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While the Oklahoma City metro area has not reached the record numbers of just a half-decade ago, the market remained healthy in 2012, with several multimillion-dollar deals, and a year-end retail sale that broke records.
The powerhouse team of William Forrest, David Forrest and Eva Wills at CB Richard Ellis Oklahoma handled four of 2012’s top multifamily deals, the largest being the $35.75 million sale of the 360-unit Montclair Parc Apartments, 10900 S. Pennsylvania.
Andy and David Burnett, with Sperry Van Ness William T. Strange and Associates, had another banner year with the sale of the Village at Quail Springs, 14520 N. Pennsylvania, for $21.45 million. In 2011, the brothers brokered the sale of two of the top five multifamily deals of the year.
The long-lonesome Century Center Mall, and its much-used parking garage, 100 W. Main in Downtown Oklahoma City, sold for $2 million to investor Steve Hurst. It was built in the 1970s, and even once had an FAO Schwartz toy store, but emptied after the oil bust of the 1980s. The new owner plans to reposition it as a retail destination and office space.
On the office side, American Fidelity Corp. purchased the Oklahoma Publishing Co. property, 9000 N. Broadway, for $74.95 million. It included a 12-story office tower, manufacturing plant, parking garage, daycare and about 150 acres of land.
As 2012 came to a close, Jason Little at CB Richard Ellis Oklahoma handled the sale of Spring Creek Village in Edmond for $18.5 million. Data from commercial real estate information company CoStar showed the transaction set multiple records for the sale of a shopping center in the state.
At $263.54 per square foot, it was the highest per square foot ever paid in the state for a multitenant shopping center in excess of 30,000 square feet, including enclosed regional malls. The overall sales total was the highest price ever for a neighborhood shopping center in Oklahoma, exclusive of regional malls and power centers in the state.