Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a newly built freestanding Tropical Smoothie Cafe located at 717 South MacArthur Boulevard in Oklahoma City, Oklahoma. Stan Johnson Company’s Austin Duff, Brandon Duff, Daniel Herrold and Tom Fritz exclusively represented the seller, an Oklahoma-based developer, Brady’s Properties. The 1,593-square-foot restaurant was purchased for approximately $1.2 million, reflecting a 6.10 percent cap rate. A private 1031 exchange buyer, MacArthur Boulevard LLC, from New Bedford, Massachusetts acquired the asset.
“We are pleased to have completed the sale of one of the first freestanding Tropical Smoothie Cafe locations with their new prototype design that includes a drive-thru and outdoor seating,” said Austin Duff, Associate in Stan Johnson Company’s Chicago, Illinois office. “We received multiple offers from buyers located across the country seeking essential-use quick service restaurant assets such as this property and ended up selling the property in the pre-construction phase.”
Built in 2020, the property features an absolute triple net lease and is situated on a 0.54-acre outparcel to an At Home furniture and home decor superstore. Seven miles from downtown Oklahoma City, the property is positioned directly off Interstate 40 in a heavily trafficked corridor. Neighboring retailers include Sam’s Club, 7-Eleven and Wendy’s, and there are several hotels in close proximity along with established residential neighborhoods with strong demographics.