Oklahoma Public Employee Retirement System (“OPERS”) exclusively engaged Price Edwards & Company in mid-2014 to represent the pension fund in its search for a suitable commercial real estate investment. It required between $5MM to $30MM to be allocated towards an income producing property. During phase one of reviewing current market options, there were zero “on-market” options that fit OPERS’ investment requirements. Three additional criteria elements further increased the difficulty of the assignment. First, all reports would be open to public records. Second, Price Edwards was engaged to not only achieve a marketable return but also locate a building that had adequate space for OPERS to occupy with the next three years. Third, all decisions throughout the process were put forth before the real estate committee and then eventually the board which required buy-in from all parties before a choice could be made.
The complete lack of investment grade properties that fit the client's requirements resulted in Price Edwards locating an off-market property. Price Edwards, using its local connections, contacted over forty-five property owners that fit OPERS’ requirements in search of an owner that was willing to dispose of their office property. Ultimately the client narrowed down the potential list of properties to three acceptable buildings.
Price Edwards provided the client a comprehensive ARGUS analysis on all three properties. Having local in-depth knowledge of the submarket allowed fine-tuning in the assumptions for the analysis. Additionally, Price Edwards supplied OPERS with both a non-tax and tax analysis. The client is a state entity is waived of paying real estate tax which was taken into account for the purposes of the decision-making process, and further helping leverage the clients purchasing power and resulting yield. The analysis also provided documentation that could be open to public record to ensure a level of transparency that the funds were being allocated wisely.
The market analysis and sale was handled by Craig Tucker and Tre Dupuy of Price Edwards & Company.
Price Edwards & Company will manage and lease the property for OPERS.
Hodges Trucking Sold for $6,600,000
The Hodges Trucking facility, which is one of Oklahoma City’s premier industrial properties has been sold to RW Timms Investments LLC for $6,600,000. RW Timms Investments LLC is the real estate holding company for Western Flyer Express who will fully occupy the property by April of 2016. This property will serve as their new corporate headquarters, it was previously owned by Seventy Seven Land Company and it was not on the market at the time of acquisition. Danny Rivera with Price Edwards & Company handled the transaction.
This 67,425 +/- SF truck maintenance facility with 28+/- acres is located at 4050 W. I 40 Service Road. The property consists of (2) 18,400 +/- SF concrete tilt wall drive-thru bay buildings with heavy overhead bridge cranes, a new 9,584 SF shop building with office and a 21,000 SF (2) story office building. Also, the 28 acres are 100% surfaced with concrete and gravel. The 1,165’ of frontage along I-40 makes this property an ideal location for Western Flyer to increase their presence in the OKC transportation industry and to continually grow their business.
TJ Maxx Leases 42,000 Square Feet of Retail Space
TJX Companies has signed two leases with GBT Realty Corporation for spaces within shopping centers in Bartlesville and in west Oklahoma City. Karleen Krywucki handled the lease negotiations for Marshalls to lease space in a new shopping center which GBT plans to build at the southwest corner of I-40 and Czech Hall which will be called Czech Hall Marketplace. Construction on the center is scheduled to begin this spring. TJX has also signed a lease for Marshalls store in Bartlesville with GBT to take space in a center they are building east of Lowe’s at the southeast corner of Silver Lake Road and Adams Boulevard. Both stores will be 21,000 sq ft. GBT Realty is a development company with its headquarters in Brentwood, Tennessee.
PEC's Retail Investment Team Handles $7 Million Edmond Shopping Center Sale
Edmond University Village, located directly to the west of the Walmart Neighborhood Market on 2nd and Bryant in Edmond, has been purchased for $7,092,000. The property has 33,825 sq ft on 4.9 acres. Edmond University VIllage was purchased at 100% occupancy. Tenants include Pei Wei, At&T, Cold Stone Creamery, Half Price Books and Mathnasium. Phillip Mazaheri, Paul Ravencraft, and George Williams represented the Buyer, and Phillip and George will handle the leasing of the property.
Love’s Leases 43,000 SF at Center of America
Loves Travel Stops & Country Stores, Inc. recently executed a lease for 42,962 square feet at Center Of America. The former shopping center now serves primarily as office and call center space. Love’s will use the location to house various support services. Located three miles northeast of Love’s corporate campus, the location provided Love’s with sufficient parking and a large block of contiguous space on one level which was ideal for the tenant’s needs.
Love’s was founded in 1964 and has grown from a mom and pop gas station to over 360 locations in 40 states boasting over 14,000 employees. The company remains privately held by the Love family and is ranked #13 on Forbes list of America’s largest private companies.
Craig Tucker of Price Edwards & Company negotiated the transaction on behalf Love’s with the landlord, Chisholm Creek Investments, LLC. The entire transaction took only nine (9) days from the initial site visit to an executed lease.
Northwest OKC Shopping Center Sold for $3,350,000
Cornerstone Plaza shopping center has sold for $3,350,000. The property has 65,748 sq ft on 5.12 acres and is located on the south-west corner of N.W. 39th and MacArthur in Oklahoma City. The property was 90% occupied. Some of the tenants include Grandy’s, Zam Zam, Rent a Center, City Bites, At the Beach, and Ocean Dental. Phillip Mazaheri, Paul Ravencraft, and George Williams represented the Buyer, and Phillip and George will handle the leasing of the property.
Tractor Supply Leases 30,000 SF in Watonga, Oklahoma
Tractor Supply Company has signed a lease for a 30,000 sq. ft. building formerly occupied by Alco Stores at 200 Clarence Nash Boulevard in Watonga, Oklahoma. The property is commercially zoned and the zoning permits approximately 25,000 sq ft of the outdoor display area which is typically a characteristic of Tractor Supply. The lease that Tractor supply signed with JVC, LLC, the owner is for a 10-year term and the lease was negotiated by Karleen Krywucki of Price Edwards.
Tire Centers Renews 24,536 SF Lease
Tire Centers LLC renewed their lease for 24,536 square feet of industrial space at 3101 S. Council, Oklahoma City. Tire Centers is a leading distributor of over-the-road truck tires and truck fleet servicing from locations nationwide. Bob Puckett handled the transaction.
Sleep Studio Properties Sold $1.3 Million Pad Site in OKC
LB Holdings LLC paid $1,300,000 to Sleep Studio Properties, LLC for a 1.44-acre pad site at the southwest corner of Memorial & MacArthur, Oklahoma City. Karleen Krywucki, Everest Ernst, and Tre Dupuy handled the transaction.
