When presented a commercial lease, you will often hear the phrase “boilerplate language.” The first few pages of the lease agreement generally contain the relevant business terms, and the back 2/3’s of the document contain many words, phrases, and acronyms that take your mind to the evening meal, golf course or another place of respite. After pouring the third cup of coffee trying to stay focused, the term “boilerplate” comes to mind, and you rationalize there is no need to read this part. This would be a common mistake.
Multifamily investing has many different shapes and sizes. For the most part, this class of real estate asset breaks down into the following categories: market rate apartments, senior living, student housing, affordable housing, and sometimes mobile homes. There are even subsets of these classifications, but for our discussions here we will stick to market rate apartments.
Are you looking to lease office space but don't know where to begin? Here are some essential tips.
I’m often asked from prospective tenants what the process looks like to lease office space. Although there has been a slew of changes in my over 30 years working as a leasing agent, there are still four main pillars that are essential to most property leasing transactions.
Give Yourself Ample Time
Sovereign Technology Center Sells for $1,700,000
GFO Companies paid $1,700,000 for Sovereign Technology Center located at 1233 Sovereign Row in Oklahoma City. The flex-space facility consists of three buildings totaling 39,085 square feet. GFO companies intend to utilize the property as an investment property. Tre Dupuy and Danny Rivera with Price Edwards & Company handled the transaction.
As with the recent opening of the large and luxurious Lifetime Fitness at Quail Springs, the highly anticipated opening of Oklahoma City’s Costco will have a significant impact on the sales of other retailers throughout the Oklahoma City metropolitan area.
Of course, Sam’s Club is likely to take the most significant hit, but because of the number of Sam’s Clubs in the metro, they will be able to absorb the anticipated sales reduction.
While smart technology has been available to consumers since 1998, it has only more recently worked its way into the Industrial real estate sector. Building automation technology is cutting edge, but it's not brand new. A decade ago, what passed for a “smart” building focused on HVAC, single buildings, and solutions that lowered operating costs. But the value now has increased, in part because of advances in sensor technology that contribute to the Internet of Things.
Are you a first-time tenant wondering how the leasing process works? Click here to see our tips for a low-stress leasing process.
As an agent for office & retail spaces, I get asked about the leasing process often. I have drafted the guide below to help first-time tenants navigate that process more confidently.
Price Edwards and Company was honored at the Commercial Real Estate Council Conference on February 28, hosted by the Journal Record. Brokers with Price Edwards received four out of the eight available "Transaction of the Year" Awards for the industry, including Office Sale Transaction of the Year, Office Lease Transaction of the Year, Retail Investment Sale Transaction of the Year, and Retail Lease Transaction of the Year.
The underwriting looks good, the submarket dynamics are favorable, and the value-add component is realistic. This short list of investment criteria help explain the 10,000-foot view and possibly even the 5,000-foot view, but what happens when we get into the details? The details are where the deal turns into a home run or a dreaded write-off, so where can investors look beyond the numbers and read the words between the lines?
Two new buildings will be added to the Oklahoma City office market in 2019, but they are both mostly full already. The 606 N. Broadway build-to-suit project will be approximately 111,000 SF when completed, but over 90% of the building has been leased to Heartland Payment Systems, and the space remaining is largely retail in nature. The other building to be added to the CBD inventory this year is The Monarch on the northern edge of the downtown submarket.