The transactions involved the 147,000-sf office building at 7677 E. BerryAve., which will be torn down and turned into retail and luxury condoproject by EPE Holdings LLC, a joint venture between Everest Property Co. of Tulsa, OK and Price Edwards & Co. of Oklahoma City. Also involved is the Commons, consisting of 13 single-story building ranging in size from 8,000 sf to 16,000 sf and a single, two-story 50,000-sf office building. And the deal includes Plaza 25, three two-story office buildings ranging from 50,000 sf to 95,000 sf in size.
McMorgan and Co., a San Francisco-based pension fund advisor, also provided capital. In addition to structuring the transaction between the buyer and the seller, Trammell Crow created a plan to allow the new owner to maximize its returns from the three niche properties.
"The make up of these assets did not fit any one buyer's profile, so we assisted one of our institutional capital partners in acquiring these three assets," says Steve Bassett, of Trammell Crow's local office. "We then implemented a strategy that included selling 7677 E. Berry building, renovating and repositioning the Commons and selling the Plaza 25 assets. Our efforts provided an efficient solution for the seller and created an attractive investment opportunity for our client."
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