Tulsa center finds buyer
TULSA — Out-of-state investor GVC LLC has bought 515,870-square-foot Green Valley Center, an industrial-office facility at 11333 E Pine St., for $8 million in one of the largest transactions anticipated in that property sector this year in Tulsa. The seller was William Weinburg Family Trust.
David R. Looney and William Beichler, senior associates with Newmark Grubb Levy Strange Beffort, represented the seller, and Jerry Buckner and Brett Buckner with Buckner & Co. in Atlanta represented the buyer.
Home to a large aerospace firm, several logistic companies, and a couple of food and beverage products groups, the former corporate home of OTASCO (Oklahoma Tire & Supply Co.) is 68 percent occupied. Looney and Beichler said they expect to complete a substantial lease in the second quarter for the new owner, who plans upgrades.
Group buys Jenks complex
JENKS — Atlanta-based RADCO Cos., a leading real estate turnaround specialist, has acquired 284-unit The Overlook Apartments in Jenks for $12.8 million. The property is renamed Ashford Overlook. RADCO said it will spend $2.75 million on capital improvements and “be able to quickly reposition Ashford Overlook.”
“We targeted (the) Tulsa (area) for apartment acquisitions because it has an excellent employment base, positive migration and capital has yet to drive prices too high,” said founder and CEO Norman J. Radow. “Moreover, with close to 1 million people, Tulsa will soon reach a population milestone that will attract more global businesses.”
Oklahomans to attend new show
Almost 450 homebuilders and others in the construction business in Oklahoma plan to attend the first Design & Construction Week on Tuesday-Thursday at the Las Vegas Convention Center, according to the Oklahoma State Home Builders Association.
The event is a co-location of the National Association of Home Builders' International Builders Show and the National Kitchen & Bath Association's Kitchen & Bath Industry Show. More than 1,100 of the industry's most well-known manufacturers and suppliers are expected. Attendees also will have access to the show floor of a third trade show, the International Window Coverings Expo.
Residential construction specialists are expected to flock to the annual New American Home, the official show home of the International Builders Show, in the foothills of Henderson, Nev. The 6,700-square-foot home incorporates cutting-edge features will provide ideas and design elements that can be included in homes across the country.