The successful reopening of apartment communities is critical not only to making things start to feel like normal but also to putting the economy back on track. For that to happen, apartment professionals need a plan that will allow things to slowly open up with minimal risk but let things get back to business as usual. Due to the board array of properties, a one-size-fits-all approach to planning the reopening is highly discouraged. Companies are encouraged to take the suggested operating models and footprints then adapt them to their needs based on their size and use.
Sitting here looking out my home office window, it is hard to believe how much our world has changed in the last sixty days. There has been a pervasive shock to the cosmic consciousness as we’ve watched the stock market seek its bottom, the government pay out trillions of borrowed monies, skyrocketing unemployment and some of our fellow citizens suffering and dying alone, all the while people in America are making facial masks an everyday part of our lives And the oil industry, well at current pricing, I should trade my spare room full of toilet paper
The essence of retail has always been figuring out what people want and delivering it to them the way they want it. Through history, this has led to creativity and innovation by retailers.....and they've gotten darned good at it. From the outside, you see stores closing - the perceived negative side of this process, but then consumers get the benefit of new concepts, better service, multiple purchasing channels and all kinds of delivery methods. This process is what makes retail the most exciting form of real estate.
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.
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
The pandemic has affected nearly every human being and business, on earth, in some form or fashion and the commercial real estate industry has certainly been affected if not clobbered. The hardest hit sectors are hotels, restaurants, bars and entertainment venues such as bowling alleys, movie theaters, live performances and casinos. Spring is the most popular time for weddings, thus those venues have virtually been shut down for the foreseeable future.
Needless to say, these are unprecedented times. The national shutdown is probably the most disruptive event of my lifetime. The uncertainty about the length is part of what makes is incredibly difficult to make plans, particularly for real estate.
News is out that Costco has plans to open its second location in Moore, Oklahoma with construction set to begin in the fall of 2020. You would think the Moore residents would be thrilled about the idea of having a Costco, as I know I love having them here. When I lived in California some time ago I remember how impressed I was with its layout, wide array of healthy food choices, the experiences I had with customer service, and the aesthetics itself just made you feel like your membership was definitely worth the cost of a whopping $60 per year!