Jim Parrack with Price Edwards & Company has been named receiver for the 1 million square foot First National Center office building. The historic building has been mired in an ownership dispute for several years and Federal Judge Stephen Friot issued the order appointing receiver on September 3rd. The order directs Parrack to take control of the building, preserve the property, and sell the building. The proceeds will be put in escrow until the ownership issues are resolved. In essence, the order separates the future of the building from the ownership litigation. Price Edwards & Company will manage the building and market it for sale. Price Edwards has substantial resources to bring to the task. A strong management and engineering staff provide the needed expertise to address the building’s immediate physical needs and develop plans for ongoing operations in a distressed environment. Price Edwards' investment brokers have sold over 7,500,000 square feet of office buildings; a detailed marketing plan is being formulated to qualify buyers and fulfill the terms of the receivership order. First National Center has a unique place in the history of OKC's downtown and there is already significant interest.
Click for a 3-D view of First National's Second Floor.
PEC Brokers $2,000,000 Edmond Land Sale
Seventy acres of wooded rural Edmond land located on Anderson Road north of Arcadia has been sold. The land fronts on the west side of Anderson Road and is approximately one half mile deep. It is located in the SE ¼ of Section 5, Township 13 North, Range 1 West. No plans for the site have been announced. Linda B. Simonton paid Arcadia Farm, LLC $980,000 for the site. Cordell Brown, CCIM, Price Edwards & Company Investment Division handled the sale. In a related sale, Linda B. Simonton purchased 79.33 acres adjoining to the south in the SE ¼ of Section 5, Township 13 North, Range 1 West. The seller was Arcadia Farms LLC. The sales price was $1,150,285. The sale was handled by Cordell Brown, CCIM, Price Edwards & Company Investment Division.
MacArthur Crossing Apartments Sold for $1,750,000
In July MacArthur Crossing Apartments, formerly Monrovia Apartments, sold to Arkansas based apartment owner for $1,750,000 which is just under $7,300 per unit for the 240 unit community. The property was recently foreclosed on by the lender/seller, Quail Creek Bank, who hired Price Edwards & Company as the receiver, manager and ultimately the sales broker. Prior to foreclosure, the previous owner had made a renovation attempt and completed a majority of the front half of the property, with the back half being virtually untouched and unoccupied for many years. The buyer plans on completing the renovation on the entire property and capitalizing on the close proximity to the large concentration of retail directly to the south. David Dirkschneider of Price Edwards & Company’s Investment Division handled the transaction.
