NAI Sullivan Group

Thursday, September 11, 2008

NEW LISTING! Sub-Lease at 56 Expressway Place

NEW LISTING!

Great Sub-Lease Opportunity at 56 Expressway Place
5601 N.W. 72nd Street, Suite 262
Oklahoma City, OK

To View Flyer: http://www.naisullivangroup.com/Properties/5601N.W.72ndStreet-Suite262-FLYER.pdf

Contact Susan Davis Jordan, CCIM For More Information

4,300 SF Leased at 115 E. California

Coyote Ugly Saloon has leased a property located at 115 East California consisting of 4,300 square feet from Miller Jackson Company. Coyote Ugly will occupy the facility for the national chain’s bar and retail store. Brad Baker with NAI Sullivan Group handled the transaction.

Wednesday, September 10, 2008

Office Optimism

Clip from Office Optimism Article from Commercial Real Estate Magazine

Energy Is Hot

Further north in Oklahoma City, which historically has struggled with high office vacancy rates, oil and gas corporations are fueling the market and keeping vacancy to a low 5 percent for class A space, says Susan Davis Jordan, CCIM, office specialist with NAI Sullivan Group in Oklahoma City. International corporations such as Devon Energy, which pioneered efforts to tap into the Barnett Shale formation in north Texas, are very active in the market. Devon recently announced plans to construct a high-rise tower in downtown Oklahoma City. "The new building will cause some vacancy in the next few years, but it will be a huge part of revitalizing our downtown," Davis Jordan says.

To View Full Article: http://www.naisullivangroup.com/OKNews/CIREMagazine_OfficeOptimism.pdf

Tuesday, September 9, 2008

NAI Sullivan Group Releases the Retail Market Report-Mid Year 2008

LESS AGGRESSIVE EXPANSIONS IN THE RETAIL MARKET

The retail market has been strong during the last 6 months, but there are some indicators that the next 6 months could see fewer expansions.

The common opinion at the annual International Council of Shopping Centers Convention held in Las Vegas was that the current slow down would be short lived and optimism was the general feeling. Several developers indicated they would push their plans back by six months to a year, but were steady on course for expansion.

Faced with record high fuel prices, rising food costs and a softening job market, consumers are pulling back on discretionary spending, resulting in weakened retail sales across the board. While Oklahoma’s housing market has avoided the low sales price and high inventory prevalent on the coasts, Oklahoma City is not immune to its effects. Out of state investors are dealing with losses in other markets instead of investing in new projects locally.

However, Forbes Magazine recently ranked Oklahoma City as the most recession proof city in the nation, thanks to our soaring energy, manufacturing, agricultural and housing. We hope that this news will help lure buyers to sell properties in less reliable markets and invest their capital in Oklahoma City.

Our two largest hurdles are retail reluctance to expand, increasing lease rates due to higher construction costs and land prices.

However, we will overcome these by...

Strong financial forecast for the City of Oklahoma City
 A five year economic forecast prepared for the City of Oklahoma City indicated that the per capita income for Oklahoma City is 107% of the national average and the cost of living is only 93% of the national average. These factors along with pro-business city leaders make Oklahoma a business friendly city.

More high income residents
 The demand for retail will be driven by consumers that want the latest fashions seen in places like Dallas and Chicago. The arrival of our new NBA franchise will bring even more high income residents to the city which will help drive the demand for the more expensive retail currently lacking in Oklahoma City.

Construction of new retail hubs
 The Warren Theatre in Moore was built in the middle of a vacant quarter section and retail now surrounds the site. A new Warren Theatre has been announced for the corner of Memorial Road and Rockwell in Oklahoma City. This area is already becoming a hot medical center and retail area and additional retail will follow the expansion.

Oklahoma City’s First
 Oklahoma City welcomes its first outlet mall consisting of 340,000 SF retail has been announced for Council and I-40. This will offer Oklahoma patrons retail opportunities within the state they have not had in several years.

To view the full report visit:
http://www.naisullivangroup.com/marketreports/RetailMarketReport-MidYear2008.pdf?MarketID=22

Monday, September 8, 2008

Sell of 6205 S.E. 15th Street

Nien Thi Ta and Nhon Van Lam have purchased a property located at 6205 Southeast 15th Street consisting of 1.3 acres from Vuong Chinh for $116,000. The buyers are in the early stages of planning a strip center for the site. “It’s a very good price for commercial dirt,” commented James Durocher with NAI Sullivan Group, who handled the transaction. He cited that the back half of the property is currently zoned R-4 and the new owner may use it for parking and develop it later. Closing was held at American Guaranty Title Company by Barbara Chatman.

NAI Sullivan Group's Listings At A Glance

NAI Sullivan Group's Listings At A Glance

Available Industrial Space ………..340,923 SF
Available Office Space ………….… 700,177 SF
Available Retail Space ……………. 673,121 SF
Available Land Acres ……..……… 2,009.20 MOL
Total Available Space .………….. 53,546,540 SF
Properties For Sale (All Types) ….. 125
Properties For Lease (All Types)... 68

NAI Sullivan Group also manages over 1,167,829 SF of Commercial Real Estate

(Information Updated Monthly=9-8-08)

NAI Members Complete Dispositions on Behalf of USPS

NAI Members Complete Dispositions on Behalf of USPS

With the recent expansion of our corporate services contract with the United States Postal Service, NAI Global has placed personnel with the USPS Denver asset management office to expedite the flow of assignments out to the market. As a result of the new contract scope, several USPS projects are starting to flow out of Denver and their regional FSO offices. Below are some of the recent dispositions NAI agents have completed on behalf of USPS and there are many more deals in the pipeline that are nearing completion.

Robert Sullivan of NAI Sullivan sold a 236,000 SF vacant USPS facility in Oklahoma City for $3.68 million to The City of Oklahoma City.
Richard Stone and Duff Friend of NAI Latter Blum negotiated a lease buyout on a 30,000 SF vacant USPS Air Mail Facility at the Louis Armstrong New Orleans International Airport saving the USPS in excess of $1 million in lease obligations.
Jim Kovaleski of NAI BT Commercial negotiated a $6 million, 50,000 SF lease renewal for the USPS in Sunnyvale, California.
John Boote and David Fritz of NAI KLNB negotiated a 17,000 SF, $3.4 million lease renewal for the USPS Postal Inspectors in Columbia, Maryland.
Kelly Bland of NAI Alliance sold a 1 acre USPS owned parcel for $316,000 in South Lake Tahoe City, California.
Jeffrey Wasserman and Neil Merin of NAI Merin Hunter Codman represented the USPS in a 10 year, $1.9 million lease relocation in West Palm Beach, Florida.
Lloyd Norfleet and Suzanne Anderson of NAI Rauch, Weaver, Norfleet, Kurtz & Co. sold a 2 acre parcel for the USPS in Miramar, Florida, for $1.9 million.