Regional Retail Center Sells for $49 million
Price Edwards & Company teamed with HFF to sell the 348,582 square foot Smith Farm Marketplace and Smith Farm Crossing to TKG Smith Farm, LLC for $49 million. The center, formerly owned by Smith Farm/Florida, LLC was 98 percent occupied with a good mix of national, regional, and local tenants, including: Hobby Lobby, Belk, TJ Maxx, Old Navy, Pier One, Ashley Furniture, Aspen Dental and FDEX. The Center has Target as the shadow anchor. It is one of the most attractive properties in the Tulsa market and serves a wide customer base that includes many of the smaller cities northeast of Tulsa/Owasso. TKG Smith Farm plans to hold the property as a long-term investment.
PEC Handles $3,100,000 Sale
An office building containing 52,779 rentable square feet located at 4400 Will Rogers Parkway sold for $3,100,000. American Farmers and Ranchers Mutual Insurance Company was the buyer. TG WROP, LLC was the seller. Plans call for the building to be renovated and partially occupied by the new owner. Cordell Brown, CCIM, Price Edwards & Company handled the sale.
ALDI Purchases Land for Norman Location
Aldi (Texas), LLC has closed on the sale of a purchase of 80,868 sq ft of land west of the southwest corner of 24th and Main Street in Norman for the construction of their prototypical grocery store of 17,000 sq ft. Aldi has 1200 stores open in 32 states in the US and has more than 4,000 locations worldwide. This site will be the first Aldi in Norman and construction has already begun. Store opening is anticipated in Spring 2014. The purchase was handled by Stan Lotridge of UCR Dallas and Karleen Krywucki, Price Edwards & Company.
Mathis Brothers Sleep Studio Expands to Moore
Mathis Brothers successfully purchased a 50,000 SF out parcel in front of the Warren Theatres in Moore, OK for $1,060,000. The out parcel will be utilized for a brand new Mathis Brothers Sleep Studio location serving the greater Moore area. Karleen Krywucki and Everest Ernst with Price Edwards and Company handled the transaction on behalf of Mathis Brothers.
Children's Learning Adventure Purchases Land in North Oklahoma City
Children’s Learning Adventure has purchased land on North Pennsylvania at 145th in order to construct its prototypical 21,000 sq ft building. Children’s Learning Adventure is headquartered in Phoenix, Arizona, but has more than 50 schools open in Arizona, Colorado, Georgia, and Texas. Seller of the property was Mass Development, LLC. Karleen Krywucki represented the buyer and Stuart Graham represented the seller in this transaction.
Remodeling is Underway for Myriad Garden Restaurant
Peter and Sheree Holloway have signed a lease for the 6,000 sq ft restaurant at the Myriad Gardens and remodeling is under way on the building. The Holloways own and operate Boulevard Steakhouse, Martini Lounge and 501 Café in Edmond and the 501 Café at the Classen Curve. Karleen Krywucki handled the lease between the Holloways and Myriad Garden Foundation.
