Friday, January 30, 2015

Lots sold in Richmond Square

Stonewall Property Holdings has purchased land located in Richmond Square consisting of approximately 2 acres more or less from Joe Williams and Shabbir Chaudry for $400,000. This will be a future office development. Brad Baker with NAI Sullivan Group handled the transaction.  Closing was held at Oklahoma City Abstract and Title Company by Tracie Daniels.

Thursday, January 29, 2015

NEW LISTING! 3627 N.W. Expressway

NEW LISTING!

Retail Space For Lease with N.W. Expressway Frontage
3627 N.W. Expressway
Oklahoma City, Oklahoma 73112

CLICK HERE FOR FLYER

Contact David Hartnack & Sam Swanson For More Information

Chicken chain cooks up aggressive expansion in Oklahoma City area

Zaxby’s, the Georgia-based fast-casual chicken restaurant chain, has plans to expand aggressively in the Oklahoma City market, with as many as 28 locations over the next five to six years.
Zaxby’s average ticket price is between $9 and $10, with a menu that includes chicken fingers and chicken sandwiches.
The brand has about 600 locations in the United States, primarily in the Southeast.
Zaxby’s franchisee Sterling Coleman already operates seven Zaxby’s stores in the Atlanta area and said he believed Oklahoma City is a good opportunity for expansion. Coleman has the rights to develop Zaxby’s for the entire Oklahoma City market.
He plans to break ground in February on his first metro area location at 1839 W Main in Norman on a site that was formerly a Long John Silver’s restaurant. The new Zaxby’s is projected to open sometime in the second quarter of the year.
“The brand was continuing to grow in the Midwest,” Coleman said. “Because it is a college town, I thought that Norman near the university would be a good market for me to start in.”
The real estate firm NAI Sullivan Group is helping Sterling hunt for potential restaurant sites in the Oklahoma City metro area.
Zaxby’s is searching for class-A, free-standing retail sites that can support a drive-thru in dense, high-traffic areas for restaurant locations, said Sam Swanson, retail and investment specialist for NAI Sullivan, which is representing Zaxby’s in Oklahoma City.
“They want to really come into this market pretty hot, so we are looking everywhere from Edmond to Yukon and even in sub-markets like Midwest City,” Swanson said.

Tuesday, January 27, 2015

Eagle Development leases space at Quail Ridge Tower

Michael Youtsey doing business as Eagle Development has leased an executive suite at Quail Ridge Tower located at 11212 North May Avenue, Suite 115 from QRT Properties, L.L.C.  The suite will be utilized as an office space. Amanda Sullivan with NAI Sullivan Group handled the transaction. 

Monday, January 26, 2015

NEW LISTING! 9417 E. Reno Avenue

NEW LISTING!

Office Land For Sale
9417 E. Reno Avenue
Midwest City, Oklahoma

CLICK HERE FOR FLYER

Contact Bob Sullivan, CCIM For More Information

NEW LISTING! 225 N. Charles Avenue

NEW LISTING!

Residential Land For Sale
225 N. Charles Avenue
Midwest City, Oklahoma

CLICK HERE FOR FLYER

Contact Bob Sullivan, CCIM For More Information

Wednesday, January 21, 2015

Maximizing commercial real estate value: Manage your properties as though they’re always for sale

Maximizing commercial real estate value: 
Manage your properties as though they’re always for sale
By Bob Sullivan, CCIM, NAI Sullivan Group 

It’s a great time to be a seller of commercial real estate (CRE). The Oklahoma City market has experienced substantial growth over the past 10 years showing a marked decrease in the availability of commercial real estate for sale. Currently, there is great demand for every type of commercial real estate, retail, industrial, office, land, and any type of investment real estate. In addition, there’s an enormous amount of institutional capital that’s been earmarked for CRE. Finally, capitalization rates, the ratio of net operating income to capital cost, are by traditional standards in most markets relatively low, maximizes the sales price to the seller. Add to this the fact that the IRS permits 1031 exchanges – a means of swapping properties among multiple parties which greatly expands flexibility and can defer capital gains taxes and your basis into a new property – and conditions overall become extraordinary. 

So what steps should would-be sellers be taking to maximize their property’s sales value? As it turns out – there are many. But the trouble is that if a seller is waiting until only now to take such steps, they’re probably too late. 

The basics of valuation
The fact is, you can’t wait until it’s time to sell to address the drivers of property valuation. Instead, you need to proactively and systematically optimize individual property and overall portfolio value at all times.

Start with the basics. Location matters. So does overall architectural desirability and property condition. So the first step in ongoing property and portfolio optimization is to make sound decisions in areas such as initial acquisition and ongoing maintenance. Maintenance is particularly critical along with tenant relations, as you don’t want to create a reason for a valued tenant not to renew their lease. 

