Chesapeake Adds Office Building to Acquisitions
By Richard Mize, The Daily Oklahoman, The Daily Oklahoman
Dec. 30–It will be 2006 before Chesapeake Energy closes on its most prominent acquisition — longtime family-owned Nichols Hills Plaza — but the company’s property portfolio is ending this year the way it started it: expanding.
Chesapeake’s property arm, Chesapeake Land Co. LLC, paid $8.5 million Wednesday for Glenbrook Centre West, a 54,004-square-foot office building at 1140 NW 63.
Tim Strange of Sperry Van Ness and Robert L. Triplett Jr. of Triplett & Associates represented the seller, Estro Inc., in Tulsa. Oklahoma City’s Price Edwards & Co., which has handled several Chesapeake property buys, represented the energy company in Wednesday’s acquisition, as well.
Glenbrook Centre West was built in 1979 and is more than 90 percent occupied. Price Edwards will manage it and handle leasing. The city’s largest local commercial realty firm already was managing and leasing many Chesapeake properties.
Chesapeake bought the adjacent Glenbrook Centre East, a 90,698-square-foot office building constructed at 1120 NW 63 in 1975, for $5.4 million in late 2004.
Tom Price Jr., Chesapeake’s executive vice president for corporate development, could not be reached Thursday. He previously has said that Chesapeake, seeing investment capital flowing into Oklahoma City from all over the country, is buying property around its own growing corporate campus to make sure it stays in the hands of people interested in maintaining the neighborhood and its property values.
The Chesapeake acquisition to gain the most intense notice, Nichols Hills Plaza — attention-getting because it is the heart of upscale Nichols Hills’ retail business district — is expected to close soon after the first of the year.
Chesapeake entered a contract with the Coyle family in October to buy the 128,916-square-foot shopping center, which was constructed in four phases — 1963, 1968, 1978 and 1980-1982 — and has 45 retail tenants.
Chesapeake’s property investments seem extensive, but are tiny for a company that spent billions of dollars acquiring other energy companies just this year.
Chesapeake’s office, retail and other property acquisitions in 2005 included:
Property from Earl H. and Joan D. Naylor at 740 NW 63 for $1,375,000; Barbour Energy Corp. at 7100 Classen Blvd. for $580,000; 701 Regency LLC at 701 NW 63 for $6.7 million; Rebel Oil Co. at 900 NW 60 for $750,000; Cole Management Co. Inc. at 907 NW 61 for $444,000; Belle Isle Properties LLC at 5615 N Western Ave. for $487,500.
Also, Chesapeake bought property from Dimension Properties LLC at the northeast corner of NW 63 and Western Avenue for $248,500; Abraham H. and Barbara A. Essaili at 4920 N Western Ave. for $375,000; Fireplace Club Inc. at 936 NW 63 for $2,747,500; Kensington-1985 LP at 6205 NW Grand Blvd. for $1.8 million; Copper Ridge Building LLC at 5901 N Western Ave. for $2.75 million; Wendy’s International Inc. at 932 NW 63 for $700,000; Raptor Investments LLC at 921 NW 63 for $1,125,000; and Cooper Bros. Inc. at 1022 NW 63 for $4,25 million.
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Copyright (c) 2005, The Daily Oklahoman
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