Price Edwards & Company Brokers Purchase of Two Charleston’s Restaurants
Two Charleston’s Restaurant buildings have been acquired by Charter Oak Production, LLC, an Oklahoma based investor. The very popular restaurant chain exercised new 20-year lease agreements simultaneous to the sale of the properties and will continue to operate in both locations. Charleston’s was founded by successful Oklahoma restaurateur, Hal Smith. Charleston’s is a casual restaurant with a modestly priced menu featuring a classic American menu prepared from scratch daily. The chain consists of 17 locations stretching from Arizona to Indiana.
The combined purchase price of the properties was $10,150,000. The seller of 2000 S. Meridian was 2000 S. Meridian, L.L.C. The 2000 S. Meridian building was constructed in 1996 as the third restaurant in the chain and is approximately 7,000 square feet. The seller of the 5608 W. Memorial property was HDH Property Investors, L.L.C. That building was constructed in 2013 and contains approximately 6,551 square feet. Charter Oak was represented by Craig Tucker of Price Edwards & Company.
Norman Apartment Complex Sells for $8,500,000
Winfield Property Management has purchased Sooner Court Apartments, located at 2500 W Brooks Street in Norman, Oklahoma from Living Investments. This 160-unit garden style apartment community was originally built in 1971 but had just finished a major renovation that included tearing off mansard roofs and replacing them with new gabled composition roofs, new windows and new siding. All interiors were completely replaced with high end finishes including granite counters, stainless appliances and solid faux wood flooring. Sooner Court was on the market for only a few weeks when it received multiple offers, ultimately driving the price up to $8,500,000. David Dirkschneider of Price Edwards & Company handled the transaction.
Oklahoma City Industrial Property Sells for $2,300,000
FER Inc purchased 11501 S I-44 Service Road from CHK Land Company, LLC for $2,300,000. The property is a 26,40 SF building situated on 15 acres. This was a unique offering to our presently tight industrial market. The property ended up garnishing multiple competing bids then moved to a best and final stage. FER Inc. ended up winning the property by paying full asking price, which is rare in the OKC industrial market. FER intends to utilize the property for fleet maintenance and waste services. Danny Rivera of Price Edwards & Company represented the buyer in the transaction.
Retail Investment Team Brokers $2,175,000 Sale of Edmond Retail Center
The Price Edwards Retail Investment Team was awarded the exclusive listing agreement to represent, Paul Coury, I P PAG 3, LLC in the sale of Willow Creek Shopping Center on February 13th, 2017. The property, located at 350 S. Santa Fe in Edmond, Oklahoma, consists of 31,200 square feet and was 88.46% leased. The property is situated just off the south east corner of Santa Fe and 2nd Street and sold for $69.71 per square foot.
The Retail Investment Team blasted the property to its investor list and within just a few days had the property under contract with a local buyer, Saeed Zahrai, under Retail USA, LLC. The property sold for $2,175,000 on May 5th, 2017, just 80 days after the listing agreement was signed. The Retail Investment Team consists of Phillip Mazaheri, CCIM, Paul Ravencraft and George Williams, who handled the transaction.
HQ Global Headquarter Renews Lease in Tulsa
HQ GLOBAL WORKPLACES, INC has renewed its lease for 17,527 square feet of office space in One Memorial Place at 7633 E. 63rd Street, Tulsa. The tenant, a member of the international Regus Group Network, occupies the entire 3rd floor of the building. HQ has operated its executive suite environment at this building for more than 20 years, and provides business-ready offices, meeting rooms and virtual offices. The building is one of five buildings in the popular South Tulsa office park located at the southwest corner of 61st Street & Memorial Drive. Price Edwards & Company is the manager and leasing agent for One Memorial Place. Tanda Francis of Price Edwards & Company handled the transaction.