Member Press Release

Price Edwards & Company/TCN Worldwide Announces Third Quarter Market Sales Statistics

Price Edwards & Company New Property Listing


Price Edwards & Company Announces 
Third Quarter Market Sales Statistics



Office



Cordell Brown

Cordell Brown, CCIM, CIPS

Office Investment Specialist



Oklahoma City Office Market Sees Solid Activity in Third Quarter 

 

The Oklahoma City office market saw solid activity in the third quarter of the year. The total square footage of all office buildings sold in the 3rd quarter was 1,014,151 square feet at a total cost of $58,981,497 or $58.16 per square foot. Major properties in excess of 25,000 square feet have changed hands in the quarter but all of the square footage in those sales was the liquidation of three properties owned by the estate of James F. Cotter. Those properties were only in fair condition and will require millions of dollars in upgrades and renovations to compliment the mostly excellent locations they occupy. Read more here.



Retail



Paul Ravencraft, Phillip Mazaheri, George Williams

Paul Ravencraft, George Williams, CCIM, Phillip Mazaheri, CCIM

Retail Investment Specialists



Third Quarter Retail Investment Sales - GGP Sells Quail Springs Mall and Sooner Mall

The dominant third quarter transaction was the sale of two of our local malls, Quail Springs Marketplace, and Sooner Mall, to Brookfield Partners by General Growth. This was a large national portfolio sale ($9.25 billion) and clearly not driven by the local malls. The ultimate effect on Quail Springs and Sooner is unknown. As we have discussed previously, both malls have historically performed well but are feeling some of the stress of being second tier malls that are seeing reduced foot traffic, store closures, and difficulty back-filling space with traditional mall tenants. Read more here.



Industrial



Danny Rivera, Mark Patton, Bob Puckett, Chris Roberts

Danny Rivera, Mark Patton, Bob Puckett, Chris Roberts

Industrial Investment Specialists



Third Quarter Sees Upward Trajectory in the Industrial Market



The Third Quarter of 2018 continued an upward trajectory for the industrial market. Overall, there were 22 industrial transactions containing 760,257 square feet. The market-wide average price per square foot in the 3rd quarter was $42.63 with $32,408,209 of total dollar volume. Read more here.

 

Multifamily



David Dirkschneider 

David Dirkschneider, Michael Massad

Multifamily Investment Specialists



Multifamily Market Experiences Strong Quarter



Thanks to the lengthy economic expansion, record-low interest rates, and solid fundamentals, Oklahoma City’s multifamily market has now surpassed any previous year's third quarter year-to-date total unit sales volume. The market is unlike any other before and the buyer makeup is very different today than in the past. Where only five years ago a syndicator would have been a four-letter word to a seller, now more than half of all buyers are some type of syndication of buyers with many made up of various private capital sources pooled together. Read more here.


 


 


Copyright © 2018 Price Edwards & Company, All rights reserved.