In early May, Jim Parrack was named receiver for a portfolio of eight Tulsa properties that includes, the Pomeroy, Southern Hills, the Magnolia, Savannah South, Brixton, Fulton, Salida Creek, and Cedar Crest in Owasso. Price Edwards & Company was selected to manage the portfolio. The properties all have significant management and operational issues that Price Edwards has begun to address. Actions are being immediately implemented to preserve and improve the properties. Price Edwards & Company manages 12 multi-family properties in Tulsa totaling nearly 1,500 units.
David Dirkschneider and Phillip Mazaheri brokered the sale of Falls Creek Apartments located at 7032 NW 16th Street in Oklahoma City. Falls Creek is an 88 unit multifamily property located in northwest Oklahoma City. Phillip represented the Buyer, Falls Creek LLC, who purchased the property for $990,000. The Buyer has immediate plans to renovate and reposition the property and bring the currently low 50% occupancy up to a market average. David represented the out of state owner, Arapahoe Limited VII, a Colorado Limited Partnership.
The Price Edwards retail leasing team has been selected to lease the Village at Woodland Hills in Tulsa. The Center was remodeled by ownership when they purchased the property; the property is located in the heart of Tulsa’s retail district at 6808 S. Memorial Drive. The property features Sun & Ski Sports, Windsor Antiques, Cinemark Theater and a strong line-up of shops and restaurants. Price Edwards currently leases and manages over 1 million square feet in the Tulsa market.
Cordell Brown of Price Edwards & Company’s Investment Sales Division brokered the sale of the May Ten Shopping Center to May Ten, LLC. The sales price was $1,200,000. This neighborhood mainstay has been anchored by Whittaker Foods for over 25 years. Built in 1970, this 41,325 square foot retail strip sits on nearly four acres. MayTen Trade Center, LLC was the seller.
Mark Patton recently joined Price Edwards & Company as an industrial leasing and sales broker. During the previous 30 years he had been associated with Gerald Gamble Co where he handled some of the city’s largest industrial transactions, including those for Baker-Hughes, Wilson Industries, Wood Group, Pumpco, Freymiller Trucking, United Rentals, Tidwell Properties and Oklahoma Industries Authority.
According for Ford Price, Managing Partner, “Mark is one of the most active and well respected commercial brokers in Oklahoma City. We feel very fortunate that he believes enough in our real estate services & technology platform to make this move”.
Added Patton “Price Edwards & Company is the largest, and in my view, the most sophisticated commercial real estate firm in this town. I had a great run with Jerry Gamble and can’t say enough good things about him, but it was time for me to make a change and there was only one firm I considered”.
Price Edwards & Company is the largest commercial real estate service firm in Oklahoma City. It manages approximately 100 properties throughout the state comprising 10 million square feet, including 3,500 apartment units, and closes roughly 400 leasing and sales transactions per year.
Phillip Mazaheri of Price Edwards & Company’s Investment Sales Division brokered the sale of Memorial Medical Plaza to Hilltop Plaza, LLC. The sales price was $2,795,000. The Class A building, located just north of Memorial Road across from Mercy Hospital, contains 18,336 square feet and was 94% leased. It was built in 2007. The seller was Walther Properties.
Price Edwards & Company has brokered the sale of over 50 office and medical office properties.
All Apartment Community Positions!
Seeking property managers, assistant managers, maintenance crew, housekeepers and make-ready crew for various Tulsa properties. Benefits available. Fax resumes to Sue/Becky at (405) 236-1849 or email to firstname.lastname@example.org.
Price Edwards & Company has been selected to manage and lease the three property portfolio of Mayfair Village, Edmond Market Place, and Midland Center. The properties comprise over 329,000 square feet and are all well located within their submarkets. Tenants include Conn’s, Panera Bread, Delta Café, Steinmart, Michaels and numerous other local and regional favorites. Kathi Risk will be the property manager for the portfolio. Susan Brinkley, Ev Ernst, Laci Jackson and Brandy Rundel will handle leasing.
