X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Two local investments groups have joint ventured on a $33-million acquisition of TechRidge Office Park in Tulsa, OK, taking over 550,122 sf in 13 office buildings. The 41-acre asset is 82% occupied.

Ashwood American Properties Inc. and Macfarlan Real Estate Investment Management got the deed through a select marketing by joint venture sellers, the Beverly Hills, CA-based Kennedy-Wilson International Inc. and ING Realty Partners of Chicago. “They decided to take some money off the table in Tulsa,” Patrick Coates, marketing director for the 5% seller, Kennedy-Wilson, tells GlobeSt.com about ING’s motivation for the sale of the 9726 E. 42nd St. park in East Tulsa’s Broken Arrow submarket.

For Ashwood, it’s the first time it’s ventured outside the state line. “It’s big enough that it makes sense for us to go outside Texas,” Ashwood principal Gary Horn says. The as-is acquisition is “in great shape,” he says, ruling out a rehab as part of the takeover.

Horn says the upside rests in the vacancy of the class B space. “We’ve got a lot of activity on it,” he adds, pointing out Kennedy-Wilson was kept in place to lease and manage the Koger Co.-developed park started in 1984 and finished in 1982.

The 138-tenant, fully built-out park has minimal lease roll for the next year in its local and national roster, according to Horn. The top space takers are West Telemarketing Corp., TCI Marketing Inc., Sojourn Care, Paychexs Inc., Sabre Inc., all mostly 20,000-sf tenants, and newcomer Dollar Thrifty Automotive Group, which just signed a 30,000-sf pact for a fall move-in.

Coates says TechRidge, with its buildings named after Oklahoma counties, was selectively marketed with an ask based on a cap rate nudging 9%. The deal closed at 9.2%, he says. Coates, whose territory spans all of Oklahoma, teamed with Eric Lang in Kennedy-Wilson’s Austin office and James Gustine of Gustine Properties in Tulsa on a sale that ended a six-year reign by the JV. Coates leases TechRidge Office Park and Kennedy-Wilson’s Victor Johnson manages it.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.