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Tucson - July 3,2013- Lex McGraw of Tucson Cactus & Cattle Company and Tucson Cactus & Cattle Co., Inc. of Vail retired after 25 years operating the McGraw Cantina and Steakhouse at 4110 S Houghton Road in Tucson. The property with business sold to a long-time friend of McGraw, Brian Cummings of Cummings Land & Cattle, LLC of Tucson. The sale price was[mepr-show rules="58038"]$540,000 ($233.77 PSF) for the 2,310 square foot building on 50,530 square feet (1.16 acres) of land.
Cummings has prior restaurant experience as owner of O’Malley’s on 4th Avenue and bought the property for a change of pace and “a more leisurely environment” he told us. Cummings is still a partner of O’Malley’s and asked that we not publish this transaction until he is ready for the re-opening of the restaurant. It will continue under the same name, McGraw’s Cantina & Steakhouse.
There was $65,000 estimated value of equipment and other personal property recorded in the sale, making a net sale price of $475,000 ($206 PSF). Buyer put $86,000 down and financed the balance with a new loan.
No brokers were involved the buyer and seller were long-time friends.
Cummings is reachable at McGraw’s Cantina & Steakhouse (520) 885-3088.[/mepr-show]