Introduction
The Choyce Peterson National Accounts Team accomplished a noteworthy industrial lease transaction in Lawton, OK, after successfully concluding a multi-year search from North Texas up into south central Oklahoma with a 6 acre site for a build to suit long term leaseback. Thereafter this project involved securing control of the site, confidentially developing multiple build packages, then working with the local and regional client team to simultaneously develop the site/building specifications/bid package plus the project authorization request detail for senior management’s approval. Ultimately the result was a newly constructed warehouse layout that consolidated 2 facilities while affording a spectacular upgrade to the existing conditions regarding material handling, safety, receiving and delivery truck capacity. This project again demonstrated the team’s expertise in complex logistics, negotiation, and phased construction management while delivering a long-term solution.
Lease Details
- Tenant Broker: Alan Peterson, Choyce Peterson, Inc.
- Asset Class: Warehouse
- Square Footage Leased: 72,000 SF
- Occupancy Status: Fully Leased
Property Summary
- Address: 1310 SW Rex Madiero Rd, Lawton, OK
- Building Type: Warehouse
This facility replaced 2 poorly laid out, site constrained, congested facilities in need a significant infrastructure improvements that would have been challenging, at best, to accomplish . The new facility overcame all the inefficiencies without disruption making it highly functional for regional and national distribution.
Leasing Strategy and Execution
The leasing strategy focused on 1) working with the local Economic Development resources, 2) project cost development of site and building specifications and bid coordination before final developer selection and build-to-suit long term lease negotiation. Thereafter the team expertly managed a multi-phase project, finding a 6+ acre site that was flat with good distribution access, working with the municipality for site plan approval, and local ,regional and national client personnel to develop and shepherd the project for senior management approval. By securing a long-term lease and advantageous long-term renewal options, the Choyce Peterson team provided the client with a long term solution to what had been long term facility constraints.
Conclusion
This successful project underscores the capabilities of the Choyce Peterson National Accounts Team in executing complex, value-driven industrial transactions. By delivering a larger, better located, new warehouse, the team not only met but exceeded our client’s operational and financial objectives and cements best-in-class distribution capabilities across the TX/OK market.
Frequently Asked Questions (FAQs)
What are the key features of this industrial space?
The facility offers a vastly improved, large central location, and state-of-the-art warehouse elements regarding ceiling height, lighting, aisle width, truck parking, dock equipment, and site work all of which are better suited for high volume distribution activity.
What type of tenant leased the space?
A national distribution client, requiring long-term occupancy, operational efficiency and great delivery access to the region.
Why was this location attractive to the tenant?
Centrally located within the delivery territory to allow facility consolidation with the resulting cost reduction without sacrificing client service.
Were any buildouts or custom improvements part of the deal?
Yes, a 4-to-1 land to building ratio and very good interstate access was a factor that significantly limited available land options.
