OKLAHOMA CITY-Taking advantage of a single-digit vacancy in the northwest submarket, Caliber Development Co. has acquired the 268,800-sf Hertz Financial Center. The new owner plans to put additional capital into the 40%-leased building and rename it Caliber Center.

Selling broker Mark Beffort, SVP with Grubb & Ellis Co.’s Oklahoma 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 opted to sell after consolidating operations elsewhere, according to Beffort.

Beffort tells GlobeSt.com that Caliber beat six other bidders vying for the asset because it has the resources and vision to stabilize the building. “A lot of people are looking for stabilized assets. This particular property will take some building up,” Beffort says. “This required a group that had some vision and was willing to assume some of the lease-up risk associate with the property. Caliber offered all of that.”

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