Von Maur Eyes 2014 Opening at Quail Springs Mall for First Oklahoma Store

By Gabriel Circiog, Associate Editor

In the latest indication of the Oklahoma City area’s retail revival, Von Maur Department Stores has picked the city as the site of its first location in the state. The upscale retail chain plans to open a 150,000-square-foot store at General Growth Properties Inc.’s Quail Springs Mall in the fall of 2014.

This summer Von Maur will begin renovating the store’s future site, a two-level building formerly occupied by Sears. Antiques, original artwork, piano music and the chain’s signature brick façade will characterize the new store.  Elsewhere in the nation, Von Maur plans new stores in New York and Alabama.

Von Maur’s announcement follows numerous other signs of the metro region’s retail rebound. Last year Dick’s Sporting Goods opened four stores, two in Oklahoma City and one each in Moore and Midwest City, according to a report on the store opening from the Greater Oklahoma City Chamber of Commerce. In the past few years established and new-to-market restaurants and retailers have arrived, including Genghis Grill, Smashburger and GolfSmith.

Also in 2012, Horizon Group Properties completed a 27,800-square-foot addition to Outlet Shoppes at Oklahoma City only 15 months after opening the center’s first phase. A second expansion is on the way, according to the Chamber of Commerce.

Job growth and the increase in sales tax collections continue to boost the local economy. Collections in December increased 9.9 percent year over year. For 20 of the past 24 months, Oklahoma City’s unemployment rate has been the lowest in the country, the Chamber of Commerce reported.

Paycom Plans $11.8M Expansion of W. Memorial Rd. Headquarters

By Gabriel Circiog, Associate Editor

Paycom plans to break ground next month on an $11.8 million expansion of its Oklahoma City headquarters, the payroll and human capital management technology company said on Feb. 13. The addition would augment the 90,000-square-foot headquarters that Paycom opened at 7501 West Memorial Rd. in Aug. 2011, which is expected to reach capacity late next year.

City officials are weighing a proposal to provide $1.25 million in economic development incentives in connection with the expansion, newsok.com reported. Paycom estimates that the expanded headquarters will house nearly 700 workers.

The incentive package would follow a 2010 agreement under which the city approved $2 million worth of incentives and Paycom promised to create 492 new jobs. Since then, Paycom has created 186 jobs, the company said in a statement. The company will be eligible for the new incentives after it has fulfilled its prior job-creation commitment, Brent Bryant, manager of the city’s economic development program, told newsok.com.

“Paycom’s growth is further proof of Oklahoma City’s progression,” commented Oklahoma City Mayor Mick Cornett said. “These additional, well-paying jobs will have a major impact on our increasingly diverse economy. They are a great example of how a company can thrive in this market.”

Based on capital investment, state and local taxes as well as average first-year wages of close to $40,000, Paycom’s expansion will have an estimated economic impact of $143 million over the first five years. “Our growth is a testament to our focus on customer service and developing innovative solutions to streamline the HR process,” said Paycom CEO Chad Richison.”

Photo Courtesy of: www.paycomonline.com

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St. Anthony Advances $83M Plan for MidTown Expansion, New Mustang Medical Campus

By Gabriel Circiog, Associate Editor

St. Anthony Hospital is moving ahead on plans to expand its MidTown home and create a new facility in Mustang at a total cost of $83 million, okc.BIZ reports.

According to Joe Hodges, the regional president of SSM Healthcare, St. Anthony’s owner, the $53 million expansion plan for the MidTown campus is the largest in the hospital’s history. Designed by the REES architectural firm, the expansion will comprise 125,000 square feet and will feature four patient-care floors, a rooftop heliport and an underground parking structure.

The first phase of the project calls for the addition of surface parking in order to free up space for the new structure bordered by N.W. Eighth and Ninth streets and Dewey and Walker Aves. Groundbreaking is scheduled for next month and completion is expected by fall 2014.

