Oklahoma

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By Randy Lacey, SIOR, senior vice president, CBRE | Oklahoma City; and Chris Zach, CPA, associate, CBRE | Oklahoma City Contrary to popular belief, the ongoing pandemic has been a boon to many aspects of the Oklahoma City economy.   Industrial real estate growth has been more prominent than any other commercial sector. Those familiar with the city and surrounding area can vouch for the speed and intensity of housing demand and development, but industrial real estate has set itself apart over the last few years. OKC is Here to Stay Oklahoma City has a lot going for it. The market always has been well-positioned in terms of its central geographic location at the intersection of Interstates 35 and 40 and has seen tremendous growth and success in the last decade, with significant headway in the local industrial real estate market.  The industry has proven its resiliency amid the pandemic and should continue to fare well into the future. But low costs of living and doing business have further  bolstered the appeal of the community.   In fact, Oklahoma City is only one of 14 cities across the country to add more than 100,000 people in the last 10 years, …

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OKLAHOMA CITY — Kroger (NYSE: KR) will open a 50,000-square-foot distribution center at 8801 N. Interstate 35 Service Road in Oklahoma City. The cross-dock facility, which is expected to come on line later this year and to employ up to 191 full-time associates, will serve as a last-mile, or “spoke,” distribution point for customers within a 200-mile radius. This territory includes Dallas, where Kroger and its partner in rolling out spoke facilities, United Kingdom-based logistics firm Ocado Group, have also launched a 350,000-square-foot fulfillment center.

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TULSA, OKLA. — Stan Johnson Co., a locally based brokerage firm focused on net-leased assets, has arranged the $7.3 million sale of a 13,225-square-foot retail property in Tulsa that is leased to CVS. The property was built in 2011. B.J. Feller of Stan Johnson Co. represented the seller in the transaction. A California-based institutional investor acquired the asset. The deal traded at a cap rate of 5.25 percent and was executed via a 1031 exchange.

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TULSA, OKLA. — New Jersey-based investment firm First National Realty Partners has purchased Summit Square Shopping Center, a 166,552-square-foot retail power center in Tulsa. A 66,455-square-foot Reasor’s Supermarket anchors the property, which was 96 percent leased at the time of sale. Margaret Caldwell, Gill Warner and Patrick Kelley of locally based brokerage firm Stan Johnson Co. represented the undisclosed seller in the transaction. The price was not disclosed. Jon Scott of Keybank originated an undisclosed amount of fixed-rate acquisition financing for the deal.

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OKLAHOMA CITY — Salt Lake City-based investment firm GreenLight Equity Group has acquired Chula Vista and Villa Verde, two multifamily properties totaling 192 units in Oklahoma City. The properties are located on the city’s south side. According to Apartments.com, Chula Vista was built in 1970, totals 60 units and offers amenities such as a playground, picnic area and onsite laundry facilities, while Villa Verde was built in 1968 and features studio and one-bedroom units ranging in size from 470 to 690 square feet. New York-based North Point Capital and Assured Realty Capital Inc. both contributed preferred equity investments of undisclosed amounts to the deal, which traded off market. The seller was also not disclosed. The new ownership plans to implement a value-add plan. The deal marks the first collaboration between the partnership of North Point Capital and Assured Realty Capital.

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OKLAHOMA CITY — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Foxcroft Apartments, a 187-unit complex in Oklahoma City that was built in 1971. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, courtyard, playground and onsite laundry facilities. Danny Wieland of TMG represented the seller in the transaction, and Paul Yazbeck of TMG procured the buyer. Both parties requested anonymity.

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TULSA, OKLA. — Stan Johnson Co. has arranged the $9.1 million sale of a 102,000-square-foot retail center in Tulsa. Anchored by Burlington, the center is adjacent to the 1 million-square-foot Woodland Hills Mall on the city’s south side. Mike Sladich, Jeff Hughes, Maggie Holmes and Michael Watson of Stan Johnson Co. represented the seller, a Baltimore-based investor, in the transaction. The buyer was a California-based 1031 exchange investor.  

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OKLAHOMA CITY — New York-based private equity firm Wynmor Management LLC has acquired Riverchase Apartments, a 252-unit multifamily community in Oklahoma City, for $13.6 million. Built in 1971, the property consists of 10 three-story buildings and an additional building that serves as an office, as well as a pool, basketball and tennis courts. The seller was Texas-based Casa Claire Apartments LLC. Wynmor plans to implement a value-add program.

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TULSA, OKLA. — New York City-based Hudson Realty Capital has provided a bridge loan for the refinancing of Stonehaven Square, a seniors housing community in Tulsa that provides assisted living and memory care services. The amount of the loan was not disclosed, but the financing was secured as part of $37.7 million package for Stonehaven Square and a Florida property, The Landing at Lake Worth. Eric Johnson of Ziegler arranged the financing on behalf of the borrower, Columbia Pacific Advisors.

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OKLAHOMA CITY — Tampa-based brokerage firm SkyView Advisors has negotiated the sale of the Shepherd & Mustang Portfolio, a self-storage portfolio in the Oklahoma City area that consists of two properties totaling 145,115 net rentable square feet across 978 units. Scott Schoettlin and Ryan Clark of SkyView Advisors represented the seller, a locally based limited liability company, in the transaction. The buyer is a Texas-based developer that is considering vertically expanding the facilities with climate-controlled space.

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