In February 1987 I received a phone call from Ford Price, President of the Sweetser Companies, a well-known and respected third-party commercial real estate company specializing in office properties. Tom Denner, the Godfather of commercial leasing in Oklahoma City, gave my name to Ford and thought I might be a good fit for an office leasing agent alongside Craig Tucker.
Price Edwards & Company is proud to have been chosen as the Best Commercial Real Estate Firm, and the Best Commercial Real Estate Leasing Firm by the Journal Record Reader Rankings!
(Santa Fe South Charter School, located in the Plaza Mayor)
Whether you consider the handful of now vacant JC Penney stores, the closed two-story Macy building at Quail Springs Mall, the variety of defunct grocery stores in Tulsa and Oklahoma City, or the smattering of dark Dollar General buildings in small cities of eastern Oklahoma, each of these becomes an opportunity for a change not just for the building but for the neighboring businesses and communities.
Industrial real estate differs from some other types of commercial real estate in that there is no one generic type of building. Different types of space have widely divergent costs of construction and therefore different lease rates and sale values. For this reason, published “average industrial lease rates” (which include different types of industrial space) are usually meaningless. In this article, I want to introduce the most common types of industrial space found in Oklahoma City.
2727 Memorial Road in Oklahoma City has been sold to Zerby Investments, LLC for $3,795,000. Built in 1995, 2727 Memorial is an approximately 30,360 square foot retail/ special purpose building. The current tenant, Platt College, has occupied the space since 2003. The 2.84-acre property features over 170 feet of frontage along Memorial Road and with traffic counts above 90,000 per day. The building’s proximity to Quail Springs Mall made it a very desirable location to buyers across the country.
(Whole Foods' Oklahoma City location at 6001 N Western Ave)
The June announcement that Amazon was purchasing Whole Foods led to a lot of excitement and speculation. Much of the perception is that Amazon is destroying traditional retailers, the acquisition turned that same speculation to the grocery sector. But, what will Amazon do with Whole Foods?
Office Market Still Holding Steady
The second quarter of 2017 has shown remarkable resilience in the Oklahoma City office sales market. The anticipated downturn in sales has not yet hit the marketplace. We know vacancies in the office market have risen, which would normally lead to a slump in sales but that has not occurred, at least not yet. The numbers are a bit skewed due to the low per square foot sales price on one property but with that exception, the market remains solid.