Hilco Real Estate Announces the Sale of a Well-Located, Multi-Tenant Medical Office Building Outside of Oklahoma City

Mar 26, 2021

Medical Office Building - Oklahoma

Hilco Real Estate, LLC announces the bankruptcy sale of a 35,000 square-foot medical office building at 1025 Southwest 4th Street in Moore, Oklahoma. Offering a solid mix of existing tenants, this property represents an ideal value-add opportunity with tremendous upside potential to lease the remaining vacant space quickly. The property is located one mile from Norman Regional Hospital in an attractive location between Norman and Oklahoma City.

The two-story elevator building, suited for medical and general office space, was originally built in 1970 and was renovated in 2017. Given that Mercy Clinic Primary Care is adjacent, and the Norman Regional Hospital campus is less than one mile east, the property is in prime locale for healthcare and office professionals. Its largest tenant is Classen Urgent Care Clinic, occupying approximately 4,125 SF, while an excellent roster of other medical and office tenants resides in 16,499 SF (47%). There are currently Letters of Intent pending from new tenants that wish to move-in soon after the sale of the building. Additionally, there is a preliminary agreement for a new executive office suite that will occupy an additional 4,000 SF of the building.

With an estimated population of approximately 63,000 people, the city of Moore has triumphantly reached its highest population this year. According to Data USA, the city has experienced population growth as well as an increase in its average household income throughout recent years. Additionally, the site claims that “healthcare & social assistance” is the second largest industry in the city’s economy that employs over 32,000 people. Moore is centrally located between Oklahoma City and Norman, home to the University of Oklahoma. The asset is conveniently situated between I-34 and I-44, allowing an easy 20-minute commute to reach either major city. The local area is a developing residential and commercial strip, with projects such as The Curve to display Moore’s promising growth and title as an up-and-coming area. The property is located in a popular and heavily traveled corridor nearby numerous schools and community spaces, and is surrounded by national retailers including CVS, Home Depot, Lowe’s, Target, Walgreens, and Walmart.

Jeff Azuse, senior vice president at Hilco Real Estate, stated, “With the current owner ready to become a long-term tenant, and new tenants eager to move in, there is immediate upside potential to increase the occupancy rate from 47% to 63% in this building.” He continued, “Moore is an up-and-coming area in Oklahoma, and this specific property offers prime medical office space that is hard to find throughout the rest of the city. Overall, it’s an ideal value-add opportunity with tremendous upside potential.”

The offer deadline for this sale is Thursday, April 22 at 5:00 p.m. On-site inspections will be held on Thursday, April 1 and Thursday, April 15. Offers may be submitted via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 410, Northbrook, IL 60062, or via email to cevans@hilcoglobal.com. For more information regarding the sale process or to schedule an on-site appointment, please contact Chet Evans at (847) 418-2702 or cevans@hilcoglobal.com or Adam Zimmerman at (847) 504-2461 or azimmerman@hilcoglobal.com.

For further information on the properties, an explanation of the sale process or to obtain access to property due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.

 

About Hilco Real Estate

Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.