Commercial Real Estate

50
Penn Building Owner LLC purchased 50 Penn Place, 1900 NW Expressway,
for $15.25 million from Ranier 50 Penn Place Investors LLC. The office
tower and retail center, built in 1974, has 320,923 square feet of
leasable space. The buyer is Lake Worth Fla.-based In-Rel Properties.
The company owns and manages approximately 5 million square feet of
office and retail space in Alabama, Florida, Georgia and Tennessee. This
is the company’s first acquisition in Oklahoma. The seller owned a
stake in the building through a tenant-in-common arrangement that
purchased the building for more than $25 million in 2004. Amy Dunn with
with CB Richard Ellis|Oklahoma handled the transaction. American Eagle
Title Insurance Co. handled the closing. –Kelley Chambers

Oklahoma County

HP OKC May Partners LP purchased three buildings on 10 acres at 5501 N May Ave., the southwest corner of North May Avenue and Northwest Expressway, for $4.1 million from Group 1 Realty Inc. The buildings formerly housed Smicklas Chevrolet, and were razed in March to make way for the mixeduse development, May Crossing.

Robin O’Grady with NAI Sullivan Group handled the transaction. Betty Cummins with First American Title handled the closing.

National Retail Properties purchased 3.3 acres at 5501 N May Ave., the site of a mixed-use development called May Crossing, for $3.3 million from HP May Partners LP. The group plans to build a 26,000-square-foot Dave & Buster’s restaurant and entertainment center at the site. Robin O’Grady with NAI Sullivan Group handled the transaction. Betty Cummins with First American Title handled the closing.

David Stanley Hyundai Realty LLC purchased the Auto Max Hyundai dealership at 613 W Interstate 240 Service Road for $3 million from Hudiglomax LLC. The property includes a 6,000-square-foot building constructed in 1999, and an 11,900-square-foot building constructed in 2004. Jackie Hatton with Oklahoma City Abstract & Title Co. handled the closing.

MLX 1 LLC purchased the Marriott Fairfield Inn & Suites, 5700 NW Expressway, for $1.488 million from Kajal Hotel LLC. It was constructed in 2009 by developer and owner Champ Patel. The fivestory hotel has 105 rooms, four meeting rooms and 2,096 square feet of meeting space. It was built on land previously controlled by the Warr Acres Economic Development Authority.

Esperanza Real Estate Investment LLC purchased the 10,311-squarefoot office building at 2740 Featherstone Road that houses Exit Bob Linn Real Estate for $1.3 million from Citizens Bank of Edmond. Jackie Hatton with Oklahoma City Abstract & Title Co. handled the closing.

Loc Van Le purchased the 13,000-square-foot building at 29 E Sheridan Ave. for $1.185 million from Bricktown Square LLC. Constructed in 1920, the building houses Bricktown Brewery. I. Louis Almaraz, Michael Almaraz and Tre Dupuy of Grubb & Ellis|Levy Beffort represented the seller. Jerry Bertholdi of Bertholdi & Associates represented the buyer.

Allen Thormodsgard purchased two service garages on 8.8 acres at 6500 Industrial Blvd. for $1.1 million from Michael and Lynne Kelly. Capitol Abstract & Title Co. handled the closing.

Shepherd Manor Inc. purchased Shepherd Manor Retirement Center, 901 NW 25, for $650,000 from First Presbyterian Church U.S.A. Capitol Abstract & Title Co. handled the closing.

Concept Ventures LLC purchased a 6,507-square-foot office building at 630 NE 63 for $635,000 from R & J Asset Management LLC. It was built in 1964. Jerry Hocker with Coldwell Banker Commercial Hocker & Associates handled the transaction. Barbara Chatman with Old Republic Title Co. of Oklahoma handled the closing.

Jerry and Cindy Hunter purchased 57.5 acres of land near North May Avenue and Northwest 220 Street in Deer Creek for $625,000 from Sharon Denney. Capitol Abstract & Title Co. handled the closing.

Shebester Bechtel Inc. purchased a 4,472-square-foot office building at 2948 Via Esperanza St. for $617,500 from KMV Investments I LLC. It was built in 2004. Zach Martin with Sperry Van Ness/William T. Strange and Associates handled the transaction. Stewart Abstract & Title Co. handled the closing.

Verde Properties LLC purchased a 5,070-square-foot medical office building at 7304 Comanche Ave. for $575,000 from Kali Properties. It was constructed in 1973. Phil Pippin with Pippin Properties and Dustin Eller with Keller Williams Commercial handled the transaction. Barbara Chatman with Old Republic Title Co. of Oklahoma handled the closing.

Mass Development LLC purchased office property at 101 NE 2 on the first floor of the Lofts at Maywood Park for $573,105 from WPG Properties LLC. Cordell Brown with Price Edwards & Co. handled the transaction. Lawyers Title of Oklahoma City Inc. handled the closing.

Anthony and Dona Standard purchased a 5,520-square-foot industrial building at 30 W 15 for $478,500 from Strickland Properties LLC. Oklahoma City Abstract & Title Co. handled the closing.

Eyas Alrifaee and Haitham Rasheed purchased a 20,720-squarefoot industrial building at 1005 NW 4 for $475,000 from Prime Distributors LLC. It was constructed in 1950. Pilar Beare with First American Title & Trust Co. handled the transaction. Gregory M. Love Revocable Trust purchased 10 acres of land near North Hiwassee Road and Northeast 155 for $455,000 from Susan and Tim Fiegel. American Eagle Title Insurance Co. handled the closing.

Reza Asadi Tehrani and Mery Alexandra Arais De Asadi Tehrani purchased a service garage and warehouse at 2323 SW 29 for $440,000 from F&F Engines. The 7,800-square-foot service garage was built in 1990 and the 12,470-square-foot warehouse was built in 1935. Capitol Abstract & Title Co. handled the closing.

Stockton Properties LLC purchased a 5,854-square-foot industrial, light-manufacturing building at 14941 Bristol Park Blvd. for $430,000 from MA Temple Investments LLC. It was constructed in 2003. Pilar Beare with First American Title & Trust handled the closing.

Vintage Oklahoma Properties Co. purchased an eight-unit, multifamily building at 505 NW 27 for $420,000 from XNI Properties. The 1927 building has 5,520 square feet. Robert Williams with Interwest Realty and Irmon Gray with NAI Sullivan Group handled the transaction. Old Republic Title Co. of Oklahoma handled the closing.

Monte Sinai Corp. purchased a 6,252-squarefoot church building and a 1,616-square-foot house at 7209 NW 27 for $300,000 from Billy F. Gill. Barbara Chatman with Old Republic Title Co. of Oklahoma handled the transaction.

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