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.


Heights Residence

A 4,227-SF home in the Heights area of Little Rock rang up a $765,000 sale.

James Carney Jr. and his wife, Michelle, purchased the house from Marianne Munro and Tod Swiecichowski.

The deal is funded with a five-year loan of $235,000 from IberiaBank Mortgage Co. of Little Rock. The residence previously was linked with an April 2008 mortgage of $474,000 held by Metropolitan National Bank.

The property was acquired for $275,000 in March 2006 from Sherrie Shollmier.


Arbors Abode

A 4,877-SF home in The Arbors neighborhood of west Little Rock's Chenal Valley development sold for $710,000.

Robert and Sarah Cearley bought the house from M.K. Homes LLC, led by John and Marsha Kitterman. The deal is financed with a 10-year loan of $603,500 from IberiaBank of Little Rock.

The residence previously was tied to an October 2005 mortgage of $504,000 held by BancorpSouth Bank of Tupelo, Miss.

The location was purchased for $110,000 in January 2005 from Deltic Timber Corp.


Lindsey Refinance

A 19-acre piece of a southwest Little Rock apartment project is securing a $17 million financial package.

The Links at Eagle Hill, led by Jim Lindsey, obtained the 10-year loan from M&T Realty Capital Corp. of Baltimore.

The 324-unit project at 11 Augusta Court previously was linked with a June 2007 mortgage of $16.5 million held by U.S. Bank of Minneapolis.

The property was assembled as part of January 1997 deals with Discount Auto Salvage Inc., led by Cecil Tollett, $240,000; and Crockett Land Holdings Inc. and Johnny Crockett, $146,000; and an August 2002 deal with Hugh Holloway Jr., $150,000.


Law Office Funding

A 20,400-SF office building in downtown Little Rock is backing a $3.1 million funding agreement.

Gary L. Green received the financing from Delta Trust & Bank of Little Rock.

The 1.6-acre development at 1001 La Harpe Blvd. previously was tied to an August 2000 mortgage of $2.55 million and a July 2003 mortgage of $900,000 held by Metropolitan National Bank.

The location was acquired for $708,000 in April 2000 from the Fred S. Balch & Memory B. Balch Irrevocable Trust.



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