3 City Commercial Real Estate Brokers to Merge / Largest Property Management Company in State

By Lewis, Constance | THE JOURNAL RECORD, April 19, 1988 | Go to article overview

3 City Commercial Real Estate Brokers to Merge / Largest Property Management Company in State


Lewis, Constance, THE JOURNAL RECORD


companies have signed a letter of intent to merge, creating the largest property management company in the state, it was announced Monday.

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 National Corp.

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 space.

- Various apartment complexes having a total of 7,500 multi-family residential units.

- Commercial buildings with about 150,000 square feet of industrial space.

- 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. …

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