The Enid News and Eagle, Enid, OK

May 2, 2013

Tenant details emerge as deadline looms for vacant Homeland deal

By Dale Denwalt, Staff Writer
Enid News and Eagle

ENID, Okla. — With just weeks remaining to close a deal on the former Homeland grocery building worth more than $1.75 million to the city of Enid, details are emerging about its future occupants.

The February 2012 contract between Dallas-based Hunt Properties and Enid Economic Development Authority set into motion a six-month review of the property, located at Garriott and Oakwood.

After that six months ended, Hunt Properties was allowed two consecutive 90-day extensions before having to finalize the agreement. The second of the two extensions expires May 20.

Hunt contracted with the Oklahoma City affiliate of the real estate services firm CB Richard Ellis to fill up the commercial space with retail vendors, a CBRE executive said in February.

According to CBRE’s own 2013 flier promoting the space, T.J. Maxx, Rue 21 and Dress Barn are “proposed” co-tenants inside the to-be-renovated structure. However, Enid’s retail business adviser, Rickey Hayes, said that list of tenants is not correct.

Real estate purchase and sale agreement

“That is not accurate at all,” Hayes said, noting that CB Richard Ellis is marketing the property.

“Those are tenants who have been solicited for that job and drawn on site plans. I’m not saying that one of them is not in the mix. I’m saying that all three of them are certainly not.”

Hayes did say Hunt Properties plans to complete the sale.

“He is planning to close on the building, per the contract,” Hayes said of Jeff Williams, representative of Hunt Properties handling the deal.

CBRE flier

City Manager Eric Benson said Thursday he couldn’t divulge the names of the tenants, because he still was under a confidentiality agreement. He did praise the deal, though, for being extraordinarily good news for the Enid market.

“They validate the strength, vitality and the attraction for these national brands. It’s exactly what we’ve been saying for the past three years — that we’re worthy of and can support this kind of retail activity,” Benson said. “The really good news is the first of many such entries into our market. The first person into the water’s got to show it’s not too cold, and that’s what T.J. Maxx is doing.”

T.J. Maxx sells clothing, footwear, domestics, furniture and giftware. Benson said the chain would be “a precursor to bigger and better retailers,” Benson said.

“We’re going to be on par with any other place you’d like to shop. We’ve got more coming,” he said.

The city bought the vacant building in 2011. In February, Benson said the city would make more than $100,000 on the sale.

According to the contract, a 5 percent carry fee paid to the city would be calculated at closing, set for May 20. Benson said that deadline has a two-week window on either side of that date.