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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

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