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TwinRock Partners Pays $16.5M for Tulsa M-F Complex; Rogers State Breaks Ground on $11.5M Student Housing Project

24 May 2014, 1:19 am

By Gabriel Circiog, Associate Editor

TwinRock Partners acquired the Copper Mill Apartments in Tulsa, from Trinity Multifamily for $16.5 million theTulsa World reports.

Located at 7110 South Granite Ave., the 544-unit property was built in 1978 and extends across more than 24 acres. The property was purchased by Fayetteville, Ark.-based Trinity Multifamily in 2005 for $12.5 million, according to Tulsa County land records.

According to Raymond Lord of NAI Commercial Properties, who arranged the sale along with Benjamin Davis, Copper Mill wasn’t being actively marketed but Newport Beach, Calif.=based TwinRock was seeking properties in Tulsa. TwinRock plans at least $2.25 million in renovations and has selected Lynco Properties of Tulsa to manage the property.

In other real estate news, Tulsa World reports that Rogers State University has broken ground on University Village C, an $11.5 million student housing project that will be able to accommodate more than 300 students. Scheduled to open by fall 2015, it will become the third housing complex on campus and its 312 beds will bring campus housing capacity to more than 800.

According to RSU President Larry Rice, the new complex will help meet growing demand for on-campus housing. During  the past three years, waiting lists for the available units has increased to around 150 students. The new three-story red-brick building will be located next to the two existing student housing compleses and will offer kitchen and laundry facilities on the main level. Common amenities will include a fire pit and gas grills. Each floor will also include three study areas and three lounges.

Photo Courtesy of: www.twinrockpartners.com

AC Development Breaks Ground on M-U Stonebridge Village Project; Hunt Properties Starts Work on Shawnee Marketplace

18 May 2014, 5:18 am

By Gabriel Circiog, Associate Editor

Local officials and developers recently gathered for the groundbreaking ceremony of the Stonebridge Village development in Enid, Okla.

The Enid News and Eagle reports Waukomis native Gene Anderson and his company, AC Development, have started ground work at the site located at the northwest corner of Cleveland and Chestnut. The Stonebridge Village project will feature commercial spaces, single-family homes and a gated apartment complex.

Brent Kisling, executive director of Enid Regional Development Alliance, said Enid needs at least 400 owner-occupied homes, which could be absorbed into the marker within a two-year period. Stonebridge Village will offer 71 single-family homes, which have been described as Texas Hill Country style. Situated on a 15-acre lot, the upscale gated apartment complex will feature 200 apartments and will be developed and managed by Tulsa-based Vector Cos. AC Development will build around 85,000 square feet of retail, office and medical space.

In other development news, The Shawnee News-Star reports construction is expected to begin soon on the Shawnee Marketplace. Dirt work has already begun on a parcel of land around Interstate 40 and Kickapoo Street, the future site of the new $20 million retail development.

Developed by Hunt Properties Inc., the first phase of the project calls for 125,000 square feet of retail space on 16 acres and will bring six retailers to the city of Shawnee. Upon completion of Phase 2, the retail development will feature a total of 400,000 square feet of retail space and is expected to generate annual sales of around $30 million and to bring between 600 and 800 new jobs to the area.

The development is going to be the second biggest in Pottawatomie County history, and the city of Shawnee and Pottawatomie County commissioners have signed incentive agreements in order to bring the development to the city. As many as $1.25 million in economic development funds has been approved by county commissioners for the development, and the city has agreed to offer a sales tax rebate of as much as $3.75 million.

Photo courtesy of Enid Regional Development Alliance via www.facebook.com/eniddevelopment

Inland American Plans 23,000-Square-Foot Expansion at Tulsa Hills Shopping Center

10 May 2014, 2:37 am

By Gabriel Circiog, Associate Editor

Tulsa Hills Shopping Center is set to undergo a 23,000-square-foot expansion which is scheduled to be completed by November.

