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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

Citizen Potawatomi Nation, Interior Department Approve Landmark Leasing Deal

29 Nov 2013, 11:47 pm

By Gabriel Circiog, Associate Editor

In a landmark step for Native American self-determination, the U.S. Department of the Interior and Citizen Potawatomi Nation formally approved tribal leasing regulations in a signing ceremony Nov. 25. The regulations aim to help spur investment and commercial development on the nation’s trust lands in central Oklahoma.

Secretary of the Interior Sally Jewell, Assistant Secretary of Indian Affairs Kevin K. Washburn and Potawatomi Nation Chairman John Barrett participated in the ceremony at the Potawatomi National Cultural Heritage Center in Shawnee. The ordinance is the sixth approved by the Interior Department under the HEARTH Act (Helping Expedite and Advance Responsible Tribal Homeownership), which was signed into law by President Obama in July 2012. The legislation restores the authority of federally recognized tribes to develop and implement their own laws governing the long-term leasing of Indian lands for residential, business and other purposes.

Secretary Jewell, who also chairs the White House Council on Native American Affairs, said in a statement: “The Citizen Potawatomi Nation now has the authority to decide how it wants to do business on its lands, making it easier for families to do things like buy and build houses or open businesses in the communities where they have lived for generations. Today’s action encourages economic development on Indian lands, generating investment, new jobs and revenues.”

“The very essence of self-determination is that it should be the tribe that decides how its lands may be used for the good of its members, and that is what the HEARTH Act and Interior’s comprehensive reform of Indian land leasing regulations does,” said Washburn. “These parallel efforts have a real impact for individuals and families who want to own a home or build a business. These initiatives help strengthen self-reliance and secure the well-being of future generations.”

Seal Courtesy of: www.potawatomi.org

Enel Green Power Kicks Off $250M Wind Project in Murray, Carter Counties

24 Nov 2013, 12:44 am

By Gabriel Circiog, Associate Editor

Enel Green Power North America Inc. has started construction of a %250 million wind power project in Murray and Carter counties.

The Origin Wind Power Project will have 150 megawatts of installed capacity and will be able to generate approximately 650 gigawatt-hours of electricity per year. The plant will eliminate an estimated 700,000 tons of carbon dioxide emissions from the air.

Owned by Origin Wind Energy LLC, a subsidiary of Enel Green Power North America, the wind farm is scheduled to enter service by the end of 2014.

Origin Wind Power will have the necessary elements to qualify for production tax credits, Enel Green Power said in a statement. The new project will join two other wind farms in Oklahoma, Chisholm View (235 megawatts) and Rocky Ridge (150 megawatts), operating in Oklahoma. Enel Green Power operates more than 1,265 megawatts of installed capacity in North America.

Photo Courtesy of: www.enelgreenpower.com

Miller-Valentine Details Plan for $8M Affordable Housing Project in El Reno

18 Nov 2013, 10:12 pm

By Gabriel Circiog, Associate Editor

Miller-Valentine Group and Frontier Community Services are developing Fairway Breeze Apartments, a 48-unit affordable multi-family project in El Reno.Scheduled to open next year at 600 South Country Club Road, the development’s price tag is $8 million, the El Reno Tribune reported.

Although Fairway Breeze is classified as affordable, Miller-Valentine said in a statement that prospective residents must be able to demonstrate verifiable income, have no outstanding balance from previous rental residences and must not have a criminal record. Section 8 applicants are not eligible.

Two-bedroom units will rent for about $800 per month and three-bedroom apartments will be priced at around $900, Mark Sandidge, director of El Reno Community Services, told the Tribune.  The Oklahoma Housing Finance Agency and the city of El Reno are providing additional support.

Billed as pet-friendly, the fairway Breeze will feature fully-equipped gourmet kitchens, energy-efficient appliances, patio or balcony with extra storage and central air conditioning. The community will feature a clubhouse which includes a computer room and a fitness center. The community grounds will include a playground and outdoor picnic areas.

Miller-Valentine’s president of residential property management, Jim Fenwick said in a statement: “It is our privilege to touch and enhance the quality of living and give our residents piece of mind while living at Fairway Breeze Apartments.”

Founded in 1963, Miller-Valentine Group develops real estate in the Midwest, Southeast, and Southwest regions of the U.S. Miller-Valentine Group manages more than 13,000 residential housing units and over 50 million square feet of commercial space.

Parkes Development Wins Key Approval for $33M Tulsa Retail Project

11 Nov 2013, 4:16 am

By Gabriel Circiog, Associate Editor

Tulsa Metropolitan Area Planning Commission has approved Parkes Development Group L.L.C.’s proposal for a $32.5 million retail development in the South 81st Street / Highway 75 corridor. Dubbed The Walk at Tulsa Hills, the project will create more than 1,000 permanent and temporary jobs, estimates the Nashville, Tenn.-based developer.