I was recently asked about the prospects for Bricktown retail. Probably the best place to start is to discuss what Bricktown has become: an entertainment district containing primarily restaurants and clubs with a focus on tourism. It tends to draw most of its traffic in the evenings and particularly on the weekends. And, much of the traffic is out of town visitors and people from the suburbs.
Of the roughly 150,000 square feet of retail added to all of downtown over the past three years, just under a third was in Bricktown, 90 percent of which was restaurants, clubs, and the Red Pin bowling/restaurant. Of the less than 5,000 square feet of non-restaurant retail, it was all focused on tourism traffic. For all the traffic Bass Pro drives to the area, it has not helped attract more traditional retail. I tend to agree that the location of the new convention center near the Core to Shore Park will hurt Bricktown in the long-run as some restaurants and business will gravitate toward the park. Putting it on the lumberyard site or near Bricktown will build on the restaurant/club business already there, but will most likely cement Bricktown’s fate as strictly a tourism and entertainment district.
A discussion of what Bricktown is not is also helpful. It is not a significant office market. A handful of buildings have tried to attract office users on upper floors but most have struggled. The recent conversion of the Candy Factory is helped by access to parking. But, most of the upper floors of Bricktown buildings remain vacant or underutilized. I don’t see this changing due to lack of parking, access issues for office visitors, and the functionality of existing buildings. Housing is not a big part of the Bricktown mix either. The Centennial sold out its condo units as it is located in the heart of Bricktown and was the first high-end project out of the gate. However, many were purchased by corporations and few of them are occupied as primary residences. Several of the Bricktown buildings would make nice conversions but not at the prices owners are asking for their buildings. High land prices also make new construction problematic, particularly given the fate of high-end residential to date in downtown. None of the above is changing anytime soon, which brings us back to retail.
Can retail be attracted and survive in a primarily entertainment environment? The short-answer is not in this retail market. Retail is not doing well anywhere at the moment and national retailers in particular continue to stand by the sidelines. So, nothing is going to happen until a general retail turnaround. But, what then? Retail needs one of two things to survive, either lots of people living near it (rooftops as it were) or a project of scale and uniqueness that would draw people to the area. Counting rooftops and their underlying demographics is the traditional retail model. This won’t work in Bricktown. Even with the most optimistic projections of downtown housing growth, we won’t get enough people with enough money living downtown to attract the attention of traditional retailers. We will get some one-off projects and the occasional local retailer, but not the kind of retailers or projects that are going to get people excited.
Which leaves us needing a project of a scale or uniqueness that brings people to Bricktown to shop. Bass Pro was supposed to do this, but it tends to draw from outside Oklahoma City and a very narrow profile of shopper…a bit too much of a shotgun blast. But, it could be a nice complement in a larger piece of the puzzle. Luck, a good site, incentives from the City, a large national developer, an improvement in the capital markets, the previously mentioned improvement in the national retail economy and, did I mention, luck will be required to make it work. All the above were in play when Kansas City did the Power & Light District in their downtown but the retail market fell apart while the project was under construction and they have a cool project with little retail, a new Bricktown without the bricks. And, Kansas City has a lot more folks living downtown than we do. It will be a while before we can get the perfect storm of site, incentives, developer and market conditions together to make a significant retail development happen. And, even then there will and should be debate as to whether that development should be in Bricktown, around the Core to Shore Park, or some other downtown location. It’s too far down the road to move it, but the planned and, hopefully soon to break ground, Horizon outlet development on I-40 and McArthur would have had a chance of succeeding in Bricktown. It’s a unique project with retailers not in Oklahoma City now. Yes, it is an outlet Mall, but our market needs a Grapevine Mall long before it needs a Michigan Avenue.
The prognosis? Nothing soon, so embrace and build on the entertainment characteristics of Bricktown. Help local retailers who want to be in Bricktown, be happy with incremental progress. While we wait, plan for the big project and cross your fingers that all the pieces can come together at the right time.