Newspaper article THE JOURNAL RECORD

Freymiller's Property Buy Bodes Well

Newspaper article THE JOURNAL RECORD

Freymiller's Property Buy Bodes Well

Article excerpt

OKLAHOMA CITY - A September transaction shows that both the industrial real estate sector and oil and gas industry are doing well, said two analysts.

Freymiller Inc. purchased prime property from Seventy Seven Energy LLC along Interstate 40 for $2.95 million, according to county assessor records. That shows the transportation and distribution segment is expanding, said University of Central Oklahoma real estate professor J. David Chapman.

Kris Davis said the 5-acre property sale is a significant transaction. The lot includes two buildings: one 34,357-square-foot space built as an automotive repair center, and a 1,680-square-foot vehicle wash.

"Access to the highway is a big deal for a trucking company," he said. "And you'll get big exposure as people drive by and see it."

Davis, senior vice president of Newmark Grubb Levy Beffort Strange's industrial group, said property like that doesn't change hands often, and the sale shows how industrial sectors are shifting in the Oklahoma City market. He was not involved in the transaction.

Because the buildings are large, Freymiller would be able to put more than one logistics division in the new space, providing plenty of options for the company.

The property is likely to be in good condition, because of its former owner. Seventy Seven Energy provides drilling and hydraulic fracturing services for oil and gas companies. It was formerly two Chesapeake Energy Corp. subsidiaries, Nomac Drilling and Chesapeake Oilfield Services. Those subsidiaries were spun off from Chesapeake in 2014, and later became Seventy Seven Energy.

"Chesapeake takes really good care of their properties, so when they take something to market, it is in better shape than when they got it," Davis said.

All the industrial properties in Newmark Grubb's portfolio are doing well and selling faster than many brokers had anticipated, Davis said. …

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