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After years on the market, and multiple brokers attached to the building at one time or another, the Sherman Iron Works Building in Bricktown finally sold April 30 for $897,500.
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.”