Property Listing No Longer Available for Sale

7800 NW 85th Ter, Oklahoma City, OK

Office for Sale - $12,500,000 - 100,000 Sq. Ft. on 0.02 acres


Property Info

CIMLS#97320
Location
  7800 NW 85th Ter
  Oklahoma City OK 73132
UpdatedNovember 4th, 2009
TypeOffice
Price$12,500,000
Building100,000 Sq. Ft.
Land0.02 acres

Property Description

The subject property is located at the intersection of Council Road and Northwest Highway in a mixed-use development called Silver Springs consisting of office and retail. Silver Springs includes tenants such as: Home Depot, Sam's Club, Kohl's, Wal-Mart, Office Depot, William Sonoma, American Cancer Society and The Hartford. Other retailers in the immediate area include: Target, Dollar Tree, CVS Pharmacy, IHOP, Wendy's, Subway, KFC, Chili's, Schlotzsky's Deli, Chick-Fil-A, Burger King, McDonald's, Sonic Drive-In and Quiznos.


Financials

Cap Rate: 10.00%

*Total gross rent of $17.65 minus $5.15 expense stop equals Net Rent of $12.50 psf. Hartford pays for the expenses beyond $5.15 psf.

Please note, the initial lease term expires June 30, 2009 and has been extended for a period of 5 years commencing July 1, 2009 and expiring June 30, 2014 with NOI of $1,250,000 ($12.50 psf). There is an additional 5-year option period at market rents.

Tenant shall have the option (the "Surrender Option") to reduce the premises by 33,000 rentable square feet effective June 30, 2011. If tenant exercises the Surrender Option, the Lease will be automatically extended on the remaining 66,000 square feet for an additional two and one-half years with Net rent increasing to $14.00 psf and a revised expiration date of December 31, 2016. There is also a penalty for surrending a portion of the space. Please see lease for details.

Net, Net. Landlord responsible for management fees and maintenance, repairs and replacements to structure, roof and equipment. Please see lease for details.

Space 1 (67,000 SF) was built in 2000.

Space 2 (33,000 SF) was built in 2002.