In Mustang, St. Anthony intends to partner with Miller Neff Development on 90,000-square-foot medical campus. Situated at the intersection of State Highway 152 and Sara Road, the new campus will cost an estimated $30 million. St. Anthony Healthplex Mustang will feature a full-service emergency room and will be similar to the facility St. Anthony opened in south Oklahoma City last year. Architectural and engineering services for the project will be provided by Jason Givens with Miller Architects Inc.

Rendering Courtesy of St. Anthony Hospital Facebook Page: www.facebook.com/saintsok

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Legend, Maco Development Break Ground on Senior Projects

By Gabriel Circiog, Associate Editor

Legend Senior Living has broken ground on a $13 million senior living center in Tulsa Hills, its third such facility in the Tulsa metropolitan area. The 86-unit facility will specialize in assisted living and memory care, Tulsa World reports.

The 478,000 square feet facility will feature an 18-apartment section dubbed The Reflections Memory Care Residence, dedicated to residents with impaired memory, according to the World. Construction is expected to be complete in early 2014.

Amenities will include a theater, private dining room, kitchen, a massage and therapy room and an activity room. The company recently completed the construction of its second assisted living center in Tulsa, the Legend at Mingo Road.

In other senior living news, Tulsa World reports that Clarkton, Mo.-based Maco Development Co. has broken ground on Northwind Estates, a $5.5 million senior living complex in north Tulsa. Upon completion, the property will feature 60 apartment units for independently living lower-income seniors, according to Jason Maddox of Maco Development Co.

Northwind will consist of 10 six-unit clusters and an 11th building that will house an office, laundry facilities and a community area. The complex will include one- and two-bedroom units varying in size from 752 to 984 square feet. Units will rent for prices ranging from $460 to $550.

Logo Courtesy of Legend Senior Living

Haley Group Picks Up 223-Unit M-F Complex in $51M Portfolio Buy

By Gabriel Circiog, Associate Editor

In a $51.2 million deal, Haley Real Estate Group has acquired a portfolio of four multi-family properties that includes Park Place Apartments, a 223-unit complex in Oklahoma City. Also included in the sale were Oakbrook Apartments in Jackson, Miss., The Hamlins at Cedar Creek Lake near Dallas/Fort Worth and Nantucket Harbor in Shreveport, La.

Located at 215 NE 28th St., Park Place is adjacent to the State Capitol and is 10 blocks north of the University of Oklahoma Health Sciences Center. The four-story property features one-, two-, and three-bedroom units and is slated for a major renovation this year.

The purchase by Omaha, Neb.-based Haley expands its portfolio by around 1,000 units, bringing its holdings to 44 properties and more than 10,000 units. The company also plans to implement a $12.4 million capital improvement program for its new assets.

“Building our portfolio with strategic investments is a high priority in today’s current markets,” commented Doug Hastings, senior vice president of property management for DEI Communities, Haley’s property management affiliate. “We are committed to growing our brand while simultaneously providing residents with a comfortable living environment to call home. We believe the planned renovations to each property will not only deliver measurable ROI but will provide a greater sense of community to our residents and the thriving neighborhoods where our properties are located.”

Photo Courtesy of: www.parkplaceokc.com

Inland American Buys Rockwell Plaza in Oklahoma City

By Adrian Maties, Associate Editor

Inland American Real Estate Trust, Inc. has acquired its sixth retail property in Oklahoma City, the 254,690-square-foot Rockwell Plaza, the Chicago-based REIT announced Jan. 9. According to The Oklahoman, Rockwell Plaza fetched $31 million for an affiliate of Rockwell Acquisitions Inc. as part of a two-property transaction.

Located at the intersection of Northwest Expressway and Rockwell Avenue, Rockwell Plaza has more than 40 tenants, including Ross Dress for Less, Jo-Ann Fabrics and Crafts, PetSmart, K&G Men’s Warehouse, RadioShack, Rue21, GameStop, Dots and Dollar Tree. A nearby Target shadow-anchors the center.

