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SQUAREFE E FebruaryT 2017 HOLD THOSE ROOMS Expert recommends delaying some hotel development projects

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SQUAREFE E FebruaryT 2017 HOLD THOSE ROOMS Expert recommends delaying some hotel FEATURES development projects

Edmond retail investment continues to soar 3 CREC 2017 FORECAST INFO INSIDE

Brokers express guarded optimism for 2017 6 ABOUT THE COVER: Bricktown hotel Hold those hotel rooms: Expert recommends delaying development.

9 some hotel development projects Photo by Brent Fuchs

Rise in interest rates doesn’t set off alarm - yet 12

15 OTHER SQUARE FEET is a 18 Top Projects publication of The Journal Record 20 Big deals: produced quarterly

20 Industrial 22 Office Oklahoma City Office: 21 Multifamily 23 Retail & other 101 N. Robinson Ave., Ste. 101, 24 Ask the industry Oklahoma City, OK 73126 405.235.3100 25 Properties for sale or lease For subscription information, 28 Sales Points call (800) 451–9998 or go to JournalRecord.com.

SQUARE FEET • TABLE OF CONTENTS 1 EDMOND RETAIL INVESTMENT CONTINUES TO SOAR

Covell shopping center under construction. Photo by Brent Fuchs Michael Rapella, at left, and Caleb Hill stand on the construction site of the Market Square at Covell Village shopping center. Photo by Brent Fuchs

By Molly M. Fleming center. “Two years ago (2014), it was our top corner,” she said. EDMOND – Zerby Interests Principal Caleb Hill said “It’s stayed up there. It’s continued to be our top corner for the company bought 2.5 acres near W. Covell Road and private investment.” N. Kelly Avenue in 2016. He and his development partner In 2015, there was more than $6 million in private Michael Rapella saw a lot of money put into the area. Last potential in the area. year, the total reached more “There’s definitely a regional “I think it’s just natural than $7 million, which includes draw, with people coming Zerby’s project. from south Guthrie,” he said. that retailers want to go “We knew when we put in “Because of Mitch Park and where the incomes are,” the largest competition pool in what it has created, and what the state, we knew it would the city of Edmond has built ... “Edmond and Moore bring in tournaments, with the there, (the park) is enhancing ballfields and lacrosse,” she said. the trade area. This area has would be those areas “The private investment has just taken off because of Uptown right now, and we’re shot up at that intersection.” Grocery and the (Mitch Park Zerby is building 22,000 YMCA project).” continuing to see growth square feet on the west side Edmond Economic in the retail area.” of Uptown Grocery. It has Development Authority eight retail spaces, with one Executive Director Janet Yowell — George Williams, on Price Edwards & Co.’s 2,400-square-foot vacancy. The said it was really Lowe’s Home retail investment team other spots are filled by Pie Improvement that started the Five, Roxy’s Ice Cream, Red retail development at Kelly Wing Shoes, All About Cha, and Covell. The store opened Shangri La Nails, Pure Barre in 2008, just as the city was finishing making Kelly into a and Three Dog Bakery. parkway. Uptown Grocery’s Hank and Susan Binkowski Hill said the company does not have a particular followed with Uptown Grocery and the adjacent retail strip retailer in mind for the empty space.

SQUARE FEET 3 “We’re trying to be patient to get the right tenant for a He said the center, which is across the street from Spring good co-tenancy balance,” he said. Creek Plaza, is the No. 1 location for soft-good retailers The Garage Burgers and Beer is also leasing land space looking for a higher-end clientele. from Zerby and building a new restaurant. This will be Spring Creek Plaza could be sold to Poag Shopping the Hal Smith Restaurant Group’s second Garage store in Centers. A zoning application was recently approved for a Edmond. mixed-use project with 250,000 square feet of new retail and The new retailers will open by this summer, Hill said. restaurant space, as well as 300 luxury apartment units. The center’s sidewalks will be connected to the city’s Williams has also seen interest grow in the center at E. sidewalks, making it easily accessible to walkers. 33rd Street and S. Broadway. Price Edwards leased a space Red Coyote Running and Fitness is the most recent to Tuesday Morning last year. retailer to open in the area. The store’s first weeknight run “We’re getting some interest from natural soft-goods attracted about 100 people. Hill said he sees this second store tenants to go in there,” he said. “The T.J. Maxx is one of the as a good indicator for the area. The original Red Coyote is highest-performing in the region.” in Classen Curve. Price Edwards is also handling the leasing at the Shoppes But Kelly and Covell isn’t the only Edmond intersection at Fox Lake, at Interstate 35 and E. Danforth Road. Fred attracting retail investment. The Bryant Square shopping Mazaheri purchased the uncompleted center in 2015. Chick- center at S. Bryant Avenue and E. Second Street has Fil-A and Taco Bell have already started construction on had more than $10 million in renovation work by owner the pad sites and Buffalo Wild Wings is open. The center is InvenTrust Properties Corp. The company purchased the 65-percent occupied with medical-related tenants. center in 2014. “We expect to get that center full by the end of the year,” The center’s renovation and new tenancy isn’t complete Williams said. yet, Yowell said. PDQ Chicken, Torchy’s Taco’s and Five He said he’s been working on Edmond retail leasing for Guys Burgers will move in there as well. about three years. The city is the preferred suburb for the South of Bryant Square, George Williams is handling metro, he said. leasing at the Spring Creek Village center. He’s on Price “Local tenants know that the income is higher and the Edwards & Co.’s retail investment team. market is really good in Edmond,” he said. He helped secure Rustic Cuff as a tenant. There’s still plenty of retail room in the city of Oklahoma “They are a good addition to the center,” he said. “We’re City, though. getting a lot of interest in some other vacancies. We’ve “I think it’s just natural that retailers want to go where had some natural turnover with some other locally owned the incomes are,” he said. “Edmond and Moore would be tenants.” those areas right now, and we’re continuing to see growth

Bryant Square shopping center. Photo by Brent Fuchs

4 February 2017 in the retail area.” This year, the city of Edmond will tackle something new in its retail development. Poag and Showbiz Family Entertainment Center developers are seeking tax increment financing for their projects. The Showbiz is proposed at I-35 and Covell Road, near the new convention center hotel. The hotel will open later this year. Yowell said the TIF amount is still being discussed. She said the developers have made requests, and now the city’s staff is trying to decide how much to take to the City Council. She’s already seeing interest in I-35 and Covell. Yowell said she’s seeing requests from fast-food companies, but she thinks there could be more in the area. A developer can’t see all the nearby rooftops by driving I-35. “There’s nothing from I-35 to Wichita,” she said. “We’re putting together a whole packet of numbers to show what the activity is.”

Covell shopping center under construction. Photo by Brent Fuchs

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SQUARE FEET 5 BROKERS EXPRESS GUARDED OPTIMISM FOR 2017

“I think 2017 will be the year when retailers struggle with what to do. There will be concerns in the market and uncertainty will characterize the year.” – Jim Parrack, vice president of Price Edwards Co.

Westgate Marketplace at Interstate 40 and MacArthur Boulevard in Oklahoma City may expand onto land south of the interstate, said Price Edwards’ Jim Parrack. Photo by Brent Fuchs

By Tim Farley When commercial real estate experts look back at 2016 and peer into their crystal ball for 2017, they all refer to Oklahoma’s oil and gas industry. Without a doubt, the four commercial sectors – retail, industrial, multifamily and office – rely heavily on the price of oil, energy company hirings or layoffs and the plethora of service companies that follow. The commercial real estate industry is hoping for a major rebound in oil prices, but the experts aren’t banking on it. Rather, they express cautious optimism, especially with the retail and industrial sectors. Businesses continue to expand on the retail side and the industrial sector may boom once again if oil prices rise and the service companies return to Oklahoma.

