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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



Horizon Group Properties, CBL Break Ground on Phase 3 of The Outlet Shoppes at Oklahoma City

24 Mar 2014, 9:28 pm

By Gabriel Circiog, Associate Editor

Horizon Group Properties and CBL & Associates Properties Inc. recently broke ground on the third phase of the Outlet Shoppes at Oklahoma City. Horizon is responsible for leasing, marketing and managing the center; CBL and horizon are its co-developers.

Since opening in 2011, the 368,000-square-foot center has become a favorite destination for not only Oklahomans but also for shoppers in neighboring Kansas, Arkansas and Texas. Located at 7624 West Reno Ave., the property benefits from the 112,000 cars that pass the site daily and features 100-plus familiar brands, including Banana Republic, Coach, Brooks Brothers, Gap Outlet, Nike and Under Armour.

Due to the immediate success of the first phase, phase two followed just 15 months later. Phase three is scheduled to open within 36 months of the property’s debut in 2011.

Gary J. Skoien, CEO of Horizon Group Properties, said: “We are thrilled that the first two phases of The Outlet Shoppes at Oklahoma City continue to perform well and are pleased to be able to attract additional retailers to join what is already a stellar list of famous brands.”

The site of the third phase is located on the southeast side of the center near I-40. In addition to the expansion, Horizon plans to add numerous amenities throughout the property, including sidewalk canopies and large fans for shopper comfort.

With site work already under way, building construction is scheduled to start at the beginning of March. Upon completion, before the 2014 Back-to-School season, the addition is expected to generate an extra $225,000 of local sales tax.

Photo Courtesy of: The Outlet Shoppes at Oklahoma City via Facebook (www.facebook.com/TheOutletShoppesatOklahomaCity).



RADCO Buys 284-Unit M-F Asset in Jenks; MC Cos. Adds 208-Unit Tulsa Property to Portfolio

11 Jan 2014, 9:50 pm

By Gabriel Circiog, Associate Editor

The RADCO Companies has purchased The Overlook Apartments in Jenks for $12.8 million.

Located at 6339 South 33rd West Ave., the 284-unit community will be renamed Ashford Overlook. The garden-style complex  is walking distance from a 1-million-square-foot restaurant and retail district anchored by Lowe’s. Target, Best Buy, Dick’s Sporting Goods and Sam’s Club.

A turnaround specialist, RADCO plans to reposition Ashford Overlook by implementing a $2.8 million capital improvement plan that will upgrade units, revitalize the exterior and grounds and update amenities.

RADCO CEO  Norman Radow explained in a statement: “We targeted Tulsa for apartment acquisitions because it has an excellent employment base, positive migration and capital has yet to drive prices too high. Moreover, with close to 1 million people, Tulsa will soon reach a population milestone that will attract more global businesses.”

Driven by the strong presence of the energy and aerospace industries, Tulsa makes up 30.7 percent of Oklahoma’s economy. The cost of living is 12 percent below the national average and the cost of doing business in Tulsa is the fifth lowest in the U.S. Tulsa’s 4.4 percent unemployment rate is also well below the national average, and its per capital income is 15 percent higher than the national average.

In other multi-family investment news, Scottsdale, Ariz.-based MC Companies has acquired The Place at 81 Yale,a 208-unit rental property in Tulsa. MC Residential, the company’s multi-family affiliate, plans $875,000 in renovations, improvements and repairs for the asset.

Located at 7901 South Yale Ave., The Place at 81 Yale features  one- and two-bedroom units ranging in size from 675 to 900 square feet. Community amenities include lodge-style community center, community pond and a swimming pool. Additional planned amenities include a dog park, park space with disc golf, outdoor kitchen with barbeque and a resident business center.



Wheeler REIT Pays $1.7M for Strip Center in Jenks

24 Dec 2013, 3:45 pm

By Gabriel Circiog, Associate Editor

Wheeler Real Estate Investment Trust Inc. has acquired Jenks Plaza, a retail strip center located in Jenks. The REIT paid $1.7 million for the property, or $223 per leasable square foot.

Located in Tulsa County on South Elm Street, the property has direct access to Creek Turnpike, a partial beltway around the south and east sides of Tulsa that averages more than 32,600 vehicles per day. Jenks Plaza is adjacent to a Reasor’s Foods grocery store, which is also owned by Wheeler. With a population of 16,924, Jenks is one of the state’s fastest-growing cities.