“Rockwell Plaza in Oklahoma City offers many attractive features that played a key role in our interest in the property. First, the center’s location at the intersection of Northwest Expressway and Rockwell Avenue allows for exposure to more than 66,000 vehicles daily,” Jeff Manno, vice president of acquisitions for Inland American, told CPE. “In addition, approximately 161,000 residents live within a five-mile radius and over 500,000 consumers live within a 20-minute drive of the center, making the buying power in the region exceptional.”

Inland American purchased Rockwell Plaza as part of a $94.7 million deal that also included Stone Ridge Market, a 218,436-square-foot shopping center located in San Antonio. CPE’s Keith Loria has more on this story here.

“These properties are a terrific addition to our retail portfolio and match our long-term strategy of investing in multi-tenant, necessity-based retail properties,” Manno said. “Both assets are dominant retail properties in their areas, with diverse tenant mixes and strong demographics to position them for future growth.”

Elsewhere in the Oklahoma City market, Inland American owns 240 Penn Park, Memorial Square, University North Park, Silver Springs Pointe, and The Shops at Moore. CPE’s Barbra Murray reported on the acquisition of The Shops at Moore on Dec. 28. 

Heritage Trust Proposes $13.7M Makeover for Oklahoma City’s Journal Record Building

By Adrian Maties, Associate Editor

Downtown Oklahoma City’s Journal Record Building may get a $13.7 million makeover, The Oklahoman reports. The makeover is part of a proposal submitted on Jan. 7 by Bond Payne, co-chairman of Heritage Trust Co., to the Oklahoma City Cultural and Industrial Facilities Trust.

Heritage was the sole bidder responding to a request for proposals issued by the city trust, offering $1.74 million for the six-story property, which has been largely vacant for almost two decades. In April 1995, the Journal Record Building was significantly damaged in the bombing that destroyed the nearby Alfred P. Murrah Federal Building. Payne hopes the redevelopment can be completed by the 20th anniversary of the bombing in 2015.

Located at 621 N. Robinson Avenue, the Journal Record Building was constructed in 1923 and designed by the prominent local architectural firm of Layton, Hicks and Forsyth. During the past 90 years it has been variously known as the Law Journal Record Building and the India Temple Shrine Building. In March 1980, it was added to the National Register of Historic Places.

Following the 1995 bombing, the city acquired and repaired the Journal Record Building before turning it over to the Oklahoma City Cultural and Industrial Facilities Trust. Part of the building is now owned by the Oklahoma City National Memorial and one floor is being leased to the Memorial Institute for the Prevention of Terrorism. Both organizations have reportedly endorsed the project.

The space up for sale includes the ornate entrance facing Robinson Avenue. If Payne’s proposal is approved, the historic façade would be restored and the remaining available space would be converted into offices. Urban Realty Partners would develop the project, which would be designed by Smith Dalia Architects of Atlanta and Oklahoma City-based Butzer-Garder Architects. The renovation would add almost 55,000 square feet of Class A office space to the Central Business District, of which Heritage Trust itself would occupy 20,000 square feet.

Payne asked the city for tax increment financing, both for the renovation and for the construction of a garage and ground-floor retail on the former site of the YMCA building located just southeast of the Journal Record Building.

 Photo credit: Google Maps

Resource Real Estate Opportunity REIT Buys 216-Unit M-F Asset

By Gabriel Circiog, Associate Editor

The Resource Real Estate Opportunity REIT, sponsored by Resource Real Estate Inc., has acquired Park Forest Apartments, a 216-unit asset in southeastern Oklahoma City.

Built in 1974 on an 8.4-acre site at 4328 Southeast 46th Street, the community comprises 27 buildings containing more than 158,000 rentable square feet.

