Price Edwards & Company Announces
Third Quarter Market Sales Statistics
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.
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.
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.
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.