Newspaper article THE JOURNAL RECORD

Bartlesville Kmart Site Sold to OKC Investors

Newspaper article THE JOURNAL RECORD

Bartlesville Kmart Site Sold to OKC Investors

Article excerpt

An Oklahoma City investor group led by Jeff Johnson paid $1.7 million for a 35-year-old Kmart location in Bartlesville.

Ryan McNeill, a retail investment adviser with Sperry Van Ness/ William T. Strange & Associates in Tulsa, said BB2s Bartlesville LLC of Oklahoma City paid $18 per square foot to Bartlesville OK Legacy LLC, led by California investor Gregory Atkinson, for the 9.4-acre site at 501 SE Washington Blvd. in Bartlesville.

Washington County assessor's records indicate the 94,500-square- foot structure was finished in 1975. The Loop.net listing dated its origin back to 1974. Atkinson had owned it since 1992.

This sale may indicate the first "big box" transaction in Oklahoma this year, said McNeill, who represented the buyer. He gave credit to BancFirst and Bartlesville OK Legacy for helping complete the deal through difficult title issues.

"That's an incredible price considering its great location," said Oklahoma City real estate analyst Darren Currin, who has worked with SVN in the past.

That property fills one corner in the intersection of U.S. Highway 75, Bartlesville's prime connector to Tulsa, and Frank Phillips Boulevard. Across from Kmart stand the 10-story Jane Phillips Medical Center, a Walgreens and the Eastland Shopping Center.

Johnson pegged the location as one reason he wanted the site.

"I thought the property itself had value regardless of the building that was on it and the tenant," he said in a telephone interview Thursday. "The cap rate (10.02 percent, according to Loop.net) was good."

While Loop.net listed the property as having no deferred maintenance, a new roof with 15-year transferrable warranty and a newly paved parking lot, McNeill said the building's age and the tenant's troubled past place "some hair" on the deal.

Kmart, the original tenant, has one year left on its lease with a five-year renewal option. …

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