6 February 2017 Retail Apartment projects along Interstate 35 investors) will remain constant,” he said. in Moore, downtown Oklahoma City and Occupied industrial space dropped Jim Parrack, vice president of Price in the Quail Springs Mall area saturated significantly when the price of oil hit $30 a Edwards Co., viewed 2016 as “pretty the market. barrel because oil-field service companies good” for retail given some of the other Although 2016 had its problems, left Oklahoma City and returned to financial issues the state faced, including McKay remains confident 2017 will a $1.3 billion budget deficit. Midland or went broke, Gamble said. But provide stabilization due, in part, to out- now, the longtime commercial real estate Parrack remains optimistic for 2017 of-state developers leaving Oklahoma. expert is confident the industrial sector when it comes to occupancy and rental “For the last two to seven years, the will boom once again. rates plus the planned construction. out-of-state developers have built product However, he’s cautious about personal here. But now, all you have left is the “We saw a good blip in 2016 and it’s income growth and the reduction in sales historical builders. There’s no question come back. Oil prices at $45 or higher and tax revenue, which hurts cities across the we have a smaller number of construction natural gas prices are as high as anytime state. starts this year compared to last year, but in the last three years,” Gamble said. “What this really means is things will that’s healthy for the market until things As the good times return for the oil be mixed in 2017,” he said. “We might see stabilize,” he said. and gas industry, Gamble is well-aware a slight increase in vacancies and rents or According to McKay, developers built more warehouses will be required to it might just remain flat.” 1,600 new units in 2014, followed by 2,200 fulfill the requirements of the service Parrack said discounters such as TJ in 2015 and 2,500 in 2016. In 2017, McKay companies. Maxx and Dollar General will perform is putting the new-unit figure at about “They’ll need space to store well. In addition, restaurants should 1,500. everything,” he said. have “quite a bit of activity,” especially Some of Oklahoma’s traditional An end-of-year report from Xceligent among the sit-down casual eateries such developers are Gary Brooks, Mike Case shows the industrial vacancy rate at 6.2 as Republic and Louie’s. and Dick Tanenbaum, “guys who are percent. The industrial sector includes “I think those types of restaurants will living in Oklahoma City.” do well and expand,” he said. New multifamily projects are bound buildings used for light industrial, New construction and expansion to start sometime this year because of new manufacturing, research and development projects planned for 2017 are a good jobs created by the U.S. Air Force’s new and warehouse-distribution. economic indicator. Parrack mentioned KC-146 aircraft, Love’s, Paycom, MAPS The Market at Interstate 40 and Czech 3 and the potential that oil-field service Office Hall Road, The Bridges of Spring Creek, companies will return with higher oil After a slow last half of 2016, the office Nichols Hills Plaza, Classen Triangle and prices, McKay contends. sector is expected to see more action in Westgate Marketplace at Interstate 40 and Some of the projects include The 2017, according to Ben Knotts, senior MacArthur Boulevard. Landing in south Oklahoma City, Mission associate at Newmark Grubb Knight Parrack said there’s a chance Westgate Point along the I-35 corridor, The Lofts at Frank. Marketplace will expand onto land south NW 150th Street and Pennsylvania, Argon of I-40. at Chisholm Creek and the Steelyard in “The election is over, we have a new “I think 2017 will be the year when east Bricktown. year and people are focused on doing retailers struggle with what to do. There deals,” he said. “I think we’ll see more will be concerns in the market and Industrial activity in the first quarter. I think you’ll uncertainty will characterize the year,” see landlords willing to negotiate to get This segment of the commercial real he said. estate market has been “unusually active” some deals done.” Parrack acknowledged the new due to three factors. The presidential Currently, landlords are working to Donald Trump administration could help campaign ended with the election of renew contracts with tenants, especially the Oklahoma economy with a reduction Trump, interest rates remain low and the along the Memorial Road corridor where in the capital gains tax and a restructuring stock market has hit record highs. the primary action is taking place. Some of the corporate tax code. “People are wanting to buy of the most notable deals will likely occur Multifamily investment properties,” said Gerald in the third quarter when the “wheeling Gamble, president and owner of Gerald and dealing” will occur, Knotts said. Oklahoma City remains a highly L. Gamble Co. Inc., Commercial and Knotts said a significant increase in desirable area for multifamily projects Industrial Realtors. “The demand for the price of oil could drive some deals because of strong city leadership, space is good with people expanding that wouldn’t otherwise happen. quality developers and increased job existing businesses and some new “I think $60 is the magic number growth, according to Tim McKay, senior facilities.” for oil – maybe $65 to $70. Hopefully, managing director at ARA Newmark. As other commercial real estate that’s a driver. It would pick up activity “The yield for Oklahoma City is just experts have said, fiscal policies proposed as high as Austin or any other gateway by President Trump and Congress could immediately,” he said. area,” he said. “be good for investors and occupants,” Like his commercial real estate However, 2016 occupancy rates were Gamble said. counterparts, Knotts said oil-field service flat, if not a bit in decline. “I think there will be fiscal policy companies could have a major impact on “There was no rent growth because of changes but not as fast as people want. the office sector if oil prices rise enough the amount of units that came on board,” We’re moving toward that process and to warrant new leases for firms that McKay said. because of that I think the activity level (of previously left Oklahoma City.

SQUARE FEET 7

Bricktown hotel development. Photos by Brent Fuchs

By Tim Farley klahoma City will experience Oan oversupply of hotel rooms if all planned projects are built in 2017, a hospitality expert said. Peter Holmes, chief HOLD operating officer of Hotel Broker One, said the hotels in the “pipeline” will likely be finished, but that’s not necessarily a positive THOSE ROOMS move for the hotel and hospitality industry. “If 2017 plays out and all of the hotels are built, EXPERT RECOMMENDS Oklahoma City will have a significant oversupply,” he said. “You can’t effectively DELAYING SOME HOTEL absorb the amount of supply that’s been announced. It’ll be difficult DEVELOPMENT PROJECTS not to see a downturn in occupancy and average daily rate (ADR).” On the flip side, Holmes said he wouldn’t

