OKLAHOMA CITY-A 75-year-old landmark has a new owner, as a TIC affiliate of Milbank Real Estate Services in Los Angeles acquired the 990,927-sf First National Center from a New York seller. The TIC, Alliance Property Investments and Carla Ridge LLC, purchased the building for $21 million and plans to invest an additional $10 million in renovations and upgrades.
The transaction is the buyers' first in the area, according to Jason Little, an investment advisor with Sperry Van Ness' Oklahoma City office. "This'll be a long-term hold for them," says Little, who with Sperry Van Ness senior advisor Gary Gregory and Fariba Atighehechi of RE/MAX/Beverly Hills in Southern California, represented the buyer.
"They have a lot of price in the properties they own, and this won't be a passive investment for them," Little says. He tells GlobeSt.com that Millbank, which specializes in acquisition and rehabilitation of historic buildings, will spend between 12 to 18 months on renovations.
Though the 1930s-constructed building at 120 N. Robinson Ave. is 36% occupied, colleague Gregory says that Millbank's plans are to stabilize the tenancy through aggressive marketing, as well as rehabilitation. "This is the largest contiguous block of space left in Oklahoma City," he tells GlobeSt.com. "Also, because this is a city block long, we can get tremendously large floor plates, so large tenants can be on a single floor."
Gregory adds that, while Millbank doesn't have additional area properties under contract at this time, the company continues to search. "If another opportunity like the First National Center comes along, they won't rule anything out," he adds.
Tim Strange and Brett Price of Sperry Van Ness' Oklahoma City office represented the seller, First National Center LLC. The building was the seller's sole asset in the area.
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