Texas Roadhouse in west Little Rock Sells for $1.36 Million (Real Deals)

by George Waldon  on Monday, Mar. 7, 2011 12:00 am  

A 7,200-SF restaurant in west Little Rock changed hands in a $1.36 million sale.

Mach Holdings LLC of Omaha, Neb., bought the Texas Roadhouse project at 2620 S. Shackleford Road.

The seller is Shackleford Crossings LLC, once led by Steve Clary and now administered by Timothy Buss on behalf of the project's lender, M&I Marshall & Ilsley Bank of Milwaukee.

The 258,635-SF lifestyle center and about 11 undeveloped acres are securing $57.4 million of M&I debt.

The 1.69-acre Texas Roadhouse site was purchased in October 2005 as part of an $11.4 million deal with Summit Mall Co. LLC, a joint venture between Simon Property Group Inc. of Indianapolis and Dillard's Inc. of Little Rock.

 

Eatery Transaction

A 7,000-SF restaurant project is under new ownership after a $700,000 transaction.

Junshuang Zhang, Shuang Zhu Chi and Tonghuang and Lixiang Zhang acquired the 11 Shackleford Drive property from Jerry Barakat.

Preceding the sale, Barakat had to cover more than $38,600 in 2006-08 back property taxes and late penalties. The 2.6-acre development is the former home of Gaucho's Grill and, more recently, Rockstons American Grill & Bar.

The deal is financed with a three-year loan of $350,000 from Little Rock's Bank of the Ozarks.

The property previously was tied to a July 2006 mortgage of $927,000 held by Metropolitan National Bank of Little Rock and an August 2006 SBA loan of $426,000.

Barakat bought the project for $1.02 million more than four years ago from RockBay Properties II Ltd. of Fort Worth.

 

 

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