SQUARE FEET 9 be surprised if some hotel projects are delayed until 2018 Express & Suites and a Hilton Garden Inn in downtown or 2019 depending on the state’s economy, which relies Tulsa. heavily on the oil and gas industry. Other announced projects in downtown Tulsa include “It’s healthy for the market to see where it is. The a Residence Inn & Suites, a 103-room hotel in the Boston product coming online is nice and there is a need, but the Building and a 105-room boutique hotel in the planned supply shouldn’t usurp the demand,” he said. Sante Fe Square Development. Currently, 17 hotel projects are in some form of In addition, the recently opened River Spirit Casino development in downtown and Bricktown. But that’s not Resort has become an attractive destination for locals and all. Eight other projects are planned along Memorial Road tourists. The hotel, located along Riverside Drive, is 27 in northwest Oklahoma City and anywhere from seven to stories with 483 rooms, and includes a separate Jimmy 11 hotels are planned along S. Meridian Avenue, which is Buffett Margaritaville Casino and Restaurant. the corridor to Will Rogers World Airport. Blame for some of the expected failures lies directly on “You will see a certain percentage of failure,” Holmes the cost of construction, especially in high-profile areas of said. “But that’s terribly uncommon. The supply will drop the state like downtown Oklahoma City, Bricktown and off. That’s the nature of the beast. Some will fail either downtown Tulsa, where Holmes estimates the cost of because of the amount of supply there is or it could be a construction is 50 percent higher per hotel room. failure of management. It’s a pretty safe bet to say at least “It’s always significantly higher than building on two of the planned hotels for 2017 will fail.” Memorial Road or I-35 in Edmond, where the cost of Eric Lyman, director of sales for Champion Hotels, land is cheaper and you can get away with prototype agreed the hotel market is oversaturated. construction,” Holmes said. “The price of land downtown “The economy is soft and that is higher, and there are construction affects everything we do,” he said. “You will see a and architectural requirements.” “But I don’t know if I’d say they Anyone who talks about (hotels) are going to fail. But I do certain percentage commercial development in think it will be a challenge for the Oklahoma usually addresses market as a whole.” of failure... The the importance of the oil and gas Lyman said he expects supply will drop off. industry. Holmes is no exception. developers will continue to build, Five years ago, he said, especially if new federal tax policies That’s the nature of Oklahoma City was ranked as are implemented under the Donald the beast.” one of the top places for hotel and Trump administration. Lyman, like hospitality development. many others, also is counting on a -- Peter Holmes, chief operating “We’ve certainly taken a step rise in oil prices. officer of Hotel Broker One back and that’s due to petroleum,” “We’re keeping our fingers he said. “Businesses with significant crossed on that,” he said, referring impact, and you know who they are, to higher oil prices. are downtown. In some cases, they left or downsized.” The 17 projects mentioned by Holmes don’t include The energy companies Holmes referenced have laid a proposed 600-room convention center hotel that will off thousands of workers and experienced negative require a public subsidy from Oklahoma City. Oklahoma growth, leaving hospitality experts to think twice about City officials and representatives from Omni have entered development. Holmes said Hotel Brokers One plans an negotiations for a possible deal between two sides. informal study to determine which announced hotels will In the past decade, hotels have sprung up in downtown actually be built. and Bricktown, including a Residence Inn, Hampton “Right now, Oklahoma City is unpredictable enough Inn, Holiday Inn Express, a Hilton Garden Inn and a that we can’t make a prediction more than 24 months Homeward Suites. Other downtown hotels include the ahead,” he said. Skirvin, Aloft, Colcord and Sheraton, 21c Museum Hotel However, Holmes doesn’t discount the impact and the Renaissance. President Donald Trump and his tax policies might have Hotel developers in Tulsa are just as busy as their on new development. counterparts in Oklahoma City. “I don’t think we’re in a buy mode as they say on Hampton Inn & Suites, which is located across from the Wall Street, but rather we’re in a hold mode with new BOK Center, is being developed by Pete Patel, founder and construction,” he said. “I think we might be selling chief executive officer of Promise Hotels. The nine-story, in a few markets throughout Oklahoma, which means 125-room Hampton Inn has a price tag of $17 million, development would be a good choice. But in most places, Holmes said. Patel also is developing a Holiday Inn I would be holding off.”

10 February 2017 WE BUILD INSPIRED PLACES IN Oklahoma

OKLAHOMA STATE CAPITOL EXTERIOR RESTORATION, ST ANTHONY HEALTHPLEX NORTH, BOK PARK PLAZA RISE IN INTEREST RATES DOESN’T SET OFF ALARM ... YET

Jay Johnston, owner of Johnston Builders, stands in front of his self-storage facility under construction at the corner of Danforth and Coltrane roads in Edmond. Photo by Brent Fuchs

12 February 2017 By Tim Farley “Right now, it’s not high enough to have a negative impact,” he said. A slight rise in the prime interest Like his industry counterpart, rate raised a few eyebrows in Pollock is optimistic small bumps in December, but it wasn’t enough to the prime rate will push investors to create panic or change business plans, begin projects that have been on the Oklahoma City banking officials said. drawing board. Randy Stafford, president of “I think you’ll see people want to Prosperity Bank’s Edmond market, lock in those investments for the next said the 0.25-percent bump in the five, seven or 10 years at still really low prime rate won’t cause widespread rates,” he said. “I think you’ll see more concern, but additional increases by the Federal Reserve Bank could bring refinancing. I think we’ll see a pretty about changes for businesses and the active 2017 for the local economy.” commercial real estate market. Commercial property owners have “If there were one or two more the upper hand right now because of (increases) then certainly that would the good value their properties have “It won’t be give people pause, but it would also generated and the low interest rates. all bad if the depend on when they occur. If they’re “They know they’ll have a solid spread out over a few months and into cash flow for the next five to 10 years,” other economic the third or fourth quarters and things Pollock said. seem to truck along, then you probably With low inflation rates the last 10 factors come won’t see much of an effect,” he said. years, Pollock said the rise in prime However, business owners who interest rates could spark a higher into play, like have been thinking about starting new inflation level, which will benefit the the capital projects will likely take action while U.S. economy and offset the rate hike. the rates remain low. The latest inflation rate released gains tax. All of “I think you’ll see people getting by the U.S. government in November off the fence and start to make those stood at 1.7 percent. That rate is that combined deals happen. Before this happened, based on national economic activity they were just waiting to see what the preceding 12 months. In the last means the would occur,” Stafford said. decade, inflation rates have ranged economy is The prime interest rate stands at from 0.7 percent to 4.1 percent, 3.75 percent, up from 3.50 percent in according to government figures. doing better December. Stafford, a self-described optimist, “I think if it were to go to 4 said he foresees good plans for 2017, and more things (percent), you’d still be OK,” Stafford but remains a realist because of said. Oklahoma’s dependence on the oil and are happening,” Jay Johnston, owner of Johnston gas industry and its setback. — Jay Johnston, owner of Builders, said the election of Donald “I think this (rate increase) could Johnston Builders Trump and his pledge to reduce the spur growth. People can get locked-in capital gains tax could generate as rates before they go much higher,” he much new commercial activity as low said. interest rates. Stafford’s forecast includes “I know a lot of people are hopeful construction of new commercial it will,” he said. “People are willing properties such as strip shopping to sell and/or start projects if they centers, office buildings and don’t have to pay as much in taxes. It multifamily projects as well as single- generates more real estate deals across family homes. the board.” Still, the price per barrel of oil A rise in interest rates alone won’t hasn’t hit the mark that would create be favorable to business, Johnston a boom in Oklahoma. Stafford also predicts. acknowledged that a state budget with “It won’t be all bad if the other a $900 million shortfall will be difficult economic factors come into play, to overcome regardless of interest rates like the capital gains tax. All of that or inflation. combined means the economy is doing “In Oklahoma particularly, people better and more things are happening,” may still delay projects. We’ve all seen he said. the (energy) companies moving out Matt Pollock, regional president of downtown,” he said. “The state as for Bank SNB’s north region, said the a whole is not generating any new bank’s viewpoint is that rates remain at revenue. We’ve had a loss of jobs and historic lows. there’s no income to spend.” 13 THURSDAY, FEB. 23, 2017, THE PETROLEUM CLUB

8-8:45 a.m. ��Registration, Morning Mixer

8:45-9 a.m. ��Introduction by Event Emcee Stuart Graham, CBRE

9-9:45 a.m. �� Klyde Warren Park – Reshaping Dallas’ Downtown Phil Puckett, Executive Vice President CBRE Three hours 9:45-9:55 a.m. �� Awards Presented by The Journal Record of continuing

9:55-10:05 a.m. ��CREC Industry Leadership Award education Carl Edwards, Price Edwards & Company credits have

10:05-10:15 a.m. �� Break been applied

10:15-11:15 a.m. ��Market Panel: for through Retail: Laci Ravina, Blanton Properties the Oklahoma Office: Mark Beffort, Newmark Grubb Levy Strange Beffort Multifamily: Tim McKay, ARA Real Estate Industrial: Randy Lacey, CBRE Capital Markets: Richard Howell, Holliday American Mortgage Co. Commission.

