Price Edwards & Company is pleased to announce the sale of Power Alley Parking Garage, prime real estate in the heart of Bricktown in Oklahoma City.
The Power Alley Parking Garage consists of 206,598 square feet of office and parking garage structure. The garage has approximately 550 parking spaces with leases in place with the Hampton Inn & Suites hotel and the Hilton Inn & Homewood Suites, which is currently scheduled to complete construction by January of 2014. The property was purchased from the developer Power Alley Parking, LLC. Fred Mazaheri, with Midland Capital LLC, was the buyer of the 8-story office and parking structure.
Price: $9,375,000
Parking Spaces: 550
Price / Space: $17,045
Improvement SF: 206,598
Built: 1999
Buyer: Midland Capital, LLC
Seller: Power Alley Parking, LLC
Closing Date: June 14th, 2013
Paul Ravencraft and Phillilp Mazaheri, Retail Investment Team Specialists with Price Edwards & Company's, handled the transaction.
