07.27.2010

The lingering question for the Oklahoma City office market is “Where’s the bottom?”.

The first half of 2010 suggests that perhaps it is now for the suburbs. Unfortunately, that may not hold true for the Central Business District as that submarket still faces the impact of Devon Energy’s relocation to its new headquarters building in 2012. A move that will place over three-quarters of a million square feet of vacant office space back on the market.

07.20.2010

The Economy & the Retail Market

 

Here is the progression: 2008 was a shock, 2009 was depressing, 2010 is a year of hope; and, perhaps, 2011 will be a year of action.

Virtually everyone – owners, retailers, brokers (okay, maybe not bankers) – feels better about the economy and where the retail market is today. No doubt, part of this hope is fueled by the belief that 2009 saw the bottom of the recession and the retail market.

We’ve pulled back from the precipice and adjusted to the realities of the marketplace.

07.12.2010

Twenty months into the worldwide financial crisis the impact is evident, though far from catastrophic, in the Oklahoma City multi-tenant industrial market.

Present locally are increased vacancies, downward pressure on rents, and aggressive incentives by Landlords to capture tenants. Absent are the rampant vacancy and significant foreclosures seen in other markets. Overall, Oklahoma City is weathering the storm.

07.07.2010

May Ten LLC paid $1.2 million to May Ten Trade Center LLC for a retail property at 2927 NW 10. Cordell Brown handled the transaction.

Falls Creek LLC paid $990,000 to Arapahoe Limited VII for an apartment property at 7032 NW 10. Phillip Mazaheri handled the transaction.

Fitness 19 leased 9,825 square feet of retail space in Casady Square Shopping Center, at Britton Road and N Pennsylvania Avenue, and 9,838 square feet at Edmond Plaza, 15th and Broadway in Edmond. Laci Jackson handled the transactions.

07.06.2010

Tax Internet Purchases - most states do not charge sales taxes on purchases made over the internet.

A lot more are looking at it as a possible revenue source, particularly given the current economic downturn that has most states in a fiscal bind. It may not be the most popular position, but I believe that states should charge the same sales tax on internet purchases as they do on in-store purchases.

This may be the only time you hear me advocate a new tax.

06.11.2010

In response to a 100% annual increase to its website from mobile users, Price Edwards & Company has reconfigured priceedwards.com to allow for easier use and reading on devices like the iPhone, Blackberry, and Android.

Users will be able to more readily access properties for sale or lease by asset type, with the location of each property integrated into the mapping feature of the phone, with the ability to then click on any brokers phone number for automatic dialing to obtain more information.

A company video is also included.

05.27.2010

In early May, Jim Parrack was named receiver for a portfolio of eight Tulsa properties that include, the Pomeroy, Southern Hills, the Magnolia, Savannah South, Brixton, Fulton, Salida Creek, and Cedar Crest in Owasso.

Price Edwards & Company was selected to manage the portfolio.

The properties all have significant management and operational issues that Price Edwards has begun to address.

Actions are being immediately implemented to preserve and improve the properties.

05.26.2010

David Dirkschneider and Phillip Mazaheri brokered the sale of Falls Creek Apartments located at 7032 NW 16th Street in Oklahoma City.

Falls Creek is an 88 unit multifamily property located in northwest Oklahoma City.

Phillip represented the Buyer, Falls Creek LLC, who purchased the property for $990,000.

The Buyer has immediate plans to renovate and reposition the property and bring the currently low 50% occupancy up to a market average.

David represented the out of state owner, Arapahoe Limited VII, a Colorado Limited Partnership.

05.25.2010

The Price Edwards retail leasing team has been selected to lease the Village at Woodland Hills in Tulsa.

The Center was remodeled by ownership when they purchased the property; the property is located in the heart of Tulsa’s retail district at 6808 S. Memorial Drive. The property features Sun & Ski Sports, Windsor Antiques, Cinemark Theater and a strong line-up of shops and restaurants.

Price Edwards currently leases and manages over 1 million square feet in the Tulsa market.

05.05.2010

Cordell Brown of Price Edwards & Company’s Investment Sales Division brokered the sale of the May Ten Shopping Center to May Ten, LLC.

The sales price was $1,200,000.

This neighborhood mainstay has been anchored by Whittaker Foods for over 25 years.

Built in 1970, this 41,325 square foot retail strip sits on nearly four acres.

MayTen Trade Center, LLC was the seller.