The Lease

At the heart of most commercial property there exists a lease.  Landlords secure rent through a lease, Tenants secure space for their business through a lease and commercial property investments are underwritten by the terms of the lease or leases that are in place. 

For October, Price Edwards & Company had a total sales value of $15,143,000 and leased a total of 161,364 square feet. We are excited to see what November has in store! Below are a few highlighted transactions.  Local Buyer Purchases Moore Strip Center for $4,275,000  Berkshire Developments, LLC purchased a 7,514 SF strip center in Fritts Farm from Moore Retail Management, LLC. Fritts Farm is a major retail center in Moore, Oklahoma anchored by a Super Target. The outparcel strip center is anchored by corporate leases with Helzberg Diamonds and Pacific Dental. The sales price equated to a 7% capitalization rate with all leases on 10-year primary terms. Phillip Mazaheri, CCIM represented the buyer in the transaction.
Becoming Tech Savvy One thing 2020 has taught me, or rather forced me to do, is think differently about my business and how I market myself and my properties. I’ve never been one to say that I was a very “tech savvy” person.  I’ve primarily used social media to share family pictures and to keep in touch with distant relatives and friends, but now I’m recognizing a major shift in how I use these platforms. If anything, these shut downs have definitely changed our view on how we do business. We see more virtual meetings, Vlogs, Virtual Tours, Zoom Calls, and the list goes on! The ones who have not caught on to this new way of business, I’ve seen truly suffer. Several businesses have crumbled due to their lack of an online presence and it’s been heartbreaking to see. Who knows if having that online presence could’ve possibly helped keeps these businesses doors open.
For September, Price Edwards had a total sales value of $4,008,640 and leased a total of 106,585 square feet. We are excited to see what October has in store!  $900,000 for 4,160 SF Office Suite in City Place  The space is located on the 20th floor of City Place and will be the new location of Commercial Oklahoma Real Estate. Cordell Brown handled the transaction.

It feels like I am asked every day if the office market will ever rebound to pre-pandemic levels.  As someone who mostly makes their living leasing office space, I always take the optimistic viewpoint even though at times it felt like I was whistling through the graveyard.  Lately though, I am becoming more convinced that my optimism is not misplaced.  Various opinions ranging from CEO’s of international companies to members of my own family have led me to believe that the “monumental” shift in workers’ and companies’ attitudes toward th

Diving into the retail vacancy rates across Oklahoma and illustrating what they mean. Edmond Summary Edmond vacancy increased slightly during the first half of the year, ending June at 9.0 percent compared to 8.4 percent at the end of the year. There were no major shifts in occupancy and the inventory of product stayed roughly the same. There have been some smaller strip centers and stand-alone buildings built, but no significant new construction. The pandemic and general economic conditions will no doubt constrain new development for some time. As with all the Oklahoma City metro, expect additional vacancy over the second half of the year as we see tenant bankruptcies and closures. Yet, Edmond will continue to be one of the most desired retail submarkets; virtually all multi-store retailers want to be in the market given Edmond’s demographics, particularly incomes and disposable spending.
For August, Price Edwards had a total sales value of $8,395,000 (with one undisclosed amount) and leased a total of 60,279 square feet. We are looking forward to a great September!  Undisclosed Amount for a 24-Building Industrial Portfolio  G&I X Tulsa Industrial Portfolio, LLC purchased a 24-building, 1,064,811 square foot portfolio in Tulsa, Oklahoma from Helmerich & Payne Properties for an undisclosed amount. The Portfolio is comprised of six distribution/light industrial properties strategically located in the southeastern corridor of Tulsa within two of Tulsa's strongest industrial markets. The Tulsa industrial portfolio offers a variety of unique leasing opportunities available for small, medium, and large size businesses at very competitive rates.  PEC Tulsa has been awarded the leasing and property management assignment and will be working with the new owner on many upgrades to the properties that include exterior painting, monument signage, landscaping, and parking lot projects. Tanda Francis was part of the brokerage team on the transaction.

When most people think of commercial real estate, their minds drift toward the properties they are most familiar. Typically, this ends up being office or retail establishments. They tend to overlook where the goods they use are made and shipped. It is very easy to box the industrial market as either manufacturing or distribution; in reality, the industrial market tends to be the most diverse in the different types of operations utilized within these spaces. So, what are the most common types of industrial property classifications?



Price Edwards & Company – Tulsa is pleased to announce that it has been awarded the leasing and management assignment for a 1,100,000 +/- SF industrial portfolio recently purchased by DRA Advisors from Helmerich & Payne Properties. The August, 2020 transaction included six properties located in midtown Tulsa varying from flex/light industrial space to distribution/ warehouse space. The portfolio includes:

· Space Center 495,000 SF

· Space Center East 202,500 SF

· Tulsa Business Park 204,500 SF

· Tandem Busines Park 88,084 SF


Overall investment sales volume was down prior to the pandemic.  Nonetheless, we are continuing to see pad site sales, net investment sales and some smaller center sales fueled by low interest rates and investors seeking returns in a difficult investment environment. However, overall market activity and larger project sales have been limited. The uncertainty both with regard to the viability of tenants and the unknown length of the pandemic have created a difficult environment for investors to navigate.