OCU Law closes on new site
OCU Law Building LLC closed on its purchase of Oklahoma City's former Central High School this week, paying $10 million to Oklahoma Farmers Union Mutual Insurance Co. for the 112-year-old building at 800 N Harvey Ave. The 177,000-square-foot building will become the home of Oklahoma City University School of Law. Some 500 students and faculty will use the building, now offices for American Farmers & Ranchers Mutual Insurance Co. Cordell Brown, vice president of investment with Price Edwards & Co., handled the transaction. American Eagle Title Insurance Co. handled the closing.
Oklahoma City earns recognition
Real Estate Forum, a national commercial real estate trade magazine, named Oklahoma City as one of the “Top 10 Growth Markets,” among Austin, Texas; Dallas, Denver, Houston, Raleigh-Durham, N.C.; Salt Lake City, San Francisco, Seattle and Silicon Valley. The magazine noted the natural gas business in Chesapeake Energy and Devon Energy, “an active wind and solar energy sector” and called the city a “growing biotechnology center, as well, with 44,000 workers” and “an aviation/aerospace hub.”
“For the fourth month in a row since its inception in August, the Sooner State's capital city topped the On Numbers Economic Index for November,” the magazine said. “The index, which ranks all 102 U.S. metro areas with a population greater than 500,000, cited Oklahoma City's growth rate, the third-fastest in the U.S. over the preceding 12 months; its unemployment tally of just 4.6 percent, the lowest of all major metro areas; its retail-sector job gains of 8.1 percent since 2007; and its home-value appreciation during the past five years, 2.9 percent, ranking it fifth among the nine metros in which single-family housing prices have actually improved.”
Zerby buys Texas retail center
Oklahoma City-based Zerby Interests has bought Northcrest Village, a retail center in Carrolton, Texas, a Dallas suburb. The Dallas Morning News reported that LNR Partners LLC, which services foreclosed properties, sold the 136,267-square-foot property for an undisclosed price. Tenants include ALDI Grocery, Starbucks, Subway and Allstate Insurance Co.
“Northcrest Village was an appealing property for us to acquire for several reasons,” Caleb Hill, principal with Zerby Interests, said. “The shopping center is in a great location with several well established tenants.”
Ex-Best Buy to become college
Heritage College said it will relocate to the former Best Buy at 7202 S Interstate 35 Service Road soon after the first of the year. Work is nearing completion on upgrades to the 40,000-square-foot building, which was constructed in 1993. City records show a permit for $1.5 million in improvements was issued in July. The space will have classrooms, labs, clinics and offices.