Paul Ravencraft of the PEC Investment Sales Group sold the final piece of the Crossroads Development project for $3,500,000 to local investment group CRM Properties Group LLC. This piece included 762,532 square feet of improvements on approximately 53.67 acres. Making up the 762,532 square feet were the former JC Penney and Steve & Barry anchors buildings along with the inline mall and the former Ward’s automotive center.
This sale was one of four sales completed by Price Edwards for Crossroads Maiden Lane, the owner of the development. Other sales included, a ground lease with two Marriott hotels, the AMC Theater and the former JC Penney automotive center. In total, PEC sold 941,745 square feet on approximately 84 acres for a total of $10,865,000.
Price Edwards will continue to manage and lease the property.
Price Edwards Closes Sale of Broken Arrow Retail Center
Retail Investment specialist Paul Ravencraft brokered a transaction for LNR Partners of Miami Florida. The sell consisted of a 6,600 square foot retail center situated on approximately 36,150 square feet. The center is shadow anchored by Walmart and located at the corner of Kenosha and Aspen in Broken Arrow, OK. The property sold to Frontier Development of Miami Florida for $725,000. The property was marketed and closed within sixty days from the receipt of the listing assignment.
Price Edwards also handled the receivership process along with the leasing and management duties.
TJ Maxx Enters Stillwater Market
TJ Maxx has signed a lease for 25,060 square feet of space at Bradford Plaza in Stillwater, Oklahoma. The tenant will go into the current location of Old Navy and a new space is under construction for Old Navy to move slightly north within the shopping center to the former location of Party Galaxy. The repositioning of the shopping center is underway now with Old Navy moving to their new space early next year, and, after remodeling, TJ Maxx will open at Bradford in September of 2012. Karleen Krywucki of Price negotiated the 10-year lease for TJX at Bradford Plaza.
The Health Club Leases at Brookhaven Village
The Health Club, a service of Norman Regional, leased 25,476 square feet at 3720 W Robinson, Norman, OK. The Health Club offers a healthy approach to wellness and exercise in a comfortable, relaxed setting. Personal training sessions allow members to receive ongoing guidance and supervision, while multiple exercise classes make working out convenient and productive. In addition, whirlpools and saunas are available for members to enjoy after their workouts. Lee Chancellor of Price Edwards & Company’s Retail division handled the lease.