Property on Air Depot sells
An out-of-state investor, South Air Depot Industrial LLC, has bought a Class A multitenant industrial property at 6601 S Air Depot Blvd. from Richard Tanenbaum, who developed it in 2007.
Tim Strange, president of Newmark Grubb Levy Strange Beffort, and Brett Price, industrial specialist with the firm, handled the $7.6-million transaction. The 144,000-square-foot property is fully occupied with tenants including Boeing Corp. and PODS. The property received multiple offers, all from out of state, Price said.
“Large, class A, industrial facilities are in high demand in Oklahoma City,” Price said. “Industrial users are in search of facilities to expand their growing businesses and investors are looking for well-tenanted facilities.
“There remains a lack of quality properties available for sale or lease despite the growing demand. The industrial market is at the difficult juncture of having a need for quality space, but not quite to the point of developers being willing to construct spec space. I expect continued interest from industrial investors throughout the upcoming year. Stable rental rates, quality product and quality tenants are all key factors that will keep Oklahoma City on investor's radars.”
Edmond economic site opens
EDMOND — The Edmond Economic Development Authority has launched a new website — www.eeda.com — featuring a more user-friendly format for those looking to establish, expand or relocate their business to Edmond. The site was developed by Edmond-based Back40 Design.
Mires goes to Heritage Trust
Kathy Mires, former property manager for Chesapeake Energy Corp., has joined Heritage Trust Co. Mires has more than 30 years of real estate management experience. During her five years at Chesapeake, she managed commercial and residential investment properties. Previously, she worked for Trammell Crow Co. for more than 25 years.
Heritage Trust, founded in 1998, offers clients an alternative to big bank trust departments as Oklahoma City's only independent trust company. Heritage offers fiduciary, investment, oil and gas and real estate management services.
Lawton joins EXIT Realty
Ken Lawton has joined EXIT Realty Martin & Associates, 4700 Gaillardia Parkway, Suite 104, as director of the commercial division.
Lawton went into real estate in 2003 after a 33-year career in banking, during which he was CEO of the Bank of Nichols Hills and Nichols Hills Bank. He holds the Certified Commercial Investment Member professional realty designation.