Price Edwards Brokers $20 Million Sale of Metro Area Medical Buildings
The University of Oklahoma Board of Regents Purchases 4 Metro Area Medical Buildings
Four local medical buildings have been purchased by the Board of Regents of the University of Oklahoma for $20.15 million. The buildings were sold by a Newton, Massachusetts based real estate investment trust, SNH Medical Office Properties Trust. The four buildings are located at 600 National Avenue in Midwest City, 200 N. Bryant in Edmond, 8315 S. Walker and 701 NE 10th Street adjacent to the OU Health Sciences Center in Oklahoma City. The four buildings contain approximately 210,000 square feet in the aggregate and were constructed between 1982 and 1992. All four buildings were under a master lease with the Oklahoma City Clinic at the time of the sale. Craig Tucker and Tom Fields of Price Edwards & Company brokered the transaction on behalf of the REIT.
Oklahoma City's Chaparral Townhomes Sold for $11,500,000
Chaparral Townhouses has been purchased by 2030, LLC for $11,500,000. The property, originally built in 1984 had been owned and operated by the original developer for the past 32 years. Chaparral was among the first large apartment communities to be built near the downtown area and sits on approximately twelve acres just north of the new General Electric research facility. The property is 100% subsidized under a rare HUD program called Mark-to-Market. The overall goal of the Mark-to-Market program is to reduce federal spending on housing subsidies by making it financially feasible for multifamily properties to offer quality, market-competitive housing at affordable rents. While properties in the urban core sub-market have an average rent of $1.35 to $1.74 per square foot, Chaparral provides housing in the same sub-market for just $0.57 per square foot. The owner, 2030, LLC plans to continue operating the property according to the HUD required guidelines. After being marketed for less than a month, the property received multiple competitive offers and was placed into contract. The strong market combined with professional marketing proved to be successful by delivering an average price per unit of $84,559; which is 57% increase above the $53,995 two-year average for properties built in the 1980’s. David Dirkschneider of Price Edwards & Company handled the transaction.
Waste Management of Oklahoma Adds OKC Location for $2,750,000
3824 W. Reno has sold for the full asking price of $2,750,000. The 35,000 SF facility has 10 sets of drive thru bays and 7 acres of asphalt surfaced yard. The building was purchased by Waste Management of Oklahoma from Bruckner Truck Sales, Inc. Bruckner Truck Sales will remain in the facility until the end of 2016 while their new facility located at 10120 West Reno Ave is being completed. Their new facility will be 51,393 SF situated on 20 acres with 700’ feet of frontage on I-40 and 700’ of frontage on Reno. Danny Rivera with Price Edwards & Company handled the transaction.
Farsi, LLC Purchases Retail Center in South Edmond for $2,100,000
Farsi, LLC purchased Boulevard Village located at 3400 S. Boulevard in Edmond, Oklahoma. The shopping center was approximately 70% leased at the time of closing with a CAP Rate of 7.71% based on existing income and expenses. Boulevard village is located near the south east corner of Boulevard and 33rd Street in Edmond, with McBride Clinic as its anchor tenant. This is a tremendous value-add play and with the Buyer looking for a 1031 Exchange, this off-market property was an ideal replacement. Phillip Mazaheri, CCIM, Paul Ravencraft and George Williams of Price Edwards & Company handled the transaction.