Retail Investment Team Brokers Sale of Danforth Plaza for $3,375,000
Danforth Plaza is a 29,962-square-foot shopping center near the southeast corner of Danforth and Santa Fe. Tenants include Payless Shoe Source, State Farm, Papa Murphy's, At The Beach, Game Stop and H&R Block. The center is shadow-anchored by Super Walmart. The shopping center has been a fixture in the area for many years. The property was sold as is, and above listing price. The shopping currently has a 94% occupancy and sold at a CAP rate of 8.6%. Phillip Mazaheri, CCIM, Paul Ravencraft, and George Williams of Price Edwards & Company handled the transaction.
Lincoln Plaza Sells to Local Investor
Lincoln Plaza office building in Oklahoma City has been sold to Lincoln/243, LLC for $2,950,000. Lincoln Plaza is a 1960’s era suburban office complex of approximately 243,423 rentable square feet comprised of a 3-level office building with garage parking. An adjacent annex building containing 4,818 rentable square feet was also included.The building’s proximity to the state capitol complex made it a natural choice for agencies in need of space over the years, but extensive water damage in 2010 caused most of those state agencies to leave the building. The property eventually fell into receivership with Jim Parrack of Price Edwards & Company. An affiliated entity of the purchaser also owns the adjacent 6-story Lincoln Plaza Hotel and plans to redevelop the combined assets into mixed-use. The sale was brokered by Craig Tucker of Price Edwards & Company in conjunction with TEN-X.com, an online commercial real estate auction site.
Walls Bargain Center Moving Locations in Ada
Walls Bargain Center has decided to relocate their store in Ada, Oklahoma. They will be moving into a 43,000 sq ft space between Dollar General and Tractor Supply at North Hills Center. The space Walls has leased was formerly occupied by Edge Tech and is being remodeled by the tenant who expects to open in its new location in March 2017. Karleen Krywucki of Price Edwards & Company handled the lease negotiations between Newton Wall Company, owner of Walls Bargain Center, and WLM Retail Trust, the owner of the building.
Law Office Spencer Fane Enters Oklahoma
Spencer Fane, a law firm headquartered in Missouri with locations in Colorado Springs, Denver, Overland Park, Jefferson City, Kansas City, Springfield and St. Louis, Omaha and Dallas, recently expanded its geographical footprint by securing an Oklahoma City office. Spencer Fane leased 18,808 square feet of space at 9400 Broadway Extension. Tre Dupuy with Price Edwards & Company handled the transaction.
