A longtime vacant restaurant space in Norman has sold for $810,000 to Oklahoma investors.
Wayne’s Waterside Grill, a 10,050-square-foot property on 2.1 acres located at 370 Ed Noble Parkway, was built in 2008. The space features a full service restaurant setup and an outdoor waterside patio, with the intention of creating a unique dining atmosphere, according to RetailOklahoma.
Norman-based developer Wayne Copeland and his Atlantic Management Corp. developed the restaurant before selling it to BankCentre for a bid total of nearly $5.4 million as a credit against its judgment in December 2015 at a foreclosure sale, as reported previously by The Transcript.
Paul Ravencraft, investment broker at Price Edwards and Company said when his team took over the property three years ago, it had been appraised for $4.5 million.
“They had about $900 a foot in it and it’s 10,000-square-feet, so it’s around $9 million, but the place was never finished out,” Ravencraft said. “It has strong structure, the bones are great with this property, probably one of the nicest in all of the Oklahoma City metro area.”
Ravencraft said despite being well thought out, cost overruns caused the property to end up back with a private lender group with stakeholders from Hawaii, Seattle and Los Angeles. The property was sold last week to an in-state buyer group.
“We tried to market it for a company to buy it at $2.5 million, and we kept reducing it down until finally, we got it down to somebody that would pay $810,000 in cash and close pretty quick,” Ravencraft said.
Ravencraft said the future plans for the property are pending the results of feasibility studies.
“We don’t know for sure that it’s going to be a restaurant — it could be that, or maybe an event center or something similar,” Ravencraft said. “It was such a discounted bargain, the Oklahoma investors decided they would buy it.”