Parkes is working to identify tenants, expected to include a grocery store, restaurants, shops, a movie theater and an outdoor living store. The Walk at Tulsa Hills, located to the south of Tulsa Hills on the east side of Highway 75, would generate an estimated $50 million in sales and nearly $1.2 million in sales tax revenue annually.

Robert Martin, Parkes’ director of development, predicted that “The Walk at Tulsa Hills will be a place for families to gather for food and entertainment, and try out stores that are brand-new to this market. We are encouraged by the TMAPC’s approval and will work with the city to complete the plans, while engaging the surrounding community in the process.”

“The Walk at Tulsa Hills development is expected to generate a payroll of $18 million between construction and permanent jobs,” said Mayor Dewey Bartlett in a statement. “This is exactly the type of development we are working daily to attract to Tulsa, and I am very pleased we have reached the point in the timetable that we can discuss this accomplishment publicly.”

Parkes Development Group LLC. logo: www.parkescompanies.com

Agency Approves $29M Plan to Replace Moore Facility Destroyed by Tornado

3 Nov 2013, 7:10 pm

By Gabriel Circiog, Associate Editor

Norman Regional Health System has reached a major milestone in its plan for a new facility in Moore. The Norman Regional Hospital Authority voted to approve a plan for a new $29 million healthcare facility in Moore and expanded services at the HealthPlex hospital in Norman. The plan allows for future expansion.

The new building will be constructed on the former site of Moore Medical Center at Telephone Road and 4th Street. Norman Regional had owned and operated Moore Medical Center for six years when it was destroyed by a tornado on May 20. Groundbreaking is scheduled for next fall, and opening is targeted for fall 2016.

“Our commitment to the Moore community is strong,” avid Whitaker, Norman Regional’s president and CEO, said in a statement. “We have been in Moore since 2007, and our health system was able to operate a hospital in Moore since that time. An unfortunate tragedy took that facility, but we will be back soon and stronger than ever.”

Services offered at the new facility will include 24-hour emergency service; diagnostic imagining; physical medicine services; laboratory services; physician offices; community education and meeting space; and a wellness/lifestyle center.

“While we are not rebuilding exactly what was destroyed, our plans allow for additional services and amenities to be added later so that the building can grow along with its community,” Whitaker said.

Rendering courtesy of www.normanregional.com

Monmouth Buys Dr Pepper Snapple Distribution Facility

26 Oct 2013, 7:40 pm

By Gabriel Circiog, Associate Editor

Monmouth Real Estate Investment Corp. has acquired a 46,260-square-foot industrial building in Tulsa for $3.7 million.

Located at 2800 North Garnett Road on a 7.3-acres site, the property is net-leased for 15 years to The American Bottling Co., an affiliate of Dr Pepper Snapple Group Inc. Ten and a half years remain on the lease.

Michael Landy, Monmouth’s president and CEO, said in a statement: “We are very pleased to welcome Dr Pepper Snapple Group to our roster of high quality tenants. Dr Pepper Snapple Group is a leading manufacturer and distributor of non-alcoholic beverages in the U.S., Mexico, and Canada. In addition to Dr Pepper and Snapple, their brands include Mott’s, Canada Dry, A&W, Schweppes, Sunkist, RC Cola, Hawaiian Punch, Seven Up, Yoo-Hoo, and others. This Class A, built-to-suit distribution center is located at the Tulsa International Airport and has expansion capabilities.”

Founded in 1968, Monmouth specializes in industrial properties that are net leased to investment-grade tenants. The company’s owns a 9.6 million-square-foot portfolio of 76 industrial properties and one retail center in 26 states.

Monmouth Real Estate Investment Corp. logo: www.mreic.com

Lights, Camera, Action: Warren Launches $45M Movie Theater in Broken Arrow

27 Sep 2013, 9:46 pm

By Gabriel Circiog, Associate Editor

Warren Theatres L.L.C. has broken ground on a $45 million project in Broken Arrow that the developer says will be the largest 18-screen move theater in the United States.

Located on Tucson Street between Aspen Avenue and Elm Place, the 150,000-square-foot cinema complex will feature director’s suites, balcony auditoriums, multiple dining options and a variety of innovations.

Similar to the Warren Theatre in Moore, the Broken Arrow project will also include its own distinctive design features created by its architect, Spangenberg Phillips Tice Architecture of Wichita, Kan. The general contractor, Crossland Construction Company Inc., is scheduled to complete construction by November 2014.

In a statement, Warren Theatres founder Bill Warren commented: “This will be the largest and most expensive motion picture theater in the country, but our prices will be competitive in the market. We’re going to raise the bar when it comes to going to the movies.”

Warren Theatres currently operates multi-screen movie theaters at seven locations, four of them operated under the Warren  name, in Kansas, Missouri and Oklahoma. In addition, the company operates several Palace Theatres and the Movie Machine in Wichita’s Towne West Mall.

Photo Courtesy of: www.brokenarrowok.gov