Flacks Group, an investment group based in Miami, Florida, has acquired the former Seagate Technology factory and offices at 10321 W Reno Ave. and plans to redevelop it. DOUG HOKE/THE OKLAHOMAN
An investment group that specializes in “special situations” has bought the long-shuttered Seagate Technology computer disc manufacturing plant in Oklahoma City with plans to build 1 million square feet of warehouse-logistics space and redevelop the entire 85-acre property.
Flacks Group had no specifics on its plans. Seagate did not respond to an inquiry from The Oklahoman.
The vacant property had been on the market for years despite a pandemic-
related explosion in e-commerce that fueled demand for warehousing-logistics space. Online shopping helped spark a national and local boom in industrial construction that lasted until last year when inflation and rising interest rates doused it.
Despite easing demand for industrial space, the Flacks Group, which owns mixed-use property in Florida, Texas, and Europe, is “very bullish on Oklahoma City submarket industrial,” said Jordan Desnick, director and shareholder. Flacks Group also is developing apartments in Florida.
“Flacks Group has 40 years of experience acquiring ‘special situations,’
distressed properties, and ‘dark assets.'” the firm said in a news releases. “This (Seagate) property has been offered for sale by the owner for multiple years with no suitable offers.”
Source: https://www.aol.com/investors-buy-okc-seagate-technology-110444951.html