11:15-11:45 a.m. ��Lunch Break

11:45 a.m.-Noon. �� Awards Presented by The Journal Record EVENT AGENDA Noon-1 p.m. �� Keynote Speaker Jack Uldrich . Global Futurist, Speaker, and Author

The Commercial Real Estate Council of Oklahoma is an organization whose membership is comprised of more than 250 professional men and women with a common interest in the integrity of the commercial real estate industry. Its primary objective is to create a forum for its members to network and stay informed on current real estate events and practices.

CREC EVENT • February 2017 14 FORECAST 2017 SPEAKERS

Stuart Graham CBRE

Stuart Graham is a first vice president with CBRE in the Oklahoma City office. Graham specializes in the sale and leasing of shopping centers, retail buildings, restaurant properties, commercial land, and large development tracts. Graham also specializes in tenant representation and site selection services for those looking to relocate or expand their business in the Oklahoma market.

Phil Puckett CBRE

Phil Puckett is an executive vice president in the Dallas office of CBRE, where he and his team specialize in office tenant representation in Downtown and Uptown. Puckett has more than 25 years of individual experience and has completed more than 5 million square feet of tenant representation transactions in Downtown and Uptown, of which 1 million square feet has been in representing law firms.

Laci Ravina Blanton Property Co.

Laci Jackson Ravina is vice president at Blanton Property Company, a local boutique commercial real estate brokerage and development firm located in Oklahoma City. Ravina has more than 10 years of retail property leasing experience in the Oklahoma market. Her extensive knowledge of the marketplace and long-standing relationships help assist clients in achieving their real estate objectives. She specializes in landlord and tenant representation, working with both local and national retailers. Ravina is currently working alongside Tom Blanton on various projects throughout the metro including the marketing, leasing and expansion of Classen Curve and the re-merchandising of Nichols Hills Plaza.

Mark Beffort Newmark Grubb Levy Strange Beffort

Mark Beffort began his commercial real estate career and in-depth involvement in Oklahoma City in 1985 after graduating from Washburn University. After several years as a successful commercial real estate broker, he began adding office investments to his personal portfolio and holds a vested interest in downtown Oklahoma City through his ownership interest in Leadership Square, Oklahoma Tower, Corporate Tower, City Place and the City Center East Garage. His leadership has driven Newmark Grubb Levy Strange Beffort to successfully manage over 7.6 million square feet worth in excess of $815 million with our real estate investment firm covering four markets including the Oklahoma City and Tulsa, Oklahoma markets, Rogers, Arkansas and McKinney, Texas.

SQUARE FEET • CREC EVENT 15 Tim McKay ARA Newmark

Tim McKay, senior managing director, brings more than 18 years of commercial lending and brokerage experience to ARA, A Newmark Company. He has financed and sold more than $1 billion in assets located throughout Oklahoma, Arkansas, Kansas, Alabama, Missouri and Texas. Freddie Mac, Trimont-Tritex, AIG, Equity Residential, Wells Fargo, Watermark Residential, Case & Associates, Haley RE Group and Olympus Property are among Mr. McKay’s list of clients. McKay graduated from Oklahoma State University with a bachelor of science degree and later worked for both the Oklahoma State University Alumni Association and the OSU Athletic Department.

Randy Lacey CBRE

Randy Lacey has been working as an industrial real estate broker for 27 years. In that capacity, he has represented many premier local and national companies in their quest to buy, sell or lease industrial property and has always been a top producer. He has also worked as a commercial lender. This gives him a unique distinction of not only understanding the commercial real estate transaction process but also having the ability to navigate the financing function of the transaction. This financing experience created the opportunity for Lacey to serve as a board member of the Metro Development Corporation, a Certified Development Company for SBA Loans used to stimulate economic opportunity for small businesses throughout the state.

Richard Howell Holliday American Mortgage

Richard Howell has been with Holliday American Mortgage, a full-service commercial mortgage banker, since 1995 and is charged with commercial real estate loan production in the western half of Oklahoma, placing approximately $500 million in portfolio and securitized loans with a variety of lending sources. Property types financed include office, retail, multifamily, industrial, self- storage, medical facilities, and recreational properties as well as credit lease transactions.

Jack Uldrich Global Futurist, Speaker and Author

Jack Uldrich is a well-recognized global futurist, speaker, and author of 11 books, including a number of award-winning best-sellers. He is a frequent speaker on technology, change management and leadership and has addressed hundreds of corporations, associations and not-for-profit organizations on five continents. He regularly makes television appearances on the Science Channel’s FutureScape program and the Discovery Channel show Inside Out and is a frequent guest on major media outlets, including CNN, CNBC and National Public Radio. Uldrich is also an ongoing contributor on emerging technologies and future trends for a number of publications, including The Wall Street Journal, Forbes, Wired Magazine and BusinessWeek. Uldrich is a former naval intelligence officer and Defense Department official. He previously served as the director of the Minnesota Office of Strategic and Long-Range Planning. His most recent book is Foresight 20/20: A Futurist Explores the Trends Transforming Tomorrow and his forthcoming book is Business as Unusual: How to Future-Proof Yourself Against Tomorrow’s Transformational Trends, Today.

CREC EVENT • February 2017 16 REGISTRATION ADVANCE REGISTRATION MAKE CHECKS PAYABLE TO:

$130 CREC members CREC $150 non-CREC members P.O. Box 20642 OKC, OK 73156 DAY OF EVENT Visit www.crecokc.com to register online. $140 CREC members No refund unless canceled 72 hours in advance. $165 non-CREC members

Registration questions should be directed to CREC at (405) 842-3301.

