Would much rather have seen this property go to someone with deep pockets, not a homebuilder from MWC that admits he's out of his realm:





Bricktown block sells for $10.6 million in public outcry auction
Posted: Tuesday, November 15, 2005


by Heidi R. Centrella & Pamela Grady

The block in Bricktown referred to as "Bricktown Square" by its owners, the McLain family of Oklahoma City, went for $2.6 million more in an auction today than what many insiders thought it would.

Yesterday, the owners reviewed six sealed bids submitted for the square and at today's outcry auction, of which the minimum bid for the property was set at $8 million, bidding on the property began at $10.5 million.

The property sold, essentially in eight minutes, for $10.6 million to Midwest City homebuilder Jeff Moore. However, the auction lasted 19 minutes as auctioneer David Gilmore attempted to persuade another bidder being represented by Sharon Banta via cell phone, to take bidding to $10.7 million.

Banta told OKCBusiness the person she was conversing with via cell phone during the bidding was California investor Daniel Rafalian.

Rafalian is the principal for Heritage Mall LLC, which owns Heritage Park Mall in Midwest City.

Gilmore stopped periodically between calling for that $10.7 million with somewhat of a stand-up comedy routine, telling Rafalian, via his proxy, Banta, "You'll never know the difference on $100,000 over 30 years. Think about it. It's just paper and ink..."

Still, with no $10.7 million bites, and what seemed like several minutes later, Gilmore attempted to persuade bidders by saying Bricktown is "the place to be" and offering them more time to consider upping the ante.

"Need I remind you, we've got over $900,000 in income on the property's annual income," Gilmore told the crowd. "You can do many things with it. We've got seven buildings plus paid parking. It's a good income."

"It was at this point Moore made his $10.6 million offer."

Two minutes later, Gilmore took off his jacket and jokingly said to Banta, "It's just like checkers, Ma'am. It's your turn. You want to give me the phone? I'll talk to him."

Another representative of Rafalian's in attendance then took the phone from Banta. He was seen shaking his head and was overheard saying, "I think you're making a mistake, but that's just me."

Banta then retrieved her phone, looked toward Gilmore, shook her head and said, "No."

Moore, a Midwest City developer, seemed pleased with his purchase, indicating Christmas had come early this year. However, he would not comment on his plans for the square currently comprised of seven buildings, 106,000 square feet on 2.43 acres and 153 parking spaces.

The property, according to the McLain family, nets $900,000 annually.

Moore admitted "this is a little bit out of our realm," but also said "Bricktown's thriving. This is a once in a lifetime opportunity for something that's going to go nowhere but up from here."