The Enid News and Eagle, Enid, OK

February 14, 2012

City to sell Homeland building

By Robert Barron, Staff Writer
Enid News and Eagle

ENID — Enid city commissioners approved the sale of the former Homeland building Tuesday, but no occupant for the building was announced.

City Manager Eric Benson proposed the city sell the building at the corner of Garriott and Oakwood to Hunt Properties of Dallas. Hunt Properties plans to demolish the building and build a new structure to suit a retail client. That client was not announced because a contract has not yet been signed, but Benson said the retailer is one Enid residents will readily recognize.

Benson also said the city will make about $100,000 on the sale of the building, which has been empty since 2005. The city bought the building in 2011 for $1.75 million.

Hunt Properties is a privately held commercial real estate development company.

According to information from the company’s website, Hunt Properties was formed to provide real-estate management and advisory services for the real estate holdings of the late H.L. Hunt’s family. Over the years, its services have included income property acquisition, land development, community master-planning, retail, industrial and office property development, leasing and management.

The company currently has eight projects in Oklahoma. Among those is Lawton Crossing, which features 325,000 square feet of retail space and nine pad sites on a 35-acre site.

Other current Oklahoma projects include The Center at Owasso and Bixby Centennial Plaza. Oklahoma City locations include MacArthur Crossing, May Crossing and Earlywine Center.

Among the tenants for Hunt Properties are Target, Kohl’s, PetSmart, King Soopers, Best Buy, Bed Bath & Beyond and Staples. The agreement on the Enid building states no grocery products can be sold.

Robin O’Grady, a principal in Cambridge Commercial Properties in Oklahoma City, told commissioners the 65,000-square-foot building will be demolished and another built for a specific tenant.

She said the new building “might” be a little larger.

The motion to accept the Hunt Properties offer was approved 5-0, with Ward 4 Commissioner Drew Ritchie and Ward 3 Commissioner Lewis Blackburn absent.

Benson said there are ad valorem tax advantages for constructing a new building. O’Grady said there will be ample parking for the store through a lease agreement on some adjoining properties. She told commissioners construction will take about six months, but the store will be open by Christmas.

After the meeting, Benson said four potential purchasers were interested, but the best was brought to the meeting.