Price Edwards Brokers $43,500,000 Power Center Sale
Local energy and real estate investor, Allen Gann, acquired Quail Springs Market Place located at the southwest corner of Memorial Road and Pennsylvania Avenue. Located in the heart of Oklahoma City’s leading retail corridor, the 293,788 SF power center situated on 28.53 acres sold for $43,500,000. A number of institutional investors are leaving the Oklahoma City retail market which is creating opportunities for local investors to buy trophy properties.
Quail Springs Marketplace is a prime example, last selling for $47.6 million in 2005. The property is home to many leading retailers, both national and local, including Ross, Michaels, Ulta, Golf Galaxy, Akins and Metro Shoe Warehouse among others. The Memorial Road Corridor is the bell cow of Oklahoma City retail; leading the market both in the total retail square footage and in retail demand. Price Edwards & Company's Retail Investment Team consisting of Paul Ravencraft, Phillip Mazaheri, and George Williams handled the transaction.
Roan Resources leases 64,000 SF in North OKC
Roan Resources, LLC leased 64,201 SF at 14701 Hertz Quail Springs Parkway. The lease provides Roan with expansion rights that will likely be exercised soon as the company is experiencing exponential growth.
Roan Resources was formed in late 2017 as a partnership between Linn Energy, Inc. of Houston and Tulsa-based Citizen Energy II, LLC. The newly-formed company’s focus is on the accelerated horizontal development of the Merge/SCOOP/STACK play in Oklahoma. Craig Tucker of Price Edwards & Company handled the transaction.
Mach Resources leases another 22,000 SF at Wireless Way
Mach Resources which leased 18,346 SF at 14201 Wireless Way in early 2017, has leased an additional 21,885 SF to bring its total area leased to 40,231 SF. The lease was originally drafted to provide for this expansion which was brought about by Mach’s newly formed partnership with Houston-based Bayou City Energy.
After falling to 0% occupancy after AT&T’s relocation in 2016, the building is currently 67% occupied with existing activity expected to bring the building to 77% leased in the next month. Craig Tucker of Price Edwards & Company handled the transaction.