By most traditional measures – occupancy, rents, lease volume, new construction – the retail market held up pretty well in 2016, probably the best performance of any asset type. Market vacancy ended the year at 10.6 percent compared to 10.4 percent at mid-year. Some underlying factors, however, are creating uncertainty and could impact 2017 performance. Chief among these are continued low energy prices, low income growth (the lowest in the country in the third quarter) and the resultant decline in sales taxes.
Baker Hughes Sells Industrial Property for $500,000
Baker Hughes has recently sold their industrial property in McAlester to LJDJH, LLC. The facility will be occupied by Yellow Jacket Oil Field Services. The property consists of two buildings totaling 7,760 square feet on 2.68 acres of land. Yellow Jacket Oil Field Services is a Midland, TX based oil service company with locations in Louisiana, Ohio, Oklahoma, Texas, and Wyoming. Mark Patton of Price Edwards & Company handled the transaction.
If you could hire a professional, an expert in their industry, AT NO COST to you why would you not?
(Pictured above, Quail Springs Parkway Plaza)
Although notable for being the first bookstore to reenter the downtown Oklahoma City market for decades, Commonplace Books is also breaking new ground on how they have used the concept of a pop-up shop to grow their business while in the process of opening their permanent location down the street.
Craig Tucker & Cordell Brown of Price Edwards & Company completed the sale of the historic First National Center to NE CS First National, LP for $23 million. Buyer principals Gary Brooks and Charlie Nicholas plan to convert the one million square foot art deco building into a luxury mixed-use project that will include upscale apartments, a luxury hotel, first floor retail and restaurants.
Eide Bailly Leases 20,000 SF at The Heritage
Regional accounting firm, Eide Bailly, recently executed a lease for 19,874 square feet at The Heritage in downtown Oklahoma City. The firm was founded in 1917 in Fargo, North Dakota and has 29 offices in 13 states in the West and Midwest regions of the country. Eide Bailly joins Saxum Communications and Heritage Trust Company as the first office tenants in the building. The firm was founded in 1917 in Fargo, North Dakota and has 29 offices in 13 states in the West and Midwest regions of the country.
(pictured above, Madison Square of Norman)
How important are relationships when dealing with real estate or just everyday life?
Do we take for granted the relationships we have already established in our business or do we still treat our clients as if it were the first time we gained their business?