OKLAHOMA CITY, OK – Flacks Group, the Miami based global investment firm, announces the acquisition of a vacant 280,000 square foot industrial building located at 10321 W. Reno Ave in Oklahoma City, Oklahoma.
Flacks Group has 40 years of experience acquiring ‘special situations’, distressed properties, and ‘dark assets’. This property has been offered for sale by the owner, Seagate Technology Holdings plc (Nasdaq: STX) and its broker for multiple years with no suitable offers. The site also provides Flacks Group with a tremendous development opportunity for over 1,000,000 square feet. Flacks Group plans to construct best in class mixed use industrial space that will complement the rest of the site and bring it to the next level for any discerning tenant.
Previously used as a regional headquarters for Seagate, the 85.5 acre site includes 163,000 square feet of office space, 117,000 square feet of warehouse, 30’ clear height, 11 dock-high doors, and over 1000 parking spaces.
Michael Flacks, Chairman, CEO & Founder of Flacks Group said, “This exceptional property complements our real estate portfolio and demonstrates our ability to close on deals that others cannot. We see tremendous value in the Oklahoma City market and with appropriate updates, this property will be the best industrial property in the area. We are working with local stakeholders and best in class professionals to plan the development of over 1,000,000 square feet on the site. We are excited to bring our plans out later this year.”
This well positioned site adds to Flacks Group industrial portfolio in the United States & across the globe. Flacks Group currently owns large scale industrial property in Texas, UK, Germany and other areas. In addition, Flacks Group is currently developing 500 units of multifamily apartments in Davenport & Lakeland, Florida under Flacks Group’s multifamily platform named Nottinghill Living. Flacks Group is always searching for tremendous assets in special situations such as older industrial buildings or land, with environmental problems and legacy liabilities.
