Selling broker Mark Beffort, SVP with Grubb & Ellis Co.'sOklahoma City office, says similar assets trade for $60 per sf to$95 per sf. Hertz Realty Corp., headquartered in Park Ridge, NJ,bought the building at 3817 Northwest Expressway in 1994. It optedto sell after consolidating operations elsewhere, according toBeffort.

Beffort tells GlobeSt.com that Caliber beat six other biddersvying for the asset because it has the resources and vision tostabilize the building. "A lot of people are looking for stabilizedassets. This particular property will take some building up,"Beffort says. "This required a group that had some vision and waswilling to assume some of the lease-up risk associate with theproperty. Caliber offered all of that."

Beffort says Caliber, primarily known for residentialdevelopment, also is looking at other potential non-residentialdeals in the Oklahoma City market. "They're in the process ofbuying more real estate," he says. "They're optimistic about theOklahoma City economy."