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River Spirit Casino Gets Makeover As Part of $335M Margaritaville Renovation

21 Jun 2014, 3:42 am

By Gabriel Circiog, Associate Editor

Prudential Detrick Realty recently reported that the River Spirit Casino is undergoing a full renovation which will cost between $15 million and $20 million.

The popular five-year-old attraction is located just south of 81st Street and Riverside Drive at Casino Drive in South Tulsa. The makeover of the 330,000-square-foot building is part of the $335 million expansion of Margaritaville along the Arkansas River.

Highlights of the project include a 500-key resort hotel, an improved riverside jogging trail  and an expanded parking garage.

The project’s first major announcement is a commitment for a 24-hour Johnny Rockets restaurant, which will also be the first location in the state for the burger chain.

“The renovation of the River Spirit Casino is going to bring more life into the space to attract guests from all over the state,” Sally Jo Dierker of Prudential Detrick Realty said in a statement.

City economic development measures are helping attract home buyers in increasing numbers and helping create a well-balanced market with increasing values.

Image Courtesy of: www.schulershook.com

RADCO Pays $6M for 142-unit M-F Asset in Jenks

13 Jun 2014, 5:05 pm

By Gabriel Circiog, Associate Editor

In a $6 million, off-market deal, RADCO Cos. has acquired Southern Slope, a 142-unit apartment community in Jenks.

Located at 4334 East 66th St., the asset is the second acquired by the Atlanta-based company in the Tulsa metropolitan area. In January, RADCO bought the 284-unit Ashford Overlook at West 61st Street and South 33rd West Avenue in Tulsa. RADCO’s multi-family portfolio now includes more than 6,000 units.

Southern Slope, which will be rebranded Ashford Ridge, was acquired from the lender. Raymond Lord and Benjamin Davis of NAI Commercial Properties arranged the transaction, which was financed through a combination of bridge debt and private equity.

Completed in 1983, the property comprises 10 buildings on a 10-acre site and offers an equal number of one-bedroom and two-bedroom floor plans. RADCO plans to upgrade the units and overhaul the complex’s exterior and amenities.

“I believe in the Tulsa market, which I see as underserved,” said RADCO CEO Norman Radow in a statement. “RADCO appreciates the importance of the Jenks school district, which ranks as the best in the state.” Radow added that the property is the closest apartment complex to St. Francis Medical Center, the state”s largest medical facility.


P&H Properties Acquires Land in Broken Arrow for Retail Development

8 Jun 2014, 3:07 am

By Gabriel Circiog, Associate Editor

The Broken Arrow city council recently approved the $3 million sale of a  6.2 acres site on Tiger Hill to P&H Properties L..L.C.

Tulsa World reports that the Tiger Hill site had been included in a tax-increment financing district around three years ago and city officials had been anticipating  a development that would feature three or four restaurants. However efforts since 2012 to lease the land have failed, as local and national retailers expressed a preference to buy rather than lease the site.

The city has spent about $1 million to prepare the northern base of Tiger Hill for development and city councilors agreed in December to look into the possibility of selling the land. Local officials teamed up with six real estate brokers to find potential buyers but according to a memo to city councilors only P&H Properties expressed interest in acquiring the land.

P&H Properties also purchased, about a year and a half ago, Hillside Crossings. According to Rob Phillips of P&H Properties, the close proximity of the Hillside Crossings and Tiger Hill sites will help to market the properties together.

In other local real estate news, the Tulsa World reports the historic Sinclair Building, located at 6 East Fifth Street in downtown Tulsa, could soon be up for auction. According to court documents, the building’s owner, C.J. Morony, owes more than $272,000 in fees, taxes and penalties to two creditors. Tulsa County District Judge Carlos Chappelle issued a final judgment last week against Morony, authorizing the city of Tulsa and the Central Park Owners Association Inc. to proceed with the sale of the property at a sheriff’s auction.

Promise Hotels, Ross Group Break Ground on Holiday Inn Express and Conference Center in Claremore

30 May 2014, 3:54 pm

By Gabriel Circiog, Associate Editor

Tulsa-based Promise Hotels and The Ross Group recently started work on their fifth joint-venture project, a new Holiday Inn Express and conference center in Claremore. Project and city officials attended a ground breaking ceremony at 1400 West Country Club Lane.

Tulsa World reports the $7.5 million adaptive reuse project of the former Thunder Bowl will feature an 80-room Holiday Inn Express and a 15,000-square-foot conference center. The city has approved a $675,000 tax-increment financing district to help finance the $1.5 million convention center, according to City Manager Jim Thomas.

City officials and the business community advocate the development of additional hotels and convention space so that Claremore can compete more effectively for business meetings and other events. The new facilities are also expected to attract more restaurants and help diversify the local economy.

The new conference center will offer nearly 8,000 square feet of meeting and event space, and the banquet hall will have a capacity of 420. According to Paresh Patel, president and CEO of Promise Hotels, the new hotel and convention center will create up to 35 jobs. The project is expected to open next March.

In other development news, KOCO Oklahoma City reports that the Central Edmond Urban Development Board recently approved construction of a 15,000-square-foot mixed-use building at 108 North Broadway. According to Edmond City Planner Jan Fees, the new construction will feature retail on the ground floor and office space on the top floor. Approval by the Edmond City Council is pending.

Rendering Courtesy of www.promisehotels.com

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

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