Long lonesome, Sherman Iron Works building sells

Sperry Van Ness/William T. Strange & Assoc. and Grubb
and Ellis Levy Beffort handled the sale of the 1928 building at 26 E. Main St. The two-story, brick and
concrete building has about 10,000 square feet. The buyer was office technology
company Standley Systems LLC. The seller was Bricktown Square LLC, led by Jeff
Moore, who bought several buildings on that block in 2006 for $10.9 million.

Andy Burnett and Zach Martin with SVN represented the
seller, and Vicki Knotts with Levy Beffort represented the buyer. Standley
plans to occupy the building.

“It was nice to see this building end up in the hands of a user/buyer
that intends to build-out and occupy the building,” Martin said. “For decades,
we have seen so many of these Bricktown buildings sitting vacant as they get
flipped back and forth from one speculator to another. Of course, the end game
is for someone to buy these buildings, build them out and put them to use.”

Burnett and Martin were involved with other Bricktown deals
that brought buyers and new users to the Kingman and Oklahoma Hardware
buildings. But with new tenants often come new challenges for buildings that
have been around for nearly a century.

“Every time we can bring a building that’s been dark for 30-plus
years online, it’s good for the area,” Burnett said. “Bricktown has a lot of
properties that are still in shell condition. These buildings need to
build-out. It’s sometimes tough to make the economics work, but as the economy rebounds,
it’s getting easier.”

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