Tenmark Pays $22.5M for Nine Industrial Buildings

TULSA - The California investment group Tenmark Industrial LLC paid $22.5 million for a 48.7-acre Tulsa industrial portfolio.

Tulsa County Courthouse records indicate Tenmark, led by Michael J. Schau of Encino, California, paid TPRF/Tulsa Industrial LLC $43.39 per square foot for the five tracts in Tulsa and Broken Arrow.

The properties involved nine buildings covering 518,436 square feet. TPRF/Tulsa Industrial, managed by Thackeray Partners GP of Dallas, acquired the portfolio in October 2005 for an undisclosed price, according to Tulsa County assessor records.

"They're each enjoying high occupancy levels and were well- positioned developments in the market when they were constructed," CBRE Tulsa industrial broker Jamie Hill said. "All are multi- tenant, concrete panel construction with good access to interstate and highway system."

This portfolio sale stands as the largest industrial transaction to date this year for Tulsa, said Newmark Grubb Levy Strange Beffort industrial broker David Looney, who represented the buyer with Oklahoma City broker Brett Price. The deal capitalizes on Tulsa's 4.9-percent industrial vacancy rate at the close of 2014, the city's lowest since 2007, according to a year-end report by CBRE.

"It was pretty close to 100 percent at close," Looney said of the portfolio's occupancy. "It was about 92 percent when we went under contract. Then they got a few more leases done. …