Hobby Lobby buys 3 warehouses
Hobby Lobby continues to expand with what city records show as a $48.2 million, 982,600-square-foot distribution center at 7007 SW 44 built by Lippert Bros., and just bought three warehouses totaling 465,000 square feet just north of its headquarters at SW 44 and Council Road. Industrial broker John Lenochan of CB Richard Ellis-Oklahoma handled the warehouse sales. Hobby Lobby paid a combined $14,647,500 for the 1970s-era properties, or $31.50 per square foot. The buildings are at 7900 SW 34, 180,000 square feet, built in 1979; also 7738 SW 34, 142,500 square feet, built in 1973; and 7815 Gemini Blvd., 142,500 square feet, built in 1973. The seller was Thackaray Partners, Dallas.
Dream home opens to public
EDMOND — Dunhill Fine Homes and Turner & Co. open the 2012 St. Jude Dream Home to the public for the first time at 9 a.m. Saturday. The home is at 10408 Chitwood Farms Road in Edmond's Chitwood Farms addition, on Post Road 1 mile south of Second Street, about four miles east of Interstate 35. The home will be open Saturdays from 9 a.m. to 5 p.m. and Sundays noon to 5 p.m. through June 17. For visiting, visitors can enter for a free chance to win a $10,000 shopping spree at Edmond Furniture Gallery. Tickets for a chance to win the home are $100 and 7,000 will be sold in the fundraiser for St. Jude Children's Research Hospital in Memphis, Tenn. The 3,900-square-foot home has four bedrooms, 41/2 baths, a study, game room, three-car garage and covered patio, on an acre lot, and is valued at $575,000. Tickets can be reserved at Citizens Bank of Edmond locations or by calling (800) 592-1596. For more information, go to www.dreamhome.org.
Arvest home loans increase
Arvest Mortgage Co. said it originated more than $548 million in new mortgage loans for purchases and refinancing in the first quarter, a 97 percent increase over the same period last year. Arvest noted that Mortgage Bankers Association projected first-quarter originations to increase nationally by 5 percent over the first three months of 2011. Arvest Bank, based in Bentonville, Ark., operates 230 bank branches in Oklahoma, Arkansas, Missouri and Kansas. “Typically, first quarter is the slowest quarter for home buying and refinancing. However, low interest rates have enabled many homeowners to refinance their mortgages at near record low rates and encouraged others to purchase homes at a time of year when, typically, they have not,” said Todd White, Arvest Mortgage senior vice president. “For our loan originations to have doubled, the overall real estate market has to be improved for both buyers and sellers. Our loan officers are certainly reporting a significant increase in activity with significantly more families buying homes and many more sellers being successful in finding buyers.”