Newspaper article THE JOURNAL RECORD

Macaroni Grill Site in Tulsa Sells for Second Time in Two Years

Newspaper article THE JOURNAL RECORD

Macaroni Grill Site in Tulsa Sells for Second Time in Two Years

Article excerpt

A Tulsa partnership led by Albert Grossich paid $1.7 million for the Macaroni Grill restaurant site outside Woodland Hills Mall.

This marks the property's second sale in as many years. The Dallas property investment company Cardinal Capital Partners bought the 19-year-old building last year for $1.68 million, or $237.06 per square foot - considered then a strong price for a triple-net retail deal.

Joey Odom, an associate with Tulsa-based Stan Johnson Co., said the quick sale reflects Cardinal's strategy.

"They bought 39 of these sites across the country last year with the full intent of holding a couple and selling the rest," he said Monday.

That volume may have led the Dallas company to resell the Tulsa restaurant with only a $200,000 markup, the cap rate 9.5 percent.

Grossich's group Alpha 1930 LLC paid $239.67 million for the 7,093-square-foot site, which Tulsa County Courthouse records show is leased for the next 18 years and eight months by MAC Acquisition LLC of Dallas, an arm of Dallas-based Brinker International, operator of Macaroni Grill.

"I think the investor got a pretty good price for it on a cap rate basis," said Odom, who listed the property with Brad Pepin. "I think he got a pretty good return."

Independent commercial real estate analyst Darren Currin said the deal demonstrates how Tulsa and Oklahoma properties retained their value through this downturn.

"Unfortunately most parts of the nation are seeing quite an erosion in value," he said. "For the most part Oklahoma City and Tulsa have seen some stability."

Sitting just outside a Walmart Supercenter and Oklahoma's largest mall gives the 1.38-acre restaurant pad at 6603 S. Memorial Dr. some insulation from recessionary trends that shattered many retailers.

Restaurants in particular suffered as growing consumer uncertainty and the October 2008 financial meltdown tightened credit lines. …

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