OKLAHOMA CITY — Trader Joe’s has signed a 16,975-square-foot retail lease in northwest Oklahoma City for its first grocery store in the state capital and fourth in the state. The space is located within the 155,000-square-foot Rockwell-Northwest Shopping Center, and Trader Joe’s will join Hobby Lobby and Burlington as the center’s anchor tenants. Tom Blanton with Blanton Property Co. represented the California-based grocer in the lease negotiations. Elise Lopez and Jim Martin internally represented the landlord, JAH Realty. A tentative opening date has not yet been determined.
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Morgan Properties Acquires 11-Property Midwest Multifamily Portfolio for $501M
CONSHOHOCKEN, PA. — Morgan Properties has acquired a portfolio of 3,054 apartment units across 11 communities in eight states. Chicago-based Trilogy Real Estate Group was the seller in the deal, which was valued at $501 million. The communities — which are located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee — were built between 1989 and 2018. Adam Doneger and Josh King of Newmark brokered the sale of 10 of the communities in the portfolio, while Walker & Dunlop brokered the sale of one property. Morgan Properties states that the firm plans to implement a value-add strategy to increase the marketability and comfort of the properties. Interior upgrades will include the installation of new flooring, appliances, cabinets and countertops, as well as smart home features. The new owner will also expand and refresh the onsite amenities. The acquisition expands Morgan Properties’ apartment holdings to more than 100,000 units across the nation. The Conshohocken-based development and investment firm now owns and operates roughly 360 communities in 22 states. “As we continue to strategically expand our national portfolio, we remain selective and opportunistic in this environment,” said Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties. “Morgan Properties has a proven …
OKLAHOMA CITY — Locally based brokerage firm HotelBrokerOne has arranged the sale of the 218-room Best Western Plus Saddleback Inn in Oklahoma City. The hotel offers an onsite bar and restaurant in addition to complimentary breakfast, and guests also have access to a pool, indoor spa and sauna and meeting/event spaces. Ted Holmes led the transaction for HotelBrokerOne. The buyer and seller were not disclosed. The new ownership plans to renovate and rebrand the property under the Eagle Suites banner.
DEL CITY, OKLA. — Home Invest, a private investment firm and fund manager, has acquired Morgan Terrace, a 100-unit apartment complex in Del City, located southeast of the state capital. The sales price was $3.7 million, and the seller was an undisclosed, California-based investor. According to Apartments.com, Morgan Terrace was built in 1964 and offers one-, two- and three-bedroom units, as well as a courtyard and onsite laundry facilities.
TUTTLE, OKLA. — Marcus & Millichap has brokered the sale of Premium Storage, a 375-unit self-storage facility in Tuttle, a southwestern suburb of Oklahoma City. The site spans seven acres, and the property features 107,330 net rentable square feet across 37 climate-controlled units, 334 non-climate-controlled units and four commercial spaces. Bryan Quaschnick, Danny Cunningham and Brandon Karr of Marcus & Millichap represented the Dallas-based seller in the deal and procured the buyer, an out-of-state, privately held investment group. Both parties requested anonymity.
OKLAHOMA CITY — CBRE has opened a 5,154-square-foot office at the Phillips Murrah Building in Oklahoma City. The Dallas-based real estate services firm is relocating from 3401 NW 63rd St. to the second floor of the building, which is located in the city’s Midtown area. The space features various social spaces that support collaborative work, including bench-seating workstations, focus rooms, phone rooms and a huddle room.
BROKEN ARROW, OKLA. — Los Angeles-based Thorofare Capital has funded a $23 million loan for the refinancing of Dream Aspen Creek, a 240-unit multifamily property in Broken Arrow, located just east of Tulsa. Built in 2018, the property features 17 residential buildings that house one- and two-bedroom units on a 12.2-acre site. Amenities include a pool, clubhouse, fitness center, dog run, outdoor grilling and dining stations and package lockers. David Perlman, Jacob Yi and Jason Campbell of Thorofare Capital originated the fixed-rate loan on behalf of the borrower, an affiliate of Florida-based DLP Capital.
TULSA, OKLA. — Marcus & Millichap has arranged the $3.9 million sale of a 14,490-square-foot retail building in Tulsa that is leased to Walgreens. The building was originally constructed in 2002. Joe Sparano, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Steve Greer of Marcus & Millichap assisted in closing the deal as the broker of record.
TULSA, OKLA. — A public-private partnership between Pennrose and the Tulsa Housing Authority (THA) will develop 36N, a $190 million, 545-unit mixed-income residential project. The partnership will redevelop the existing 271-unit Comanche Park Apartments and construct an additional 274 units from the ground up as part of a larger revitalization initiative known as Envision Comanche. The development will also feature single-family homes and a mix of commercial and civic uses, including a grocery store, urban farm and q wilderness area. Vertical construction for Phase I of 36N will begin later this summer, with full completion slated for 2028.
HARRAH, OKLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6.7 million loan for the refinancing of Prairie Breeze Townhomes, a 56-unit multifamily property in Harrah, an eastern suburb of Oklahoma City. The property was built in 2013 and consists entirely of three-bedroom units. Robert Bhat of MMCC originated the financing. The direct lender and borrower were not disclosed. The loan carries 12 months of interest-only payments and a 30-year amortization schedule.
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