Located at 7336 South Olympia Avenue West, the 451,009-square-foot property is anchored by Target and Lowe’s. When Oklahoma City-based Sooner Investment Realty and Collett & Associates of Charlotte, N.C., announced the %60 million project in 2005, it was set to be the biggest retail development to open in the area since Woodland Hills Mall in 1976. The $60 million project opened in 2008 and in 2010 Inland American Real Estate Trust Inc. acquired the property for $54 million.

According to recent news from Tulsa World, Oak Brook, Illinois-based Inland American will construct the new building to match the existing center’s design. The new construction will be situated in the south part of the shopping center and will feature Jersey Mike’s Subs, Lane Bryant, Versona Accessories and another tenant which will be announced this summer.

In other development news, The Enid News and Eagle reports that Enid Mayor Bill Shewey highlighted the city’s $1.4 billion development pipelinw in his annual state of the city address. Projects will include a $1 billion expansion of Koch Nitrogen’s plant and Northstar Agri Industries’$200 million canola processing plant. Shewey also referred to new housing and the recent openings of several retail outlets.

Photo Courtesy of: www.inland-investments.com

Tulsa Wins State’s First Costco; Watermark Cos. Breaks Ground on M-F Complex in Glenpool

2 May 2014, 9:17 pm

By Gabriel Circiog, Associate Editor

Costco is coming to Oklahoma. By the summer of 2015, the warehouse club plans to open its first location in the state at 103rd and Memorial in Tulsa. The announcement follows more than two years of work from city officials and CBRE Group Inc. to court the popular retail chain.

“To have Costco in the Tulsa market is a homerun for our city as the lifeblood of core services for cities across the state are based on retail sales and sales tax,”  Tulsa Mayor Dewey Bartlett said in a statement. “This development should add to Tulsa’s tax base and continue our mission of bringing jobs and opportunities to Tulsans.”  .

Costco is expected to use the City of Tulsa’s retail incentive policy for infrastructure improvements. The store is scheduled to open by summer 2015 and is expected to employ 200 people upon opening.

In other real estate news, Tulsa World reports that Watermark Companies has broken ground on Grandview Heights, one of the largest housing developments in Glenpool’s history. Located across the street from Glenpool’s city hall and convention center, the multi-million apartment complex will offer 348 units with 9-foot ceilings and spa-like baths, said Watermark Principal Matt Guse.

The apartment complex will be walking distance from Wal-Mart, QuikTrip and several restaurants in the expanding Southwest Crossroads development at U.S. 75 and 121st Street.

Logo Courtesy of: www.costco.com

Cherokee Nation Entertainment to Break Ground on Casino, Hotel in Roland

25 Apr 2014, 9:51 pm

By Gabriel Circiog, Associate Editor

Cherokee Nation Entertainment will break ground April 29 on the new Cherokee Casino & Hotel in Roland. The 170,000-square-foot venue will will feature a six-story, resort-style hotel with 120 guest rooms and convention space. It will replace the casino and hotel that Cherokee Nation has operated on the site since 1990.

The facility will feature 850 electronic games, table games and a private High Limit poker room. Guests will be able to choose from two dining venues, a grab-and-go café and a Las Vegas-style buffet. In addition to expanded gaming options, guest will also be able to enjoy a cocktail and live music.

Originally known as Cherokee Nation Bingo Outpost, the property has become one of the region’s leading entertainment venues. The 50,000-square-foot property features 600 electronic gaming machines, eight poker tables, seven table games and a 24-hour diner. Cherokee Casino Roland, located off Interstate 40 and U.S. Highway 64, employs 320 people.

Bill John Baker, principal chief of the Cherokee Nation, and Shawn Slanton, CEO of Cherokee Nation Businesses and Cherokee Nation Tribal Councilors, will attend the groundbreaking ceremony.