Another means of optimizing valuation is to continuously evaluate how a property is being financed. We recommend constant communication with a sophisticated mortgage expert to conduct semiannual reviews of property financing. Even minor improvements to financing can significantly improve cash flow and value. But the one caveat here is to be aware of potential covenants, such as a pre-payment penalty, that might be triggered in a sale. If you’re proactively looking to sell, look carefully at financing terms – or hold off on refinancing. The market is currently undergoing a change in financing options including rates, fixed amount of years to lock in a rate, financing “points”, and amortization term. You need to have several financing options as you look to re position a property.
The most important thing to keep up with is market conditions. You need to keep up with competing leasing rates, tenant improvement allocations, current market vacancies and new construction that will affect leasing rates and vacancy rates.

Retain those tenants 
Owners need to keep their buildings occupied. The loss of any tenant can lead to significant expenses including lost rental income, new tenant build-out allowances, brokerage commissions – to name just a few. In general, higher renewal rates translate into more secure cash flow and higher valuations. So one of the most important steps to optimizing the value of any CRE portfolio is to build and maintain a robust tenant retention program. 
Key components of such a program include: 

• Identify “most valuable” tenants.
Some tenants are just more valuable than others. It could be their sheer size in relation to the rest of the portfolio – their failure to renew represents too great a risk to cash flow and value. It could be that they are less cost sensitive than other potential renters or lessors – negotiating less hard to obtain the lowest all-in costs. Or theirs could be a marquee name, aiding in attraction and retention of other retail or office building tenants. Regardless of the reasoning, CRE managers need to understand the relative value of their tenants and to allocate retention efforts and resources accordingly.

• Conduct ongoing relationship assessments.
Property managers should conduct ongoing assessments of the state of all, but especially their most valuable, tenant relationships. Ongoing communication with key tenants should be a given – and of course the more valuable the tenant, the more intimate the interaction. Address issues proactively, preventing small issues from growing into larger concerns that could lead to non-renewal. Even in cases of many smaller tenants, property managers can use tools such as customer surveys to get a sense of conditions and what might be done to improve satisfaction and boost renewal rates. 

• Ongoing renewal.
Be equally proactive in renewing leases and rental agreements. All too often, property managers wait until 180 or so days prior to the end of the contract term before seeking renewal. Instead, formal renewal efforts should begin at least 12 months if not 2 years for larger and/or most valuable tenants. The earlier the process begins, the more likely it is that the property manager can identify potential problems that can often be overcome in time to still secure a renewal.

• Property maintenance
Be especially watchful of property maintenance and attention to Tenant issues bring a quick response and a quick resolve.

Proactive, ongoing, disciplined 
Indeed, it’s a seller’s market across most of the nation’s major CRE segments. To take full advantage of the market and investor demand for quality properties and achieve top valuations for your asset, it’s important to deploy an ongoing, proactive and disciplined approach. And the time to start is now.

New Lower Priced Yukon Office. 436 S. Mustang Road

New Lower Priced Yukon Office

Medical Office Building For Sale or Lease
436 S. Mustang Road
Yukon, Oklahoma

CLICK HERE FOR FLYER

Contact Nicole Mayes For More Information

Monday, January 19, 2015

NEW LISTING! 530 Pointe Parkway Boulevard

NEW LISTING!

Office Building For Sale
530 Pointe Parkway Boulevard
Yukon, Oklahoma

CLICK HERE FOR FLYER

Contact Irmon Gray For More Information

NEW LISTING! Rockwell Crossing

NEW LISTING!

Retail Space For Lease at Rockwell Crossing
12100 N. Rockwell
Oklahoma City, Oklahoma

CLICK HERE FOR FLYER

Contact David Hartnack & Sam Swanson For More Information

Friday, January 16, 2015

RBPC, L.L.C. expands to the OKC area

RBPC, L.L.C. has leased a space located at 5601 Northwest 72nd Street, Suite 312 consisting of 1,959 square feet from 56 Expressway Place, L.L.C.  This business will be utilized as a pain management and chiropractic clinic. RBPC, L.L.C. has developed a new program to treat patients with chronic pain and has been successful in other areas of the country. Nicole Mayes handled the transaction. 

Wednesday, January 14, 2015

Fuzzy’s Taco Shop to open in Edmond

Tavern Ventures Edmond, L.L.C doing business as Fuzzy’s Taco Shop has leased a property in Spring Creek Plaza located at 1462 South Bryant in Edmond consisting of 3,500 square feet.  This will be Oklahoma City native Brian Bogert and Manny Leclercq’s fourth Fuzzy’s location in the state. Fuzzy’s Taco Shop serves fresh, made-to-order, Baja style Mexican food in a family friendly environment. The new Edmond location is scheduled to open in summer 2015. Sam Swanson with NAI Sullivan Group handled this transaction.

