The last 12 months have been marked by dramatic changes. As of this writing, these events have not seriously affected the Oklahoma City multi-tenant industrial market. Overall, multi-tenant industrial properties have continued the declining vacancy trend seen over the past two years. The bulk-warehouse sector is the exception this year. Bulk-warehouse is seen as an important indicator for the economy given its central role in the supply chain, support of retail business, and tendency to be occupied by national and international tenants.
Now that we are a little more than 18 months into the legalization of medical marijuana for Oklahoma, we have seen a drastic change in the commercial real estate market - especially the industrial sector. As of March 31st, the state of Oklahoma has approved 272,000 patient licenses, 6,100 growing licenses, and 1,500 processing licenses. As more and more growers and processors acquire their business licenses, the need for space to set up operations will continue to grow.
Price Edwards Brokers $5,500,000 Sale of Mayfair Village located at NW 50th and May Avenue, Oklahoma City, Oklahoma
The Commercial Real Estate industry uses a number of statistical-based metrics to describe the overall health and vitality of local real estate markets or sectors. Sometimes these numbers should not be taken at “face value”. Most often quoted are vacancy and net-absorption.
The commercial real estate vocabulary can sometimes be intimidating, and it can be quite challenging to learn how to navigate through all the commercial real estate terms. Leasing space is often the largest expense to your business, so it is important to understand all the terms in your commercial lease before signing. It is always recommended to have a real estate attorney review your lease and explain any terms that you don’t fully understand but below are some common terms that can help clarify any misconceptions about your lease.
Sovereign Technology Center Sells for $1,700,000
GFO Companies paid $1,700,000 for Sovereign Technology Center located at 1233 Sovereign Row in Oklahoma City. The flex-space facility consists of three buildings totaling 39,085 square feet. GFO companies intend to utilize the property as an investment property. Tre Dupuy and Danny Rivera with Price Edwards & Company handled the transaction.
While smart technology has been available to consumers since 1998, it has only more recently worked its way into the Industrial real estate sector. Building automation technology is cutting edge, but it's not brand new. A decade ago, what passed for a “smart” building focused on HVAC, single buildings, and solutions that lowered operating costs. But the value now has increased, in part because of advances in sensor technology that contribute to the Internet of Things.
Retail Investment Team Brokers $9,600,000 Shopping Center Sale
The Price Edwards Retail Investment Team is proud to announce the sale of Casady Square in The Village, Oklahoma. GRP Investments Investments, LLC purchased the property from MVP Casady, LLC for $9,600,000. The shopping center consists of 136,772 square feet situated on 8.43 acres of land. Casady sold for $70.19/SF at an 8.51% CAP rate.
With the advent of internet marketers, the distribution fabric is undergoing a transformation. In the past, approximately two-thirds of the bulk warehouse existed to support physical retail stores. Many of these facilities have been re-tasked to internet fulfillment centers either directly or on behalf of an online retailer. Large-scale distribution facilities are now referred to in the industry as “big box”, and are either large (>200,000 square feet) single-tenant facilities or multi-tenant purpose-designed developments.