PEC RETAIL INVESTMENT TEAM ANNONCES SALE OF POWER ALLEY PARKING GARAGE

Price Edwards & Company is pleased to announce the sale of Power Alley Parking Garage, prime real estate in the heart of Bricktown in Oklahoma City.

The Power Alley Parking Garage consists of 206,598 square feet of office and parking garage structure.  The garage has approximately 550 parking spaces with leases in place with the Hampton Inn & Suites hotel and the Hilton Inn & Homewood Suites, which is currently scheduled to complete construction by January of 2014.  The property was purchased from the developer Power Alley Parking, LLC.  Fred Mazaheri, with Midland Capital LLC, was the buyer of the 8-story office and parking structure.  

Price:  $9,375,000

Parking Spaces:  550

Price / Space:  $17,045

Improvement SF:  206,598

Built:  1999

Buyer:  Midland Capital, LLC

Seller:  Power Alley Parking, LLC

Closing Date:  June 14th, 2013

Paul Ravencraft and Phillilp Mazaheri, Retail Investment Team Specialists with Price Edwards & Company's, handled the transaction.