SIGNATURE SPONSORS

2017 STEERING COMMITTEE

MARKETING/PUBLIC RELATIONS ADVISERS Stacy Jones, MindsEye! Chris Griswold, Chris Griswold PC BUDGET Vicki Knotts, Newmark Grubb Levy Strange Beffort Kelly Miller, Professional Insurors Agency LLC Kelly Miller, Professional Insurors Agency LLC REGISTRATION, FACILITIES, WEBSITE Michelle Sexton, CREC Girma Moaning, Sperry Van Ness

PROGRAMS & SPEAKERS Paul Stuke, Stewart Abstract & Title

Ryan Storer, CBRE Sam Vinall, ARC Real Estate Investor Solutions

2017 OFFICERS & DIRECTORS 2017 OFFICERS Girma Moaning Jeannie Garcia Deemah Ramadan Secretary Arvest Bank DBG Construction Ryan Storer Sperry Van Ness, CBRE, President Michelle Sexton Kari Hoffines Chris Griswold Vicki Knotts CREC, Executive Director Crowe & Dunlevy Chris Griswold PC Immediate Past-president Newmark Grubb Levy Strange Dean Koleada Beffort 2017 DIRECTORS KBGE Engineering Consulting Paul Stuke President-elect Tammy Fate Stewart Abstract & Title Greater Oklahoma City Allan Meadors Past-president Kelly Miller Chamber Cushman & Professional Insurors Agency Wakefield|Commercial LLC Treasurer

SQUARE FEET • CREC EVENT 17 TOP PROJECTS - JULY - SEPTEMBER 2016

Courtesy rendering Paycom Bldg. 4 The project includes the completion of an approximately 345,000-square-foot parking garage and 250,000-square-foot, fully equipped office building directly north of Paycom’s current campus at 7501 W. Memorial Rd. The three-story structure, which will have an approximately 60,000-square-foot basement, will run nearly the length of Paycom’s three existing buildings. The additional building will push Paycom’s total square footage of office space to approximately 500,000 square feet, not including its gym or parking garage. General contractor for the project is Clyde Riggs Construction. HSE Architects is the architectural firm.

Courtesy rendering 71 at Tulsa Hills Owasso-based S&K Multifamily’s 71 at Tulsa Hills project will include 31 buildings on 22 acres at 7224 S. Elwood Ave. West in Tulsa. The complex will include 341 garden-style apartments, mostly one- and two- bedroom units with a few three-bedroom apartments. Some of the units are expected to be available in the third quarter of 2017. The complex will feature two resort-style swimming pools with open-air cabanas, a state-of-the-art clubhouse with a Wi-Fi lounge and a 24-hour fitness center. Additional amenities include a large stocked pond with walking trails and a dog park with grooming stations.

18 TOP PROJECTS • February 2017 TOP PROJECTS - JULY - SEPTEMBER 2016

Name of Property General Contractor Address, City Value Owner Type of Property Architect/Engineering Firm Paycom Bldg. 4 $30,000,000 Paycom Office Clyde Riggs Construction 7501 W. Memorial Rd., Bldg. E, Oklahoma City 71 at Tulsa Hills $29,848,567 S&K Multifamily Apartments S&K Multifamily Construction LLC 7224 S. Elwood Ave. West, Tulsa Architects Collective Johnson Controls $20,000,000 Johnson Controls Timberlake Construction 5005 York Dr., Norman Savanna Landing Apartments $11,529,000 Millenia Housing Management Apartments American Preservation Builders 1111 E. 60th St., Tulsa SFH/West Wing Eight and Ninth Floor $11,000,000 Saint Francis Health System Patient rooms Saint Francis Health System 6161 S. Yale Ave., Tulsa Best Western Plus Norman $11,000,000 Conco Inc. Hotel Conco Inc. 3100 Medical Park Pl., Norman Elite Trailer Manufacturing $9,600,000 Elite Trailer Manufacturing Clark Construction Inc. 7700 SW 29th St., Oklahoma City Holiday Inn Woodland Hills $7,445,524 Hotel 9031 E. 71st St. South, Tulsa John Sanford Architects Coffee Creek Water Resource $7,400,000 City of Edmond Wastewater treatment station Lambert Construction Co. 1600 N. Midwest Blvd., Edmond Mid America 109 $7,200,000 KCI Mid America 109 LLC Warehouse MW Builders LLC 8000 Mid America Blvd., Oklahoma City 129th and Pine LLC Bldg. $6,002,285 Manufacturing Stava Building Corp. 1430 N. 129th East Ave., Tulsa Star Center Tube $4,980,000 Webco Industriess Industrial All Steel Building Co. 13701 W. Hwy. 51, Sand Springs Comfort Inn & Suites $4,200,000 SRI Ram Hotel LLC Hotel 3828 S. Broadway, Edmond OUMC Fifth Floor East Central $3,000,000 OU Medical Center Hospital floor HCA Healthcare 700 NE 13, Oklahoma City Tornado Bldg. $2,939,751 Office and shop Building Systems of Tulsa 5110 N. Mingo Rd. East, Tulsa Empire Optical Properties LLC $2,805,000 Empire Optical Retail building shell 3230 E. 21st St. South, Tulsa Rick Stuber Architecture City of Tulsa McClure Park $2,790,507 City of Tulsa Commercial swimming pool City of Tulsa 7440 E. Seventh St. South, Tulsa Batchplant replacement $2,500,000 Coreslab Structures Oklahoma Inc. Concrete batchplant Mixer Systems 817 SE 55th, Oklahoma City John Ross Elementary $2,500,000 Edmond Public Schools Commerical room addition DRG Construction 1901 Thomas Dr., Edmond University of Tulsa/PH 1D $2,250,000 University of Tulsa Classrooms and labs University of Tulsa 430 S. Gary Pl. East, Tulsa TPS Kerr Elementary School $2,200,000 Tulsa Public Schools Classrooms/FEMA saferoom Trigon General Contractors 202 S. 117th East Ave., Tulsa GS Helms & Associates LLC Oklahoma Cancer Center Special $2,120,000 Medical treatment vaults and support area Advanced Shielding Tech. 12697 E. 51st St. South, Tulsa Norman North High School $2,110,000 Norman Public Schools Timberlake Construction 1809 Stubbeman Ave., Norman Moore Public Schools $2,000,000 Moore Public Schools Boldt Construction 300 N. Eastern Ave., Oklahoma City KFC Engineering Johnson Controls $2,000,000 Johnson Controls Timberlake Construction 5005 York Dr., Norman Norman North High School $1,994,640 Norman Public Schools Timberlake Construction 1809 Stubbeman Ave., Norman Jackson Technical - Bldg. $1,936,919 Office 611 S. Elgin Ave. East, Tulsa Ted A. Reeds Architecture Cost Plus World Market $1,614,792 Cost Plus World Market 5356 E. Skelly Dr. South, Tulsa Architects Collective Little Axe Elementary Shelter $1,600,000 Little Axe Public Schools Shelter AC Owen Construction 2000 NE 168th Ave., Norman COT South Lewis Lift Station $1,571,000 City of Tulsa Wastewater pumping station City of Tulsa 8305 S. Lewis Ave., Tulsa Metro Ford Truck Center $1,560,000 M&N Holding Vehicle sales and service Clark Construction Inc. 3508 N. May Ave., Oklahoma City Nantucket Condos Bldg. 19 $1,500,000 Nantucket Condominium Homeowners' AssocApartments RA Construction Group Inc. 3200 W. Britton Rd., Oklahoma City Town House Renovation $1,500,000 The Townhouse LLC Apartments Smith & Pickel Construction 627 NW Fifth St., Oklahoma City Seagate 2nd Floor Remodel $1,500,000 Seagate Technology Commercial Diversified Construction Oklahoma 10321 W. Reno Ave., Oklahoma City OGE Mustang Power Plant Admin. Bldg. $1,490,000 Oklahoma Gas & Electric Power Plant Erron, Weig, Burns & McDonnell 701 Mustang Plant Rd., Oklahoma City Adam Shupe, Burns & McDonnell Gold Key Services Center $1,450,000 Paul Maggia Building T. Scott Construction LLC 5930 W. Memorial Rd., Oklahoma City CVS Pharmacy 06022 $1,400,000 Orange Thunder LLC Commercial Retail Pharmacy w/drive thru 12301 N. May Ave., Oklahoma City Genesis Design Group Inc. $1,300,000 Edmond Chinese International United MethodChurch Edmond Chinese International United Methodist Church AC Owen Construction 321 W. Eighth St., Edmond

