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Oklahoma real estate briefs for Feb. 1, 2014

Investor buys Green Valley industrial-office center in Tulsa.
Published: February 1, 2014

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Tulsa center finds buyer

— 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

— 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.”

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