Tidelands Geophysical leases space in Cotter Ranch Tower

Tidelands Geophysical Company, Inc. has leased an office space in Cotter Ranch Tower located at 100 North Broadway, Suite 2420 consisting of 1,094 square feet from Cotter Tower-Oklahoma, L.P.  Tidelands Geophysical has expanded operations into the Oklahoma City market and will utilize the space as an office. Amanda Sullivan with NAI Sullivan Group handled the transaction.

Tuesday, January 13, 2015

Oklahoma Family Counseling leases building in Mustang

Oklahoma Family Counseling Services, L.L.C. has leased a property located at 1150 East State Highway 152 consisting of 11,960 square feet on 2.32 acres from Breit Martin Investments, L.L.C.  The facility will be utilized as the Mustang Treatment Center which will provide adolescent girls treatment from posttraumatic street disorder. Amanda Sullivan with NAI Sullivan Group worked with the Lessee and Mike Kerran, CCIM with Capital Commercial OKC worked the Lessor. 

24 Northeast 51st Street Leased

IT-RE, Inc. has leased a property located at 24 Northeast 51st Street consisting of 15,000 square feet New 51st Street, L.L.C.  This location will be utilized as corporate offices and processing for IT-RE which recycles computers. Bob Sullivan, CCIM with NAI Sullivan Group handled the transaction. 

NEW LISTING! 10709 N. Garnett Drive

NEW LISTING!

Industrial Building For Lease.
10709 N. Garnett Drive

Oklahoma City, Oklahoma

CLICK HERE FOR FLYER

Contact Bob Sullivan, CCIM For More Information

NEW LISTING! 10701 N. Garnett Drive

NEW LISTING!

Industrial Building For Lease.
10701 N. Garnett Drive

Oklahoma City, Oklahoma

CLICK HERE FOR FLYER

Contact Bob Sullivan, CCIM For More Information

NEW LISTING! 5353 S. Hattie Avenue

NEW LISTING!

Industrial Building For Lease.
5353 S. Hattie Avenue

Oklahoma City, Oklahoma

CLICK HERE FOR FLYER

Contact Bob Sullivan, CCIM For More Information

NEW LISTING! 6600 S. Western

NEW LISTING!

Office/Retail Space For Lease. 
6600 S. Western
Oklahoma City, Oklahoma

CLICK HERE FOR FLYER

Contact Bob Sullivan, CCIM & Ana Nix For More Information

Friday, January 9, 2015

PDS Energy Information, Inc. leases space at Quail Ridge Tower

PDS Energy Information, Inc. has leased a suite located at Quail Ridge Tower located at 11212 North May Avenue, Suite 310, consisting of 798 square feet from QRT Properties, L.L.C.  PDS Energy is an IT and software developer for oil and gas companies, this will be their Oklahoma City location. Amanda Sullivan with NAI Sullivan Group handled the transaction. 

Wednesday, January 7, 2015

Spur Design Moves to New Location

Spur Design, L.L.C. has leased a property located at 320 Northwest 10th Street in the heart of the Midtown redevelopment. The space consists of 3,197 square feet from Film Row Exchange, L.LC.  Spur Design, L.L.C is an architectural firm specializing in green design and is owned by a service disabled veteran. Spur Design, L.L.C. has experienced phenomenal growth over the past years after arriving in the Oklahoma City market. Nicole Mayes with NAI Sullivan Group handled the transaction for the Lessee. 

Tuesday, January 6, 2015

920 North Virginia Drive Sold

Wick Holdings has purchased a property located at 920 North Virginia Drove consisting of 5,000 square feet from Bidco Properties, Inc. for $495,000.  This business is Oklahoma Repossessors and will be utilized for auto repossessions. Darryl Meason with NAI Sullivan Group handled the transaction.  Closing was held at Old Republic Title Company by Barbara Chatman.

Monday, January 5, 2015

Great Retail Development Location Sold in Purcell

Scissortail Travel Stop, L.L.C. has purchased a property located at the Southwest Corner of I-35 and Highway 74 in Purcell consisting of 9.84 acre more or less from Cripple Creek, L.L.C. for $639,000.  This business is Scissortail Travel Stop and will be utilized as a versatile retail travel stop. Irmon Gray with NAI Sullivan Group handled the transaction.  Closing was held at American Abstract Company by Crystal Wakley.