companies have signed a letter of intent to merge, creating the
largest property management company in the state, it was announced
The new company, Price-Edwards, Henderson & Co., will manage and
market over $400 million in real estate assets. It is the result
of the consolidation of the Sweetser Cos., Edwards & Co. and
Southwest Property Management Corp., a subsidiary of Henderson
With Carl E. Edwards acting in the capacity of senior partner,
the company will be an equal partnership with Ford Price Jr. and
Byron Steenerson, representing the Henderson interests.
Edwards is currently the managing general partner of Edwards &
Co. Price is president and chief executive officer of Sweetser Cos.
and Steenerson is the president of Southwest Property Management
and executive vice president of Henderson National.
Price-Edwards, Henderson will provide leasing, brokerage and
property management services to owners of office buildings,
industrial properties, retail centers and multi-family residential
projects in Oklahoma. Initially, the firm will have leasing,
marketing and management responsibility for:
- 29 office buildings consisting of approximately 2 million
square feet of space.
- 39 shopping centers with 4 million square feet of retail
- Various apartment complexes having a total of 7,500
multi-family residential units.
- Commercial buildings with about 150,000 square feet of
- Over 3,200 mini storage units.
Price-Edwards, Henderson will employ 450. The firm expects to
hire about 50 more, said Price.
The firm has plans to become a regional concern, with about $40
million, or 10 percent, of its managed assets outside of Oklahoma
City. All are within the state, however.
Although the company intends to extend its services throughout
the southwest and midwest, Edwards said a thrust of marketing in
Oklahoma and Texas will be aimed at lending institutions.
The partners estimate that $150 million worth of properties are
owned by lending institutions as the result of foreclosures.
"I envision, that with our capability and size, we will be able
to walk in and comfortably represent ourselves to a lender in
Dallas, or San Antonio, or Midland," Edwards said. "As third-party
operating entities, our thrust will be lenders."
The chance to provide "a true, one-stop commercial real estate
company" was the primary reason for the merger, said Price.
"For owners with mixed-use developments, and lenders who have
different types of properties, we will be able to solve all their
problems under one roof," he said, adding that the company will
install an advanced computer system to keep owners aprised of the
status of their properties.
Other features of the company will include a landscaping
division and a construction division which will be capable of
expansion, finish-out and retrofit construction on existing
properties, said Edwards.
"This will provide efficiency of scale," he noted, "because it
is often difficult to find a general contractor who will take small
jobs like that.
"The economies of the merger in this real estate market allow
Price-Edwards, Henderson the flexibility for providing greater
service to all sized clients. …