Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of an industrial warehouse occupied by two tenants, DXP Enterprises and Advanced Industrial Devices. The facility is located at 4411 South Elwood Avenue in Tulsa, Oklahoma. Northmarq’s James Ullrich and Michael Macchia in New York City teamed up with Josh Love of Price Edwards and Company in Tulsa to arrange the sale. A Tulsa-based individual investor sold the asset to a private buyer based in Montana for $5.6 million reflecting a 7.56 percent cap rate.
“By partnering with Josh Love, we were able to source an off-market deal for a great client,” said Ullrich, Director in Northmarq’s New York office. “The buyer is very impressed with Tulsa’s industrial market and prospects for future population growth, and therefore, this represents the buyer’s third acquisition in Tulsa.”
The property is situated on 6.5 acres and consists of seven buildings originally constructed in 1980. Located along the Arkansas River in west Tulsa, the asset is conveniently located just five minutes from Interstate 44. The 60,000-square-foot facility supports the diverse global distributor, DXP Enterprises, and the high-performance electric motor supplier, Advanced Industrial Devices.