify and implement energy efficiency upgrade projects.

The incentive was determined by the total amount of energy that the Metropolitan Tower will save. The high efficiency lighting and air conditioning equipment will save nearly 406,700 kilowatt-hours of electricity per year, equivalent to preventing the carbon dioxide emissions of approximately 56 passenger vehicles, according to Environmental Protection Agency calculations.

“It’s important as a property management firm that Flake & Kelley Commercial sets a positive example for our community, and reducing our energy use is a critical step,” said CEO Hank Kelley. “While the ownership sees reduced energy costs, our customers are able to appreciate the increased comfort in the building.

As part of its participation in the program, Flake & Kelley Commercial will continue to evaluate additional efficiency opportunities in 2011. “We look forward to working with Entergy and the C&I Program to identify ways to further reduce energy use not only in the Metropolitan Tower, but in other buildings that we manage as well,” said Kelley. “Energy efficiency projects make sound financial sense, as the reduced energy use generally offsets the cost of the initial investment.

“We identified a real need for an energy efficiency program that specifically targets large commercial and industrial businesses,” said Entergy Manager of Real Estate Operations David Ingram. “This program is an organized effort to bring needed resources and energy efficiency to Arkansas businesses.”

Soiree’s January 2011 Issue on Newsstands Now

By Amanda Hoelzeman
Updated: January 5, 2011, 6:26am

Image by Jason MastersCatherine Hughes appears on the January 2011 cover of Soirée on behalf of the Arkansas Repertory Theatre’s Saints & Sinners Ball.

Little Rock Soiree magazine officially kicks off a new year with the January issue, on newsstands and online at

On the cover is Catherine Hughes, an attorney and longtime supporter of Arkansas Repertory Theatre. She got into character for us to support this year’s Guys & Dolls-themed Saints and Sinners Ball to benefit The Rep. The ball will be held at 6 p.m. Jan. 29 at the Statehouse Convention Center. Tickets are $300 per person; to order call (501) 378-0445 or visit

Carole Smith, senior vice president and director of business development with Delta Trust & Bank, is dedicated to Women & Children First: The Center Against Family Violence. According to WCF’s statistics, a woman will return to an abusive situation eight times before she leaves for good, and Arkansas ranks fourth in the nation for women murdered by their abusers. “WCF works to remove obstacles and provide alternatives,” Smith said. “There is much work to do, but we are moving in the right direction.” The organization’s signature fundraising event is the Woman of the Year Gala, which will be held Jan. 15. Tickets are $250 per person. To order e-mail Toni Wofford.

Our executive privilege subject is Judy Shelley, a CPA and chief financial officer at Flake & Kelley Commercial. Shelley and her husband, Michael, are co-chairs of the Heart Ball to benefit the central Arkansas chapter of the American Heart Association. This year’s theme is Young at Heart,and tickets to the Feb. 19 event may be purchased by calling Tammy Quick at (501) 379-1185. to view the full article.

Judy Shelley Gets in Gear To Make 2011 Heart Ball a Success

Whether she’s cycling or sailing with husband Michael, spending quality time with their three children and 11 grandchildren, organizing large dinner parties or volunteering with local organizations or her church, Shelley stays occupied both physically and mentally. When she and Michael were approached to chair the 2011 Central Arkansas Heart Ball, themed “Young at Heart,” the couple signed on without hesitation. As co-chairs, the Shelleys are responsible for helping make the Heart Ball a hit.

“Our primary role was to recruit the committee of volunteers,” Shelley said. We have pulled together a strong group from the community to ensure this year’s ball is a success. In addition, it is our responsibility to recruit the 2011 corporate chair, who will serve as the 2012 Heart Ball co-chairs. We turned to our good friends Hugh and Michelle McDonald for this.”

This year’s ball will begin at 5:30 p.m. on Saturday, Feb. 19, at the Statehouse Convention Center. Guests will enjoy a reception and silent auction, followed by dinner, sweetheart presentations, a live auction, awards and dancing to The Rockets. Dinner will be a pepper-crusted filet with brandy demi glace and wild mushrooms, served atop creamy polenta. According to Shelley, the décor will take on rich red and eggplant tones, accented with splashes of orange and bright green. “This will set the canvas for five beautiful, monochromatic arrangements by Tipton & Hurst,” she added.

The Heart Ball is far more than just another volunteer project for Shelley. Since both her grandfather and father died of heart attacks, heart health is vitally important to her. Supporting American Heart Association (AHA) programs to spread awareness and prevention of heart disease are at the top of her philanthropic to-do list.

Born and raised in Decatur, Tex., Shelley graduated with a BBA in accounting from the University of North Texas, where she met Michael. “We met in an English class in college,” said Shelley. “It was an advanced writing class that I took thinking it was ‘normal’ sophomore English—big mistake! I am a math girl and do not care for English. Michael was in the class on purpose; he loves to write. I spotted him right away and cast my net, though I let him think he was doing the chasing. We were engaged a couple of months later and married eight months after we met.”

In 2004, Michael was recruited by U.S. Bank, and he and Judy moved from Houston to Little Rock, where the Texans settled easily into Little Rock’s embrace. “We love Arkansas and know we are home,” said Shelley, who is a CPA at Flake & Kelley Commercial, where she serves as chief financial officer.

In addition to her involvement with AHA, Shelley is also a volunteer and board member for the Red Cross. “Michael and I ran the financial support portion of the service center here during the Hurricane Katrina aftermath,” she said. “We are active members at Immanuel Baptist Church and sing in the choir. Michael is past chair of both the Arkansas Symphony Orchestra and Baptist Health Foundation, and we are very involved with both organizations.” to view the full article written by Amanda Hoelzeman.

Movers & Shakers – Arkansas Business

Maggie Hogan is a new certified property manager at Flake & Kelley Commercial in Little Rock. Hogan’s primary focus is managing office buildings and mixed-use properties. to view the full article.