SQUARE FEET • TOP PROJECTS 19 BIG DEALS - INDUSTRIAL

Freymiller purchased this property along Interstate 40 from Seventy Seven Energy for $2.95 million. Photo by Brent Fuchs

Square Price Year Buyer Property Address County Selling Price Feet Per S.F. Built Seller Professional Services 1701 N. Ninth St. East Tulsa $7,540,000 93,000 $81.08 2010 PS Mid-West One LLC First American Title & Trust SLR Broken Arrow LLC 2300 S. 97 Hwy. West Tulsa $3,750,000 571,948 $6.56 1929 Sand Springs Railway Co. Guaranty Abstract Co. Sheffield Steel Corp. 9932 E. 58th St. Tulsa $3,700,000 108,000 $34.26 Not listed Emerson Process Management Regulator Price Edwards Technologies Tulsa LLC RSCD East 58th Street LLC 4949 SW 20th St. OK $3,400,000 80,400 $42.29 2000 Stag Industrial Holdings LLC First American Title & Trust IPT OKC IC LLC 5701 SW Fifth St. OK $2,950,000 36,237 $81.41 1979 Freymiller Five LLC American Eagle Title Group Seventy Seven Land Co. LLC 4532 Enterprise Ave. OK $1,800,000 Not listed Oswalt Family Revocable Trust Louie LLC 1354 S. Sheridan Rd. Tulsa $1,760,000 58,336 $30.17 1975 Siemens Corp. Chicago Title Oklahoma Dressser-Rand Co. 124 NW Eighth St. OK $1,450,000 19,180 $75.60 1946 Fink Ink LLC American Eagle Title Group 8th West of Broadway LLC 200 NE 34th St. OK $1,450,000 34,948 $41.49 1962 IPO Ventures LLC First American Title & Trust Sean Ezell 7180 Northwest Expressway OK $1,350,000 16,456 $82.04 Not listed Baptist General Convention of the State of CBRE Oklahoma Felix OK Holdings LLC 1701 NW Fifth St. OK $1,255,000 37,192 $33.74 1946 Corsair Estate LLC The Oklahoma City Abstract & Griffwood Inc. Title Co. 7020 E. 38th St. South Tulsa $1,250,000 21,000 $59.52 1981 Aim High Academy Inc. Bluestem Escrow & Title Linda Bradshaw Trust 6725 SW 44th St. OK $1,200,000 16,250 $73.85 1982 HL American Investments LLC Trustmark Title Halliburton Energy Services Inc. 1604 NW Fifth St. OK $1,010,000 18,642 $54.18 1940 Corsair Estate LLC The Oklahoma CIty Abstract & Oakridge Properties Inc. Title Co. 8001 Mid America Blvd. OK $882,499 303,613 $2.91 Not listed KCI Mid America 109 LLC CBRE MABP Limited Partnership 6401 N. I-35 Frontage Rd. OK $825,000 2006 Henderson Lavi LLC TCO Title Services Blue Sky Capital LLC

20 big deals - INDUSTRIAL • February 2017 BIG DEALS - MULTIFAMILY

Wedgewood Village Apartments at 4101 Northwest Expressway in Oklahoma City. Photo by Brent Fuchs

Square Price Year Buyer Property Address County Selling Price Feet Per S.F. Built Seller Professional Services Lot 2, Blk. 1 Tulsa $21,000,000 249,043 $84.32 2000 TV-Okl LP Chicago Title Oklahoma GFTV Tulsa Owner LLC 4101 Northwest Expressway OK $20,500,000 341,138 $60.09 1974 LEDIC Realty Co. LLC Stewart Abstract & Title of Wedgewood Village Inc. Oklahoma 1401 N. Midwest Blvd. OK $9,900,000 218,024 $45.41 1974 Midwest Huntington LLC Chicago Title Oklahoma VG Huntington Place LLC 7520 Country Club Dr. OK $6,510,000 34,056 $191.16 1970 R Apartments LLC First American Title & Trust Rosemont Apartments LLC 5628 NW 23rd St. OK $6,000,000 217,512 $27.58 1970 AMG Forest Oaks LLC First American Title & Trust Co. DONBEV Properties IV LLC 701 S. 101 Ave. East Tulsa $5,495,000 14,564 $377.30 1973 BDP Ridgeview Partners LLC Commercial Title & Escrow Ridgeview of Tulsa LLC Services Inc. 7334 S. Memorial Dr. East Tulsa $5,400,000 82,878 $65.16 1978 LRC - Quail Creek LP Secure Title & Escrow LLC Barbara A. Giles Revocable Trust 3147 S. 108th Ave. East Tulsa $5,200,000 Not listed OK 0313 Apartments LLC OK BC Apartments LLC 4814 N. Kristie Dr. OK $4,150,000 92,696 $44.77 1973 Armando Reyes Properties LLC First American Title & Trust Ebenezer Properties LLC 2805 NW 59th St. OK $3,250,000 56,360 $57.67 1969 AE 32 LLC First American Title & Trust OKC Portfolio LLC 7908 Hemingford Ct. OK $825,000 23,616 $34.93 1971 7908 Hemingford Ct. LLC American Eagle Title Group SVN Land Run Commercial

SQUARE FEET • big deals - MULTIFAMILY 21 BIG DEALS - OFFICE

2601 N. Kelley Pointe Parkway. Photo by Brent Fuchs

Square Price Year Buyer Property Address County Selling Price Feet Per S.F. Built Seller Professional Services 2601 N. Kelley Pointe Pkwy OK $3,670,000 21,584 $170.03 2001 Graystone Properties of Oklahoma City Inc. Trustmark Title Kay-Bee Investment Co. LLC 17300 N. May Ave. OK $3,580,000 Not listed Kolker & Roberson LLC HD Holdings LLC 1435 S. Utica Ave. Tulsa $1,965,000 Not listed NE 15th and Utica LLC Secure Title & Escrow LLC Healthgroup Acquisitions LLC 4301 NW 63rd St. OK $1,687,000 32,250 $52.31 1982 Downtown Property LLC Stewart Abstract & Title of Native Properties III LLC Oklahoma 1059 SE 82nd St. OK $1,550,000 6,957 $222.80 2009 OKC Prime Investments LLC American Eagle Title Group KWL Properties LLC 312 NW 13th St. OK $1,090,500 Not listed Galt Foundation Bullard & Hoehner PC 3617 NW 58th St., Ste. 200 OK $1,085,000 8,482 $127.92 1962 MJN Realty LLC Chicago Title Oklahoma HPB-3617 LLC Lots 7 and 8, Blk. 2 OK $1,055,500 Not listed Cycle Properties LLC The Oklahoma CIty Abstract & Silver Stone Homes LLC Title Co. 4920 S. Lewis Ave. Tulsa $1,050,000 9,884 $106.23 1972 Dominion Residential Group LLC Frisco Title Corp. R.A.F. Properties Inc. 2010 N. Yellowood Ave. Tulsa $1,000,000 11,250 $88.89 2008 TBM Property Management LLC Commercial Title & Escrow LaFayette Realty LLC Services Inc. 3910 E. 51st St. Tulsa $770,000 9,880 $77.94 1976 Accurate Environmental LLC Guaranty Abstract Co. Warren Clinic Inc. 308 N. Aspen Ave., Unit 107 Tulsa $650,000 5,650 $115.04 2001 SRW Aspen Ave. LP FirsTitle & Abstract Services LLC MDS Broken Arrow LLC 1711 E. 15th St. Tulsa $400,000 Not listed Utica at Cherry Street LLC Secure Title & Escrow LLC 1711 East 15th LLC 17244 N. May Ave. OK $330,000 Not listed HD Holdings LLC Gary Nolan Quick II Trust 3821 & 3901 S. Missouri OK $330,000 7,840 $42.09 Not listed Turningpoint Properties LLC CBRE Bellofram Properties LLC

