The Journal Record Business Briefs: November 5, 2012
Record, Journal, THE JOURNAL RECORD
West Pointe Apartments soldOKLAHOMA CITY - West Pointe Apartments, an 82 unit complex at 7321 Lyrewood Lane in Oklahoma City, has been sold for $1.775 million, or $21,646 per unit, to Woodrow Village Apartments, which owns the adjacent 168-unit Putnam Green Apartments.The seller was Bernard Berk, trustee of the Bernard Berk Trust, a 75-percent interest, and Ronald W. Cook and Barbara L. Cook, trustees of the Cook Family trust, 25-percent interest, who acquired the property for $1.825 million in December 2004.West Pointe was built in 1978 and has 85,920 square feet in seven two- story apartment buildings and one two-story building for the office and laundry. West Pointe was 75-percent occupied at the time of the sale. The property has a unit mix of 32 one-bedroom apartments and 50 two-bedroom apartments, with an overall average of 1,048 square feet per apartment. Rental rates range from $435 per month on the one bedroom to $630 per month on the two bedrooms. All of the apartments have washer and dryer connections and the property has one community swimming pool.Mike L. Buhl of Commerce Realty Resources Co. handled the sale. Erin Parker of Oil Republic Title in New York handled the closing.
Williams Partners completes acquisitionTULSA - Williams Partners on Monday said it has completed the purchase of Williams' 83-ercent interest in the Geismar olefins production facility and Williams' refinery-grade propylene splitter for $2.264 billion and pipelines in the Gulf region for $100 million.Williams Partners will be responsible for the completion of the ongoing expansion of the Geismar facility projected to cost $270 million and additional pipelines projected to cost $160 million.Tulsa-based Williams gains increased distributions from Williams Partners for the limited- partner units it received as consideration for the transaction. The increased distributions from Williams Partners support Williams' dividend growth strategy. Williams owns 70 percent of Williams Partners, including the general-partner interest.
Compressco earnings up for quarterOKLAHOMA CITY - Compressco Partners on Monday reported net income for the third quarter of $5.1 million, up from $3.3 million for the third quarter of 2011.Revenue for the quarter totaled $28.7 million, up from $24,6 million a year earlier.The Oklahoma City-based provider of compression-based production services for natural gas and oil exploration and production companies reported net income for the first nine months of 2012 of $11.4 million, up from $4 million for the first nine months of 2011.Revenue for the first nine months of the year totaled $76.2 million, up from $68.8 million a year earlier.Compressco completed its initial public offering on June 20, 2011. "In anticipation of increasing demand, earlier this year we significantly increased our capital expenditure activities," said Ronald J. Foster, president of Compressco Partners. "This capital investment strategy continues to accelerate growth, particularly in Latin America. In the U.S., we continue to see strong demand for unconventional applications in oil, liquids and associated gas, which allows us to 'get on the well' earlier than with our conventional wellhead applications."IABC presents Bronze Quill AwardsTULSA -Nancy Day, executive director of the Oklahoma Center for Community and Justice, was named the 2012 Communicator of the Year by the International Association of Business Communicators.The award was presented at the annual IABC Bronze Quill Awards in the ESPO Hangar at R.L. Jones Airport.Tom Droege, account supervisor, of Rex PR, received the John Hartman Professional of the Year award.Rachel Payne-Wagner, of Wal-Mart, and Phillip Harris, of Williams, were both awarded the Leon Bolen Service Award, which honors an IABC member for volunteerism and support of the chapter's goals.Awards of Excellence were presented to Charlene Bassett, Oneok, Oneok Quarterly Magazine; Tom Droege, Rex RP, for the University of Tulsa Master of Energy Business Brochure; Nicole Morgan, Rex PR, "Ovarian Cancer Awareness"; Kari Culp, Schnake Turnbo Frank PR, "Helping Kids Get Smart About Their Health"; Schnake Turnbo Frank PR and Hinkle Creative Services, "Nothing Checking"; Jessica Carthen, Ramon Cardiel and Kyle Vandale, FW Murphy, "Total Engine Integration" EICS Product Brochure; Juliane Spinuzzi, Ramon Cardiel, Jessica Carthen and Pat Runnels, FW Murphy, "FW Murphy New Solutions Trailer 2012 Gas Compressor Association Conference Debut"; Shannon Frederick, Wal-Mart, and Ginger Homan, Zia Strategy, "A Story About Me"; Russell Shaffer, Wal-Mart, "Christmas Layaway Returns for Toys and Electronics" blog; Jarrod Kopp and Susan Hardy Brooks, Schnake Turnbo Frank PR, OK Pop Museum; Williams and WPX Energy Internal Communications Team, Spinoff of WPX Energy; Melissa Clark, Clark Communications, "Keep the Drive Alive - Honoring Michael P. …