Price Edwards & Company industrial specialist Bob Puckett has been given a listing to sell a non-performing loan in the form of a first mortgage held by Maiden Lane L.L.C. on behalf of the Federal Reserve Bank of New York. The note is collateralized by a 76,000+ square foot flex space development in Oklahoma City. The original note maker was Bear Stearns Commercial Mortgage, Inc. The property is in default but has not been foreclosed. The sale will be conducted on a bid basis. An important component to this sale is the establishment of a secure website for confidential documents to which prospective purchasers are granted access after executing confidentiality agreements. Puckett worked with the special servicer of the loan for a year prior to the marketing period to establish property values based on industrial market trends.
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.
Cytovance Biologics announced in March a growth equity investment of $22.5 million from Great Point Partners, LLC of Greenwich Connecticut, a private investment firm. This investment allowes Cytovance to expand its presence in the Presbyterian Health Foundation Research Park by 27,986 SF to 67,986 SF.
Cytovance is a full service contract manufacturer of microbial biologics for biotechnology and pharmaceutical companies. Cytovance specializes in the production of therapeutic proteins and monoclonal antibodies froma mammalian and microbial cell cultures.
The Veterans Administration leased 22,380 square feet of space in the Mid America V building for a period of 20 years. This amount of space represents 24% of the building. The Landlord will spend about $1,231,000 to convert the space to Primary Care medical space. This office will employ 16 professionals including physicians, registered nurses and support staff and will have an on-site pharmacy, and offer radiology and lab services. The clinic will treat approximately 200 Veterans daily.