22 big deals - OFFICE • February 2017 BIG DEALS - RETAIL & OTHER

Joe Cooper Ford property at 600 W. Memorial Rd. Photo by Brent Fuchs

Square Price Year Buyer Property Address County Selling Price Feet Per S.F. Built Seller Professional Services 8959 N. Garnett Rd. East Tulsa $10,827,000 62,810 $172.38 2015 Realty Income Properties 4 LLC Bluestem Escrow & Title Owasso Investments Partners LLC 600 W. Memorial Rd. OK $6,795,000 34,854 $194.96 2008 Cooper Edmond Investments LLC First American Title & Trust Daniels & Peters LLC 1400 E. Second St. OK $4,739,000 14,294 $331.54 2001 CF Net Lease Portfolio IV DST First American Title Walgreen Co. 1501 W. I-240 Service Rd. OK $3,642,500 13,758 $264.76 2009 1501 Southwest Street Owner LLC Stewart Abstract & Title of Golden Corral Corp. Oklahoma 2412 S. Douglas Blvd., Ste. A OK $3,465,000 15,876 $218.25 1999 BWM Properties 2 LLC The Oklahoma CIty Abstract & J. Lou Properties LLC Title Co. 2000 W. Danforth St., Unit 130 OK $3,375,000 31,108 $108.49 2004 TA Real Estate LLC First American Title & Trust Mason Amir Properties LLC 9035 N. 121st Ave., Unit 1 Tulsa $3,205,000 4,643 $690.29 2006 Rutherford Holdings LLC Guaranty Abstract Co. Richard Alan Miller Trust 6600 Northwest Expressway OK $2,950,000 1983 Bhanumati LLC Chicago Title Oklahoma Courtesy Joint Venture LLC 5200 and 5202 S. Harvard Ave. East Tulsa $2,900,000 Not listed HTCB LLC FirsTitle & Abstract Services LLC First Stuart Corp. 616 W. Memorial Rd. OK $2,888,500 25,340 $113.99 1986 Cooper Edmond Investments LLC First American Title & Trust Memorial Sunshine LLC 505 W. Second St. Tulsa $2,800,000 53,300 $52.53 1978 Base Cold Storage Commercial Title & Escrow American Cold Storage-Tulsa LP Services Inc. 6827 S. Memorial Dr. East Tulsa $2,785,000 12,835 $216.98 2008 Robert Zoellner and Carrie Zoellner Guaranty Abstract Co. TDS Holdings LLC 18715 E. Admiral Pl. Tulsa $2,400,000 1,335 $1,797.75 1967 G4 LLC Bhanumati LLC 4401 S. Jackson Ave. West Tulsa $2,350,500 88,875 $26.45 1973 Base III ID Tulsa LLC Commercial Title & Escrow Storage Facilities Ltd. Services Inc. Lot 1, Blk. 1 OK $2,234,000 Not listed CVS 11092 OK LLC DCV Retail LLC 406 W. 11th St. South Tulsa $2,200,000 11,694 $188.13 Not listed Emergency Infant Services Inc. Guaranty Abstract Co. Twenty First Properties LLC 6136 E. 51st St. South Tulsa $2,200,000 8,544 $257.49 1974 MTC Properties LLC Titan Title & Closing Deril J. Lees Trust and Robbin G. Lees Trust

7960 E. 41st St. South Tulsa $2,000,000 35,274 $56.70 1960 QuikTrip Corp. Bluestem Escrow & Title Allstate Associates LLC 7110 S. 101 Ave. East Tulsa $2,000,000 5,190 $385.36 1998 LG Mingo 71 LLC Oklahoma City Abstract & Title Russell Stover Chocolates LLC Co. 402 N. Boston Ave. East Tulsa $2,000,000 Not listed Mayfield LLC Guaranty Abstract Co. L.A. King Corp

SQUARE FEET • big deals - RETAIL & OTHER 23 QUESTION:

Do you expect Oklahoma’s ASK THE OFFICE vacancy rates to climb or fall in the first half of 2017? INDUSTRY Why or why not?

“I expect vacancy to continue to to the supply side with demand fairly static. The Trump increase, though not at the pace of administration taking office (last month) is much more 2016. Even though oil has rebounded energy-friendly, so let’s hope consumer confidence will from its low point, prices are still below rise, bringing with it better than the 2 percent growth what two years ago would have been that has become the norm.” unthinkable, so while expanded fields in P. Scott Wieczorek both the Anadarko and Permian Basins Vice President, Office are promising, they may add greatly GBR Properties Inc.

“Optimism in the energy sector this year in Tulsa, office vacancy rates may may spur new tenant demand decrease.” in Oklahoma, both from existing tenants and new tenants to the market. With no new significant Mary Martin office supply expected to come online First Vice President CBRE

“We see vacancy rates continuing space that energy companies have been holding onto to rise. Although the market seems in anticipation of a rebound may need to be placed to be stabilizing and deal flow is on the market to reduce overhead as these companies improving, there is still space that is continue to improve the bottom line thorough operating not technically on the market that will efficiencies both in the field and in their offices. We be made available. It takes a while for expect vacancies to peak in 2017, but we aren’t there some of the energy companies’ excess yet.” space to actually hit the market. As Craig M. Tucker leases approach expiration, energy companies will Senior Vice President renew at a smaller footprint. Additionally, some excess Price Edwards & Company

“Occupancies in our buildings but this has not had a significant impact on the have been steady, or improving multitenant market to date.” slightly, and with very little new space coming onto the market we do not expect much change in 2017. Charles “Chuck” E. Wiggin There continues to be some excess President capacity in corporate facilities Wiggin Properties LLC

24 ASK THE INDUSTRY • February 2017 FOR SALE OR LEASE

• For Lease Boulevard Plaza • Total building: 23,800 SF 33rd and Boulevard, Edmond • $14.00 s/f/y plus CAM – MG • Located in high traffic area on NE corner of 33rd and Boulevard in Edmond • New landscaping • Pedestal sign • Ample parking • Edmond utilities Michael Biddinger Real Estate (405) 236-4747

• For Lease S.E. 44th St. Warehouses • 4,750 SF available 1201-1209 S.E. 44th St. • 4% commission paid for closed leases • Great South OKC location with easy access to I-35 and I-40 • Front and back pedestrian doors • Front and back grade level overhead doors • Secure, insulated steel buildings • Small office and bulk warehouse in each space Michael Biddinger Real Estate • Skylights and gas heaters (405) 236-4747 Ext. 23 • $5.00 s/f/y plus CAM – MG

