JLB Properties of Edmond had the land on the market about twoyears and then received four offers within three months, accordingto Andy Burnett, investment adviser for Sperry Van Ness in OklahomaCity. Burnett says the sudden interest was sparked by developmentaround land, situated at 2017 Interstate 35.

Burnett tells GlobeSt.com that, in addition to Mercy HealthSystems' offer, JLB received offers from retail developers.Ultimately, the healthcare provider, represented by Oklahoma Citybroker David Sasser, ended up with the land due to the certainty ofclosing the deal.

"They were an end user with a strong motivation to close. Theother buyers needed to put together tenants before closing,"Burnett says. Of the 18.25 acres acquired by Mercy Health Systems,he says about two acres will be part of a greenbelt to separateresidential neighborhoods from the project.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.