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Andy's of America flips a fast-food site.

Andy's Of America Flips A Fast-Food Site

The parent company of Andy's Restaurants opted to flip a piece of real estate on Camp Robinson Road in North Little Rock for cash instead of developing the property for its fast-food business.

The sale closed at $165,000 ($5.19 per SF), representing a five-year gross appreciation of nearly 100 percent. Andy's originally bought the 31,780-SF parcel for about $83,000 in April 1985.

The buyer is Eberhard Enterprises in Blytheville, which transferred ownership to Hard-Mark Land Co. First Commercial Bank financed the land purchase with a seven-month note for $144,000. That debt was folded into a $340,000 note to include construction costs for a Sonic Drive-In.
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Title Annotation:Real Deals
Publication:Arkansas Business
Date:May 7, 1990
Words:118
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