• For Lease The Village Shopping Ctr • 1,960 SF - 2,000 SF - 2,350 SF available 4718-4754 S.E. 29th St. • 4% commission paid for closed leases • Close to Tinker Air Force Base and I-40 • Great frontage on SE 29th Street • Glass and brick veneer building • Fire suppression system throughout Michael Biddinger Real Estate • High traffic area in the heart of Del City (405) 236-4747 Ext. 23 • $7.00 s/f/y plus CAM – MG

Wilshire Court •For Lease 8001-8031 N. Wilshire •Total building: 50,400 SF •Office/warehouse and bulk warehouse •12X12 grade level overhead doors •Ample parking •$4.66 s/f/y plus CAM - MG

Michael Biddinger Real Estate • Fenced yards available (405) 236-4747 Ext. 23 • New concrete

• Beautiful Class A highrise 110 W 7th • Direct accessibility from two major expressways • Adjacent garage and surface lot parking • Windowlines provide commanding views of Tulsa • Top floor conference/banquet center with panoramic views • On-site snack shop, style shop, credit union/ATM • Elegant interior finishes Trinity Group • 8-foot-6-inch ceilings (918) 493-8470 • On-site management and day porter

SQUARE FEET • for sale or lease 25 11400 N I-35 • 29,775 – 62,775 SF available for lease Oklahoma City, OK • $5.50/SF/YR (NNN)

• New Class A Warehouse

• 50’ x 50’ column spacing

• 30’ clear height

• I-35 frontage Brett Price, CCIM, SIOR (405) 613-8380 Kris Davis, SIOR (405) 202-9525 • Located off E Hefner Rd. & N I-35

2021 Lewis Center 2021 S. Lewis Avenue, Tulsa • Free covered parking garage • Midtown location - close to Utica Square Shopping Center • Close to restaurants, shopping, banking and downtown Tulsa Warren Stewart (918) 508-2803

600 N. Sara Road • 43,194 SF available for lease 600 N Sara Rd, Yukon, OK • $4.75/SF/YR (NNN)

• 3 grade level doors

• 11 docks Brett Price, CCIM, SIOR (405) 613-8380 • 28’ clear height Kris Davis, SIOR (405) 202-9525

Corporate Tower • For Lease 101 N. Robinson Ave., Oklahoma City, OK • Responsive on-site management • Easy access to downtown retailers and restaurants • Convenient adjacent parking • High speed communications provided by multiple providers

Mark Beffort • Dual electrical feeders provide ample reliable electricity (405) 879-4757 • Storage space available in the building’s basement

Exchange Center • High visibility 4606-4608 S. Garnett Road, Tulsa • Immediate access to Broken Arrow Expressway & Highway 169 • Terrific location • Ample Parking Warren Stewart • On-site property management (918) 508-2803

26 FOR SALE OR LEASE • February 2017 Oklahoma Tower • For Lease 210 W. Park Avenue • Convenient adjacent parking

• High-speed communications provided by multiple providers

• 24-hour on-site security personnel and video surveillance Mark Beffort • On-site restaurants, salon, florist and men’s clothing store (405) 879-4757

Robinson Renaissance • Flexible Floor Design Oklahoma City • Beautiful Open Space Atrium • Food Court in Lower Level

• Full Service Bank

• Quick Print Copy Store

• Various Size Suites Available

(405) 840-1500 • Asking Rate $18.00/psf

The Oil Center • For Lease 2601 NW Expressway • Beautiful lobbies on all floors

• Building conference room

• On-site property management and maintenance

• Covered and surface parking available Vicki Knotts (405) 879-4761 • On-site restaurant and salon

Valliance Tower • For Lease 1601 NW Expressway • Covered and surface parking available • On site bank, restaurant and hair salon

• 24 hour on-site security

• On-site management

Mark Beffort • Conference room (405) 879-4757 • High speed communications provided by multiple providers

Waterford • Excellent restaurants 6303 Waterford Boulevard • World class hotel

• Easy access to major arteries and interstates

• 24-hour manned security control center

• Abundant covered parking Waterford Properties (405) 843-4900 • On-site banking

SQUARE FEET • FOR SALE OR LEASE 27 SALES POINTS

EMPLOYMENT AIR TRAFFIC Will Rogers World Airport 2016 (Jan.-Nov.) 2015 (Jan.-Nov.) Enplanements...... 1,696,000...... 1,701,661 Deplanements...... 1,713,608...... 1,751,994 Total Passengers...... 3,409,608...... 3,453,655

Tulsa International Airport 2016 (Jan.-Sept.) 2015 (Jan.-Sept.) Enplanements...... 1,004,563...... 888,553 Deplanements...... 1,016,884...... 1,016,086 Total Passengers...... 2,082,107...... 2,095,952

STATEWIDE Nov. 2016 Nov. 2015 Labor Force...... 1,822,866...... 1,846,833 Employment...... 1,729,811...... 1,770,218 Unemployed...... 93,055...... 76,615 Unemployment rate...... 5.1%...... 4.1% Total Nonfarm jobs...... 1,651,500...... 1,667,000 Manufacturing jobs...... 125,000...... 132,700 Services Producing jobs...... 1,402,600 ...... 1,405,500 Government jobs...... 352,500...... 352,700 Trade, Trans. & Utilities jobs...... 306,100...... 308,500

OKC MSA November 2016 REAL ESTATE Labor Force...... 669,994 OKC Area Residential Sept. 2016 Sept. 2015 Employment...... 642,554 Closed Listings...... 1,525...... 1,470 Unemployed...... 27,440 Pending Listings...... 1,651...... 1,481 Unemployment rate...... 4.1% Unemployment rate (November 2015)...... 3.5% New Listings...... 2,217...... 2,277 Average Sale Price...... $187,395...... $185,290 TULSA MSA November 2016 Average % List Price to Selling Price...... 97.25%...... 97.19% Labor Force...... 479,292 Average Days on Market...... 57.06...... 87.75 Employment...... 456,066 End-of-Month Inventory...... 8,172...... 8,980 Unemployed...... 23,226 Months of Supply of Inventory...... 4.38...... 4.53 Unemployment rate...... 4.8% Unemployment rate (November 2015)...... 4.1% Tulsa Area Residential Nov. 2016 Nov. 2015 Closed Listings...... 1,023...... 904 Pending Listings...... 1,045...... 958 TOTAL RETAIL TRADE New Listings...... 1,607...... 1,621 September 2016 September 2015 Average Sale Price...... $182,358...... $174,553 Statewide...... $3,153,761,279...... $3,210,899,102 Average % List Price to Selling Price...... 97.45%...... 97.12% OKC MSA...... $1,199,813,135...... $1,177,938,464 Average Days on Market...... 44.44...... 48.87 Tulsa MSA...... $823,953,894 ...... $810,021,888 End-of-Month Inventory...... 5,472...... 5,474 Months of Supply of Inventory...... 4.63...... 4.82

BANKRUPTCIES 2016 2015 Sources: Oklahoma Employment Security Commission; The Center for Economic and Management Research at the University of Oklahoma’s Price College of Business; Western District of OK Filings...... 5,198...... 4,919 U.S. Bankruptcy Courts of Western, Northern and Eastern Districts of Oklahoma; Northern District of OK Filings...... 2,316...... 2,440 Will Rogers World Airport; Tulsa International Airport; Oklahoma City Metropolitan Eastern District of OK Filings...... 1,395...... 1,409 Association of Realtors and Greater Tulsa Association of Realtors

28 sales points • February 2017

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OKLAHOMA CITY TULSA 405-840-1500 918-481-3200