First quarter sales totaled $13.1 million and 244,723 square feet. These transactions were primarily smallish neighborhood and strip centers with the exception of Mayfair Village. Mercer Street Holdings ONE, LLC had originally purchased the loan on the property and acquired direct ownership in November 2018 by foreclosure. After acquiring, they sold off two pad sites, CVS & Aldi, then packaged the remaining property to sell to a developer for repositioning. Mayfair Village has a long and storied history in northwest Oklahoma City, sitting at the south end of the cit
Price Edwards Brokers $5,500,000 Sale of Mayfair Village located at NW 50th and May Avenue, Oklahoma City, Oklahoma
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.
To a large degree, the commercial real estate industry is being shaped by shifting market conditions and changes in consumer behaviors. Some of the most significant consumer behavior changes are directly related to technology advances.
Since the signing of the JOBS Act in 2012 and more specifically the changes to Regulation D, which previously restricted the direct solicitation of investors, crowdfunding platforms for commercial real estate have seen tremendous growth.
The initial passing of the JOBS Act in 2012 allowed for direct solicitation but limited it to accredited investors. Accredited investor meaning any person with an annual income of $200,000.00 a year for the past two years, or an individual’s net worth exceeding $1 million dollars, excluding their primary residence.
Office Market Experiences Third Quarter Slowdown
The 3rd Quarter Office Sales could be reflecting the slowdown in sales that have been anticipated by some market watchers. The quarter saw zero sales of buildings in excess of 25,000 square feet and 20 sales of buildings in the 3,000 to 25,000 square feet including four medical office buildings. This marks a significant retreat from the activity seen in the first two quarters of 2017.