Pete
09-20-2005, 08:30 AM
McLains auction off Bricktown factory site
by Brandice J. O'Brien
The Journal Record
9/20/2005
Many of Scott McLain's early work experiences revolve around the Bunte Candy Factory in Bricktown. He worked there for five years until it closed in 1991, producing gumdrops, peppermints, orange slices and chocolates.
Unlike most young adults, his family owned the building - and the entire city block.
The McLain family will auction the block, which has seven buildings and approximately 153 public parking spaces, for a minimum bid of $8 million, 1 p.m. Nov. 15 at the Renaissance Oklahoma City Convention Center Hotel. The seven buildings total more than 197,000 square feet and the property totals about 2.7 acres.
Businesses on the premises include The Bricktown Brewery, Daiquiri Zone and Abuelo's. Two buildings - the Bunte Candy Factory site and Sherman Machine and Iron Works building - are listed on the National Register of Historic Places.
"The existing tenants represent just the beginning of the value this property can return and an upside which is almost unlimited," said David Gilmore, national auctioneer with Sperry Van Ness/Gilmore Auction & Realty.
Sealed bids for the property and bid deposits must be made to Sperry Van Ness by 5 p.m. on Nov. 14. Top bidders will be qualified to partake in the open outcry auction the following day. If awarded the winning bid, a contract will be signed immediately after the auction and a non-refundable earnest money deposit for 10 percent of the winning bid is required. Closing is expected to take 30 days.
"The property has moved beyond us and beyond our expertise," said McLain, property owner and director of real estate at The Mull Corp., his family's business.
Family members have held the property for more than 40 years and said that they would prefer to see the property sold to a developer that will further enhance Bricktown.
"I have a deep desire to see someone do something really special with it," McLain said. "I don't have the capital or know how or what to do with it."
Possible developments may include adding mixed-use elements to the buildings, such as housing, retail or office space. Currently, only three buildings are occupied.
"It's a unique property to acquire, because it is an entire city block in the hottest part of the city with income in place," said Tim Strange, senior advisor at Sperry Van Ness, who is helping sell the property.
by Brandice J. O'Brien
The Journal Record
9/20/2005
Many of Scott McLain's early work experiences revolve around the Bunte Candy Factory in Bricktown. He worked there for five years until it closed in 1991, producing gumdrops, peppermints, orange slices and chocolates.
Unlike most young adults, his family owned the building - and the entire city block.
The McLain family will auction the block, which has seven buildings and approximately 153 public parking spaces, for a minimum bid of $8 million, 1 p.m. Nov. 15 at the Renaissance Oklahoma City Convention Center Hotel. The seven buildings total more than 197,000 square feet and the property totals about 2.7 acres.
Businesses on the premises include The Bricktown Brewery, Daiquiri Zone and Abuelo's. Two buildings - the Bunte Candy Factory site and Sherman Machine and Iron Works building - are listed on the National Register of Historic Places.
"The existing tenants represent just the beginning of the value this property can return and an upside which is almost unlimited," said David Gilmore, national auctioneer with Sperry Van Ness/Gilmore Auction & Realty.
Sealed bids for the property and bid deposits must be made to Sperry Van Ness by 5 p.m. on Nov. 14. Top bidders will be qualified to partake in the open outcry auction the following day. If awarded the winning bid, a contract will be signed immediately after the auction and a non-refundable earnest money deposit for 10 percent of the winning bid is required. Closing is expected to take 30 days.
"The property has moved beyond us and beyond our expertise," said McLain, property owner and director of real estate at The Mull Corp., his family's business.
Family members have held the property for more than 40 years and said that they would prefer to see the property sold to a developer that will further enhance Bricktown.
"I have a deep desire to see someone do something really special with it," McLain said. "I don't have the capital or know how or what to do with it."
Possible developments may include adding mixed-use elements to the buildings, such as housing, retail or office space. Currently, only three buildings are occupied.
"It's a unique property to acquire, because it is an entire city block in the hottest part of the city with income in place," said Tim Strange, senior advisor at Sperry Van Ness, who is helping sell the property.