TULSA, OKLA. — DealPoint Merrill, a commercial owner-operator with offices in California and Nevada, has acquired the former Tulsa World Warehouse, a 47,521-square-foot industrial property situated on two acres in the city’s business and arts district. DealPoint Merrill plans to develop a $10 million self-storage facility on the site that is scheduled to open in May 2020. The seller was not disclosed.
OKLAHOMA CITY — CBRE has negotiated a 42,750-square-foot industrial lease renewal at 357 N. Harvard Ave. in Oklahoma City for HDG Products, an entity doing business as Hunton Distribution Group. David Portman of CBRE represented the landlord, Crow-Oklahoma #10, in the lease negotiations. The representative of the tenant was not disclosed.
OKLAHOMA CITY — Marcus & Millichap has arranged the sale of Chelsea Manor, a 187-unit apartment community in Oklahoma City. The sales price was approximately $8.7 million. Built on 7.2 acres in 1971, the property offers several different floor plans and amenities such as a pool, clubhouse and onsite laundry facilities. Derek Wilson of Marcus & Millichap represented the seller, a partnership that recently implemented a $500,000 renovation program, in the transaction. Wilson also procured the buyer, a limited liability company.
NORMAN, OKLA. — Dallas-based Disney Investment Group has brokered the sale of University Town Center, a 417,515-square-foot retail power center in Norman. The property was 99 percent leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Academy Sports + Outdoors, Kohl’s and Michael’s. Disney represented the undisclosed seller in the transaction. The buyer was an entity controlled by Rainier Realty Investments, which partnered with CIL2 REIT LLC, managed by Continuum Holdings. Dallas-based Metropolitan Capital Advisors arranged acquisition financing for the deal.
OKLAHOMA CITY — CBRE has brokered the sale of a 42,050-square-foot industrial facility located at 3600 S. Thomas Road in Oklahoma City. The sales price was approximately $2.9 million. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented the seller, Abadan Properties LLC, in the transaction. Brett Price of Newmark Knight Frank represented the buyer, OKC Thomas Road Industrial LLC.
OKLAHOMA CITY — Fort Worth-based Woodside Capital Group has begun a $6 million renovation project at LakePointe Towers, a two-building office complex in Oklahoma City. The assets feature nearly 100,000 square feet available for lease. Woodside, which acquired the properties in fall 2018, has already completed upgrades to the parking areas, as well as added new paint, roofs and building chillers. Ongoing improvements include updates to the lobbies, restrooms, signage and landscaping. CBRE will market LakePointe Towers for Woodside following completion of the project.
TULSA, OKLA. — National industrial investment firm Reich Bros. has acquired a 228,000-square-foot heavy manufacturing facility in Tulsa. The property, which is situated on 67 acres near Interstates 44 and 244, formerly served as the main manufacturing and warehousing location in the market for SPX Heat. The facility is also located near Tulsa International Airport and Amazon’s 600,000-square-foot distribution center that is currently under construction. The site comprises a 160,000-square-foot warehouse, a 40,000-square-foot fabrication building and a 28,000-square-foot office building. The seller and sales price were not disclosed.
OKLAHOMA CITY — Locally based developer Gardner Tanenbaum Holdings (GTH) is underway on construction of a 156,000-square-foot industrial facility in Oklahoma City for Corken Inc., a provider of pumps and compressors. Situated within the 104-acre Britton Road Commerce Park, the property offers convenient access to Interstate 35. Corken will utilize the facility, which is expected to be complete in late 2019, for manufacturing and office uses. Metropolitan Capital Advisors arranged debt for the project through Centennial Bank.
ELGIN, OKLA. — Marcus & Millichap has brokered the sale of Kensington Rental Estates, a 26-unit multifamily community in Elgin, located southwest of Oklahoma City. Derek Wilson of Marcus & Millichap represented the seller and buyer, both of which were private investors, in the transaction. The property was built in 2013 and offers two- and three-bedroom units.
TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA), which also has an office in Denver, has arranged $10.7 million in construction financing for the renovation of Reunion Center, a 95,000-square-foot historic office building in downtown Tulsa. The borrower, Oklahoma-based Rose Rock Development Partners, plans to convert the 10-story building into a 79-unit residential property with 10,000 square feet of ground-floor retail space. The new community will offer a pool, outdoor grilling area and a rooftop terrace. Brandon Wilhite of MCA arranged the loan though CrossFirst Bank on behalf of Rose Rock, which will also receive $4.3 million in federal and state historic tax credits for the project.