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TULSA, OK-A 250,000-square-foot class C downtown office was traded, with the buyer paying just shy of $5 million to local seller Tulsa SOL. Oklahoma Property Investors III Inc. also plans capital expenditures to upgrade the 20%-leased, half-century-old asset.

Buyer broker Howard Wolf, advisor with Sperry Van Ness’ Tulsa office says the new owner plans to refresh the lobbies and common areas, as well as the bathrooms. However, given the fact the building once housed Sunoco Inc., it’s in very good shape.

“What’s nice about the older oil buildings is that oil companies, by nature, are engineering minded,” Wolf notes. “They tend to overbuild their buildings with plenty of mechanics and put a lot of care into them.”

Though Sunoco vacated most of the building in 2005 to relocate to Houston, “the mechanics are pristine,” Wolf comments. “They’re impressive, especially given the building was built in 1954.” The asset contains a conference center and it still houses a small contingency of Sunoco employees, he adds.

Tanda Francis, managing broker for Beacon Commercial Group Ltd., represented Tulsa SOL in the sales transaction. The locally based brokerage company is also helping the buyer market the building for lease.

In providing a broader view of the Tulsa market, Wolf tells GlobeSt.com that out of the 600,000 square feet of class C office space in the CBD, about 200,000 square feet is functionally obsolete, with difficult parking and small floor plates. 907 Detroit, however, is not in that class, as its floor plates are large enough, there is plenty of parking, and outstanding access to the building.

“I think there’s a sweet product here,” Wolf comments. “With positive direction from the new buyer and response to tenant needs through TIs and infrastructure improvements, the building should do very well.”

The acquisition is the buyer’s first in the Tulsa market, though the company does own property in Oklahoma City. “The buyer might take a breather now that he’s just plopped down $5 million and will invest more,” Wolf comments. “But he’s definitely a viable buyer in the area for the future.”

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