The retail strip center was acquired from an affiliate of Wheeler REIT Inc. and was paid for with a combination of proceeds from the company’s recent financing and the issuance of operating partnership units. The 7,800-square-foot free-standing property was constructed in 2007 and is fully leased to five restaurants and tenants such as Tint World, Papa Murphy’s Pizza, La Mode Quality Cleaners and Maple Gardens.

“We believe that Jenks Plaza makes a great addition to our portfolio, as it is 100% leased, with a large shadow anchor that drives traffic to the area,” said the REIT’s chairman & CEO, Jon Wheeler, in a statement. “Jenks Plaza is located in a strong tertiary market that is considered to be one of the fastest growing cities in the state. We believe that this transaction fits our acquisition criteria and provides another excellent opportunity to expand our geographic footprint in the state of Oklahoma.”

Photo courtesy of Wheeler Real Estate Investment Trust



GE Selects Oklahoma City Site for $110M Oil & Gas Research Center

14 Dec 2013, 12:42 am

By Gabriel Circiog, Associate Editor

General Electric has picked downtown Oklahoma City as the site of a $110 million oil and gas technology research center. As previously reported by Commercial Property Executive in April 2013, GE has been searching for a site to build a facility that will pursue innovation in oil and gas technology and speed time to market for new products.

Located at 10th Street and Walnut Avenue, the 95,000-square-foot facility will focus on accelerating oil and gas technologies developed in GE’s research labs. Negotiations with the Oklahoma City Urban Renewal Association on the property are expected to conclude this month. GE has selected Miles Associates, a local architecture firm, to serve as lead designer.

Construction is scheduled to start next spring and be completed in 2015.  GE is leasing temporary office space at City Place Tower in downtown Oklahoma City during development.

“The new center’s close proximity to many of our customers and the state’s great university network and engineering talent will allow us to accelerate the development of new technologies,” said Michael Ming, the facility’s general manager, in a statement.

GE envisions the research center as a collaborative hub for domestic and global customers, and as a means of building new ties with major universities, including Oklahoma State University, the University of Oklahoma and the University of Tulsa. The project will initially create 130 high-tech jobs for researchers and will have an estimated $13 million economic impact. Oklahoma City is also home to GE Oil & Gas’ Artificial Lift business, which has more than 550 employees.

Rendering Courtesy of: http://ge.geglobalresearch.com



NGL Acquires Gavilon’s Energy Business for $890M

9 Dec 2013, 3:51 pm

By Gabriel Circiog, Associate Editor

NGL Energy Partners L.P. has completed the $890 million acquisition of the equity interests of Gavilon L.L.C., the diversified midstream energy business owned by funds managed by Ospraie Management, General Atlantic and Soros Fund Management.

The recent confirmation followed NGL’s announcement in November it had reached a definitive agreement to purchase Gavilon’s energy business on a cash-free, debt-free basis that includes approximately $200 million of working capital.

As previously announced, the cash purchase price has been financed with approximately $240 million of equity under a private placement of common units and around $650 million of borrowings under its credit facility. NGL announced it has completed the issuance and sale of about 8.1 million of its common units to a group of institutional investors in a private placement at a price of $29.95 per unit. UBS Investment Bank acted as sole placement agent for the offering. Andrews Kurth L.L.P. provided legal representation for NGL.

Gavilon, a company that principally operates integrated crude oil storage, terminal and pipeline assets situated in Oklahoma, Texas and Louisiana, also includes a complementary crude oil and refined products, supply, marketing and logistics business. Gavilon markets and supplies refined products and natural gas liquids through a network of over 300 distribution terminals across 39 states. The company’s crude oil assets also include a 50 percent interest in Glass Mountain Pipeline, 4.1 million owned and 3.9 million leased barrels of storage in Cushing, Okla., a marine terminal and nine truck terminals.

“This combination is important for NGL, adding our first major pipeline investment in addition to crude oil storage at Cushing,” said H. Michael Krimbill, the company’s CEO, in a statement. He added that Glass Mountain Pipeline is on track to start operations next month.

Gavilon CEO Greg Piper stated, “Our employees and executive team are excited to join the NGL organization. We have multiple organic projects in development and look forward to continuing to enhance and expand our energy footprint.”

UBS Investment Bank served as NGL’s exclusive financial advisor for the Gavilon acquisition and Locke Lord L.L.P. served as legal counsel. Barclays was financial advisor to Gavilon and the sellers. Jones Day and McGrath North provided legal representation for Gavilon.

Logo Courtesy of: www.nglenergypartners.com