Property records indicate the 130,000-sf industrial building formerly used by Firestone Tire Co. sold for $3 million in January 2000. The recent refinancing allows the owners to increase the mortgage by $1 million under an earn-out provision as net operating income increases. The money comes from Local Oklahoma Bank, according to property records.
The owners redeveloped the 48-year-old property with 740 self-storage units in nearly 81,000 sf, with an industrial tenant renting another 49,000 sf on a short-term lease, according to Tremont Realty Capital.
Tremont managing director Tom Lorenzini arranged the financing.
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