Price Edwards & Company has managed and leased properties in Tulsa throughout its history and its Tulsa area business is growing. As a result, the firm is opening an office at 7633 East Memorial Place to better serve its Tulsa clients. The firm currently manages and leases nearly one million square feet of retail space and over 1,500 units of apartments in the market. Price Edwards has been Oklahoma’s leading full-service property management, leasing & brokerage firm since its formation in 1988 and currently handles over 10 million square feet of property throughout Oklahoma and north Texas. Tulsa has a vibrant real estate market and Price Edwards looks forward to being an expanded part of that community.
Mid America Business Park is a mixed-use development consisting of an 84,373+ square foot office building, three warehouse buildings totaling 382,507+ square feet, and additional development sites on 41.454+ acres, located at 8001 Mid America Blvd. in southeast Oklahoma City with frontage on I-240. Mid America is a Foreign Trade Zone, and is located along the developing I-240 corridor in southeast Oklahoma City. Recent development along this corridor includes a $100 million heart hospital.
The park is close to Tinker Air Force Base, a major air logistics center and depot level maintenance facility employing 26,000 military and civilian personnel. Tinker, the largest employer in Oklahoma City, performs major maintenance on aircraft such as B-52 bombers, B-1 bombers, B-2 bombers, and the Air Force aerial refueling tanker fleet. Tinker is the largest jet engine overhaul facility in the Air Force, currently operating on a $14 billion, eight-year contract.
Visit http://www.priceedwards.com/midamericabusinesspark?r=blog for more information and to register to download the full sales package.
JEH Roofing leased two facilities in Oklahoma City. One located at 3920 NW 8th Street is owned by Metheny Concrete Products and the one located at 2220 SE 69th Street owned by Tidwell Properties. Mark Patton handled both leases.
Groendyke Limited Partnership has purchased a free standing medical building from Teagan Properties L.L.C. The Building is in Mustang, Oklahoma and is located at 1041 East Highway 152. The facility will be leased by Advanced Dental Implants dba “My Dentist” The sales price was $1,250,000. Mark Patton handled the sale of the property and the lease.
Wilson Industries leased 30,816 square feet of industrial space at Melcat Drive. Wilson signed a long term lease and will use the facility for their oilfield service operations. The site is 2.48 acres and will allow for outside storage at the location. Mark Patton handled this lease and has handled other Wilson Projects and locations in the Oklahoma City area.
The dramatic stimulus plan has finally reached Oklahoma City. I’m not talking about the Economic Recovery Act of 2009. I’m talking about the Weather and Destruction Act of 2010 (WDA). This morning the City reported a 15.08 percent increase in sales taxes for the month of July 2010, year over year. It seems the devastation and destruction inflicted upon us in May and June had a silver lining, the mass consumption of building supplies and auto parts in the hundreds of millions, if not more than a billion dollars. My response was not of surprise but what took so long? I expected June 2010 sales tax numbers to be more robust than they were. But I think this lag was a function of the insurance process where casualties had to be assessed and estimates and settlements made.
The good news is that the source of a lot of this money was from insurance claims and therefore represented “new money” which would not have otherwise been in the economy. Therefore it didn’t have to come from people’s salaries and wages which were still available to spend on other things. The additional good news is that I think we are only about a third of the way through the process as most roofing companies and auto repair shops have waiting lists which extend well into the fall. So I would expect the August through October results to be equally as robust.
The bad news is that this is (hopefully) a onetime event and therefore will have a positive impact only over a limited time. While I believe the economy is generally improving, I don’t think we can expect 15.08% year over year increases indefinitely into the future. The other bit of bad news is that since the source of most of this “stimulus” was insurance proceeds, I think we can expect to repay this over the long term.
However, as is the case with any good stimulus program, the purpose is to “prime the pump” to put enough money back into the economy to get real sustainable sales back to a level of long term grow. Maybe WDA will be enough to do the trick.
Price Edwards & Company has been named as the marketing agent for the sale of the Bradford Plaza Shopping Center in Stillwater Oklahoma. PEC is also responsible for the day to day responsibilities of the center including management, leasing and engineering. The center is presently 68% occupied with national tenants Old Navy, Cato, CiCi’s Pizza, Hibbett’s, and Famous Footwear. The shadowed anchored center is located just one block east of newly renovated Boone Pickens Stadium. The center was built in 2000 and remains in excellent condition.
Clearly the location of our new convention center is a hot topic. It seems to me that it needs to be integrated into the fabric of downtown and take into account the various groups lining up to argue for the various sites. So, here’s an idea that I haven’t seen that, while not easy, might be a pretty good compromise location and accomplish a number of positive goals in the process:
- Tear down the Sante Fe parking garage (yes, we’ll have to build a new garage)
- Close EK Gaylord south of 4th street (this will make everyone who wants to straighten out Broadway happy – Gaylord is an ugly street anyway)
- Build the convention center on the Sante Fe/Gaylord site (it’s close to all the hotels, easy access to Bricktown and buffers the railroad track)
- Remodel Cotter tower into the convention hotel (it’s going to be nearly empty after Devon vacates and needs a lot of money spent on it…this will have the added benefit of improving the downtown office market)
Hobby Lobby has signed a lease for 61,468 sq ft of the former Wal-Mart building located at 2215 SW 74th which is within the Walnut Square Shopping Center. The building is owned by Oklahoma City Partners which is a Montana partnership located in Bigfork, Montana. Hobby Lobby, the regional leader in crafts and home goods, is headquartered here in Oklahoma City. This store is being relocated from Brookwood Shopping Center at 89th and South Western. Karleen Krywucki with Price Edwards & Company represented the owner on the deal.
Hobby Lobby has signed for a ten-year term and anticipates opening its doors at this location in December.