Newspaper article THE JOURNAL RECORD

Hobby Lobby Acquires Warehouse It Once Leased

Newspaper article THE JOURNAL RECORD

Hobby Lobby Acquires Warehouse It Once Leased

Article excerpt

Hobby Lobby Creative Centers has agreed to buy a 337,700-square- foot warehouse at 5500 W. Reno Ave. in Oklahoma City, a site the company once leased, people familiar with the deal said Thursday.

Real estate professionals expect the transaction to close "in a few days" on a deal estimated to be worth between $5.5 million and $6 million. Company officials were not immediately available Thursday to confirm the purchase price.

The building Hobby Lobby will purchase is the former C.R. Anthony & Co. warehouse. Hobby Lobby leased the building for three years, before the company moved into its own headquarters at SW 44th Street and Council Road.

The unoccupied U-shaped building was built in 1972 on about 15.5 acres of property zoned for industrial use. The building has 22- foot-high ceilings and is fashioned with tilt-up concrete construction.

Gerald Gamble of Gerald L. Gamble Co. in Oklahoma City had listed the property for lease. When property owner Daffodil Properties agreed to sell the building instead, Gamble said Hobby Lobby was the logical buyer.

"Once they made the decision to sell the property, it all came together within a week," Gamble said.

Gamble said he believes Hobby Lobby will likely use a part of the building for warehousing but may lease excess space. The building is designed for multiple tenants with two legs of the U-shaped building each 123,000 square feet in size.

Home inspection

Oklahoma ranks 12th for its legislation governing home inspectors, according to a review of state home inspector programs by the American Society of Home Inspectors. Oklahoma scored 70 out of a possible 96 points.

The association said the review was conducted to identify strengths and weaknesses among home inspector regulations in the 25 states where they are established. Oklahoma's home inspector regulation has been in effect since 2001.

ASHI said the three most heavily weighted criteria of the 12 studied by the group were the presence of established standards of practice, existence of appropriate licensing criteria and definition of prohibited acts. …

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