With the notable exceptions of the few major size office buildings constructed or renovated in the last ten years or so, most of the large multi-tenant office buildings in Oklahoma City were constructed in the 1980s or earlier. Those buildings and many smaller ones were constructed before the passage of the Americans with Disabilities Act in 1990, or ADA as it is commonly referred to today.
With the recent purchase of Whole Foods by Amazon, it is just assumed that online grocery shopping is bound to see a significant increase in activity. A recent Gallop Poll shows that currently, only 4% of people buy their groceries online weekly and around 13% purchase groceries online once a month. The numbers are not much higher for the millennial generation as well. Only 15% of US adults aged 18-29 shop for groceries online once a month. With numbers such as these, it is clear to see why a few large grocery chains are ramping up expansion in the US. Lidl, a sizeable German-based grocer with over 10,000 locations worldwide, has begun a rapid expansion across the east coast.
Office Market Experiences Third Quarter Slowdown
The 3rd Quarter Office Sales could be reflecting the slowdown in sales that have been anticipated by some market watchers. The quarter saw zero sales of buildings in excess of 25,000 square feet and 20 sales of buildings in the 3,000 to 25,000 square feet including four medical office buildings. This marks a significant retreat from the activity seen in the first two quarters of 2017.
Price Edwards' Retail Investment Team is proud to announce the sale of Academy Sports & Life Church Big Box Retail Center. Located at 7700 S. Walker Ave in Oklahoma City, the center consists of 105,920 SF and was sold at 100% occupancy with a stable rent roll. The property was recently renovated in 2015 and sold at a 9.16% CAP Rate. Paul Ravencraft, Phillip Mazaheri, CCIM and George Williams with Price Edwards & Company handled the transaction.
Historic Film Row Buildings Sold For $2,610,000
Whether you are buying, selling or leasing real estate it is one of the most important (and costly) decisions you will make for your business. Therefore, it is imperative to understand some of the language in your contract/ lease. The more understanding you have during negotiations, the less room there is for the unexpected. With that in mind here are some real estate terms that all clients should know and understand:
Triple Net Lease (NNN Lease)
Memorial Enterprises, LLC has purchased a 30,000 SF building at 525 W. Memorial Road in Oklahoma City. The seller was Hot Tubs, LLC.The property will become the future home of Amini's Galleria. Amini's will move from their present location on Northwest Expressway before the end of the year. Mark Patton of Price Edwards & Company handled the transaction.
MHoitt Melrose LLC Purchases Industrial Property off I-40
In February 1987 I received a phone call from Ford Price, President of the Sweetser Companies, a well-known and respected third-party commercial real estate company specializing in office properties. Tom Denner, the Godfather of commercial leasing in Oklahoma City, gave my name to Ford and thought I might be a good fit for an office leasing agent alongside Craig Tucker.
Price Edwards & Company is proud to have been chosen as the Best Commercial Real Estate Firm, and the Best Commercial Real Estate Leasing Firm by the Journal Record Reader Rankings!
(Santa Fe South Charter School, located in the Plaza Mayor)
Whether you consider the handful of now vacant JC Penney stores, the closed two-story Macy building at Quail Springs Mall, the variety of defunct grocery stores in Tulsa and Oklahoma City, or the smattering of dark Dollar General buildings in small cities of eastern Oklahoma, each of these becomes an opportunity for a change not just for the building but for the neighboring businesses and communities.