In healthcare property news, OU Medical Center, Oklahoma’s largest hospital, has recently announced the addition of a multimillion-dollar heart, vascular and electrophysiology facility. The 20,000-square-foot cardiac catheterization and electrophysiology laboratory features five rooms and state-of-the-art technology for fast and efficient treatment.

M. Dewayne Andrews, senior vice president and provost executive dean of the OU College of Medicine, said in a statement: “The creation and opening of this advanced care center is another demonstration of the commitment of OU Medicine and its partners to becoming the premier destination for health care in Oklahoma and this region. This enhances opportunities to bring discoveries of new treatments to the patients we serve.”

Image Courtesy of: Cherokee Casino Roland via www.facebook.com/CherokeeCasinoRoland

Starwood’s Aloft Brand Debuts in Oklahoma City

21 Apr 2014, 4:42 am

By Gabriel Circiog, Associate Editor

Starwood Hotels & Resorts Worldwide Inc. has introduced Oklahoma City to its Aloft brand with the recent opening of the Aloft Oklahoma City Downtown – Bricktown. The hotel is the brand’s third in Oklahoma and joins two Alofts in Tulsa.

Situated in the revitalized Bricktown district, within a new mixed-use development, the new hotel features 134 loft-like guest rooms and is owned by New Century Investments. Brian McGuinness, senior vice president, Specialty Select Brands for Starwood, said in a statement: “We are proud to launch Aloft in Oklahoma City’s popular entertainment district, where we provide an atmosphere tailored to the next generation of travelers complete with authentic, modern design, innovative programming and live music performances at the W XYZ bar.”

Aloft Oklahoma City Downtown-Bricktown is located at 209 North Walnut Avenue within the Deep Deuce and Bricktown Entertainment Districts, two blocks from the heart of downtown and minutes away from Will Rogers World Airport.

On the top floor, the hotel offers close to 8,000 square feet of flexible meeting space with panoramic views of the city and a three-level W XYZ bar. Guests will be able to opt for one of the ten suites, all with Jacuzzi tubs, or for the two-story presidential suite with nearly 2,000 square feet of living space.

“We are thrilled to partner with Starwood Hotels to bring Aloft to Bricktown, the city’s leading destination for shopping, dining and entertainment,” Jim Thompson, owner of New Century Investments, said in a statement.”Aloft Oklahoma City Downtown-Bricktown will resonate with youthful travelers as well as area professionals with its distinctive urban style and social atmosphere.”

Image Courtesy of: www.starwoodhotels.com

Kimray’s HQ Proposal Wins Nod from OK City Planning Commission

17 Apr 2014, 5:15 pm

By Gabriel Circiog, Associate Editor

The Oklahoma City Planning Commission recently approved Kimray Inc.’s plan to construct a new corporate headquarters on a 136-acre site at  the northwest corner of Eastern Avenue and Britton Road, according to The Oklahoman.

The oil field equipment manufacturer will relocate about five miles north of its current location. Kimray’s new campus will enable the company to consolidate its facilities, which currently spread across 20 acres and multiple buildings.

Kimray Chairman & CEO Tom Hill explained in a statement: “Kimray’s products and services for the energy industry are known for their quality and dependability, which has allowed the company to grow significantly over the past 65 years. Very few companies have the opportunity to design their ideal space for the future and also impact a new area of the community in a positive way. We are excited for this change and what it will mean for our employees, customers and community.”

The move will accommodate decades of growth and improve the efficiency of Kimray’s operations.Initially the company plans to develop 30 to 35 acres of the property.

Hill added: “As we’ve done in our current location, we hope to create long-term, collaborative relationships with our neighbors. We are just beginning the planning process for the new campus, but we envision beautiful grounds that incorporate landscaping and other design elements to ensure our campus fits in with its surroundings.”

