PEC ANNOUNCES SALE OF LENDER OWNED PROPERTY

  Price: $850,000

 CAP Rate on Actuals: 8.5%

 Address: 425 East State Highway 152, Mustang, OK

 Building Size: 7,754 Sq ft

 Undeveloped Lots: 29,686 Sq ft

 Price Edwards & Company is pleased to announce the sale of The Plaza at Pebble Creek; a retail center located on Mustang's busy highway 152, just east of the Pebble Creek golf course. The center consists of two buildings and  four undeveloped lots.  The property sold for $850,000 to NIC 1, LLC, an Oklahoma Limited Liability Company, and the seller was Spirit Bank. Paul Ravencraft and Phillip Mazaheri, Retail Investment Specialists in Price Edwards & Company's Investment Division, acted as transaction brokers.

Retail Investment Team Sold Spring Creek North Shopping Center

SOLD FOR: $2,700,000

Location: NW 122nd St & N May Ave, Oklahoma City, OK

Building Size: 38,941 square feet

Property Size: 4.09 acres

Year Built: 198

Comments: Spring Creek North was purchased by JAHCO OKC Spring Creek North, LLC.

The property was sold by Springcreek Realty, LLC.

Paul Ravencraft and Phillip Mazaheri, Retail Specialists in Price Edwards & Company's Investment Division, handled the transaction.

Investment Team Sales Crossroads Mall

Paul Ravencraft of the PEC Investment Sales Group sold the final piece of the Crossroads Development project for $3,500,000 to local investment group CRM Properties Group LLC. This piece included 762,532 square feet of improvements on approximately 53.67 acres. Making up the 762,532 square feet were the former JC Penney and Steve & Barry anchors buildings along with the inline mall and the former Ward’s automotive center. This sale was one of four sales completed by Price Edwards for Crossroads Maiden Lane, the owner of the development. Other sales included, a ground lease with two Marriott hotels, the AMC Theater and the former JC Penney automotive center. In total, PEC sold 941,745 square feet on approximately 84 acres for a total of $10,865,000. Price Edwards will continue to manage and lease the property.

Retail Investment Broker Sells Heritage Park Mall

AB AB, Inc. is increasing its presence in the Midwest City market by expanding its ownership of Heritage Park Mall, located at the intersection of Air Depot Boulevard and Reno Avenue, with the purchase of an additional 213,280 square feet.

This purchase brings AB AB, Inc.’s total ownership in the mall to 346,340 square feet with approximately 27.74 acres total of land. Plans to renovate the building include roof repairs and securing the building due a casualty that occurred to the property while under contract.

The purchase price was $1,300,000 at a discounted rate of $6.10 per square foot. Phillip Mazaheri of Price Edwards & Company represented the buyer in the transaction.