Featured amenities include a fitness center, playground, swimming pool and clubhouse and leasing office. Residents benefit from easy access to a nearby major shopping center, Midwest Regional Hospital, Oklahoma City Community College, Boeing and Rose State College, as well as the state’s largest employer, Tinker Air Force Base.

Park Forest Apartments, a distressed real estate-owned property, is characteristic of the assets targeted for acquisition by Resource Real Estate Opportunity REIT. The firm plans to upgrade the complex significantly in order to stabilize occupancy and create positive cash flow.

In other development news, the Stillwater NewsPress reports that Epworth Living could break ground on a $65 million continuing care retirement community in Stillwater early next fall. Epworth Living canceled plans to develop The Ranch on a 40-acre site in southwest Stillwater earlier this year due to preexisting water pressure problems. Since then, U.S. Rep. Wes Watkins and his wife, who have been planning to sell their home and 55 acres to move into The Ranch upon completion, have reached an agreement in principle to offer a donation/land transaction package that would enable Epworth Living to build The Ranch in northern Stillwater.

The southwest Stillwater designs have been modified by the design and engineering teams to fit the new property and Epworth Living is negotiating the rezoning, annexation and permitting process.

Photo Courtesy of: www.priceedwards.com

Wiggin Plans M-F Makeover for Downtown Tulsa’s Arco Building

By Gabriel Circiog, Associate Editor

Wiggin Properties is under contract to purchase Downtown Tulsa’s Arco Building and is planning to repurpose the 63-year-old property as a rental apartment complex, the Tulsa World reports.

Located at 119 East 6th Street, the six-story, 133,000-square-foot Arco Building is currently owned by Kanbar Properties. River City Development had previously planned to buy the asset and convert it to condominiums under the name 119 Downtown.

Oklahoma City-based Wiggin now plans to transform the property into a apartments with ground-floor retail space. Although Wiggin has not yet secured funding, Emily Rohleder, vice president of Wiggin’s Tulsa office, told the World the developer has selected a contractor and architect and expects construction to start by June.

Rohleder added that the Arco’s structure and historic nature attracted the developer to the property. The exact number of apartments is still undetermined. Wiggin is seeking prospective tenants for the ground-floor retail space.

Wiggin has previously transformed the former Mayo Building, located at Fifth and Main streets, into the Mayo 420 apartment complex, which also houses the Downtown Milwaukee YMCA. However, Rohleder said Mayo 420 will not serve as the model for the Arco’s makeover, as Wiggin wants the Arco to have its own character.

Photo Courtesy of: www.tulsaproperties.com

Jenks City Council Greenlights 260-Unit M-F Complex

By Gabriel Circiog, Associate Editor

The Jenks City Council recently paved the way for a proposed 260-unit multi-family project on South Elm Street by approving a zoning change from commercial to residential use, The Tulsa World reports.

The complex planned by Tulsa-based Case & Associates would be the city’s largest and would help ease its tight apartment market.

Situated in the 300 to 400 block of South Elm Street, the proposal has drawn considerable support from elected officials and senior staff. City council member Lonnie Sims termed the location ideal for an apartment complex. Robert Bell of the city’s planning department said the property will support the retail venues in the area. The complex would border a convenience store, a bank, a supermarket, the Jenks levee and Park West.

Scott Case of Case & Associates reported that pricing and unit configuration will be similar to the company’s Nickel Creek complex near the Tulsa Hills shopping center in southwest Tulsa.  The project will feature one- to two-bedroom flats with prices ranging from $750 to $1,200 a month.

In accordance with to city requirements, the development will be gated and fenced. The developer will build a public road over the Jenks levee, which will connect to Beaver Street and a new road to access Elm Street.

Case & Associates has been an active player in the Tulsa multi-family market of late. The company is developing the Cascata Apartments, a 286-unit apartment project located at 81st Street and Mingo Road. In a $31.8 million deal, Case recently sold the Villas at Bailey Ranch apartment complex to Chicago-based Trilogy Real Estate Group.

Logo Courtesy of: www.caseusa.com