Local investors have bought most of Mid America Business Park in southeast Oklahoma City from a Burk Collins-led investor group that had owned it for a dozen years.
MABP Limited Partnership, led by an affiliate of Oklahoma City-based Wiggin Properties LLC, paid $8,458,000 for two large industrial buildings containing 246,048 square feet of office and warehouse space and 16.38 acres of “shovel ready” land in the development, south of Interstate 240 near Midwest Boulevard.
Michael Raff of Wiggin Properties' Brokerage Division brokered the sale transaction. A third warehouse totaling 130,000 square feet is under contract to sell to the same buyers pending lender approval of the loan assumption.
The Collins group kept six acres with interstate frontage and a three-story, 84,373-square-foot Class A office building, which Wiggin Properties is managing and marketing for lease. Collins, an Oklahoma native long based in Hurst, Texas, acquired the property in July 2001 with plans for expansion that never fully materialized.
Wiggin Properties was the most recent brokerage to have the property listed for sale, said David Huffman, Wiggin executive vice president and partner. He said it was marketed for three years and that the last would-be buyer, after six months, could not complete a purchase. The Wiggin-led group then stepped in and had a deal closed in 45 days, Huffman said.
“It's a good quality product,” he said, noting the buildings have a combined 78-percent occupancy.
At midyear, industrial occupancy in the southeast Oklahoma City submarket was 83.5 percent, and across the metro area was 89.5 percent, according to Price Edwards & Co.'s midyear industrial market summary.
With local ownership and management, Huffman said, filling the vacant space will be easier — partly because local managers can help assuage potential national tenants' concerns that one of the property's strongest points, its proximity to Tinker Air Force Base, is a weakness.
Those worried over future possible military base closures, he said, don't know that Tinker expanded with the last round of base realignments. Being five miles from both I-40 and I-35, via I-240, is another strength, he said.
“The park's location on I-240, immediately south of Tinker Air Force Base, makes it ideally suited for many of the base's military contractors,” Wiggin Properties said.
Tenants include Pratt & Whitney, Lockheed Martin and New Breed Logistics. .
In addition, Mid America Business Park has spaces available, including high-bay warehouse space and office space ranging in price from $10 to $18 per square foot. The buildings were constructed between 1999 and 2003.
“Oklahoma City's industrial market is strong, and the Mid America Business Park offers a high-quality product in a strategic location,” said Chuck Wiggin, manager of the general partner. “We like the economics of this deal, with a modest level of debt at very attractive interest rates.”
Oklahoma City's industrial market is strong, and the Mid America Business Park offers a high-quality product in a strategic location. We like the economics of this deal, with a modest level of debt at very attractive interest rates.”
Manager of the general partner