Image Courtesy of: www.kimray.com

K-MAC Holdings Corp. Acquires 21 Taco Bell Restaurants in Oklahoma City Market

14 Apr 2014, 1:29 pm

By Gabriel Circiog, Associate Editor

Fort Smith, Ark.-based K-MAC Holdings Corp. recently closed on the acquisition of 21 Taco Bell restaurants in the Oklahoma City market. The restaurants were acquired from Ricksim Inc., which was advised by MarshallMorgan LLC.

K-MAC President & EO, Sam Fiori said in a statement, “We share similar values as Rick Sikora’s organization, including providing a high level of service to customers through a great team.”

Tina Reagan, the company’s COO, added, “This acquisition brings K-MAC’s restaurant count to 56 across the state of Oklahoma, and it will allow us to pursue additional new unit development opportunities in the market.”

One of the largest Taco Bell franchisees in the country, K-MAC is owned by Los Angeles-based Brentwood Associates, a consumer-focused private investment firm, which made its initial investment in K-MAC in March 2011. K-MAC also operates KFC and Golden Corral restaurants.Rahul Aggarwal, managing director at Brentwood Associates, said: “We are privileged to be able to continue to support the growth of a great company in K-MAC and a fantastic brand in Taco Bell.”

Ambassador Hotel Collection Debuts Oklahoma City Location at Historic Medical Building

8 Apr 2014, 6:55 pm

By Gabriel Circiog, Associate Editor

Tulsa-based hospitality company Ambassador Hotel Collection recently debuted a 54-key boutique property in Oklahoma City’s Midtown district. The March 19 opening followed a $14 million transformation of the historic Osler Medical Building, which was completed in 1929.

Located at 1200 North Walker Ave., the Ambassador Hotel Collection Oklahoma City offers six different room configurations on seven floors. Amenities include a pool, a workout facility, two conference rooms, a business center and complimentary shuttle service to destinations within a three-mile radius. The property also features a full-service restaurant on the first floor and a bar on the seventh floor, with a terrace overlooking Oklahoma City.

Jeff Erwin, the property’s general manager, said in a statement: “The March opening of this new hotel showcases the innovative thinking and strength of the Ambassador Hotel Collection concept. With our sister property in Tulsa, we would love to see a collaboration of Oklahoma’s two largest cities as they both thrive.”

The Ambassador Hotel Collection specializes in restoring historic buildings to create upscale, boutique hotels. The company’s origins date to 2000, when its predecessor, The Coury Collection, was established.

Image Courtesy of: www.ambassadorhotelcollection.com

Glimcher Acquires 3 Retail Centers from Chesapeake Energy in $52M Deal

4 Apr 2014, 5:29 pm

By Gabriel Circiog, Associate Editor

Glimcher Realty Trust recently completed the acquisition of three open-air, mixed-use properties in metropolitan Oklahoma City. The Columbus, Ohio-based REIT paid $51.8 million for the properties. Chesapeake Energy Corp. was the seller.

Totaling about 290,000 square feet, the properties are Classen Curve, Nichols Hills Plaza and The Triangle @ Classen Curve. Also included is 12 acres in the upscale neighborhoods of northern Oklahoma City and Nichols Hills. The retail centers are bringing in a combined total of about $500 per square foot and feature the market’s only Anthropologie, lululemon athletica, and Whole Foods.

“Based on early interest, we believe there is an opportunity to create a fully integrated, mixed-use shopping and entertainment district serving the local community as well as the broader Oklahoma City market,” explained Chairman & CEO Michael Glimcher in a statement. “To assist in maintaining the local flavor of the center and ensuring a smooth transition within the market, we are also pleased to announce Tom Blanton, President of Blanton Property Co., will continue to partner with us on leasing and development.”

Chesapeake Energy CEO Doug Lawler commented, “We are pleased to have one of the country’s foremost retail real estate developers next to our campus. Through this sale, Chesapeake continues its strategy of divesting non-core assets to focus on our business of energy exploration and production.”

Photo Courtesy of: Classen Curve via Facebook.com