3800 N. May

[Pete]

(This was moved from another thread)

Had no idea the Baptists also owned this building at 3800 N. May:

[bison34]

^

Interesting, thanks for posting.

Had no idea they also owned this building at 3800 N. May:

I took a couple classes through OBU at this current building.

Didn't realize they were needing to expand that much.

[okatty]

They bought that May ave building a number of years ago from John Kennedy. He bought it and flipped it to them

[Pete]

They bought that May ave building a number of years ago from John Kennedy. He bought it and flipped it to them

I just looked it up and that was back in 1990.

Buildings owned by nonprofits don't pay property taxes and therefore don't have to record transaction values. They usually fly way under the radar unless the group itself makes an announcement, as was the case with the old Sonic building.

[Dob Hooligan]

I just looked it up and that was back in 1990.

Buildings owned by nonprofits don't pay property taxes and therefore don't have to record transaction values. They usually fly way under the radar unless the group itself makes an announcement, as was the case with the old Sonic building.

This a memory from 35-40 years ago and I might be all wet, but I recall the May Avenue building was developed by a CA, or CH Henderson, who was a pretty large commercial real estate player at the time. He was also prominent in the Southern Baptist Church in Oklahoma, and the sale to the Church had been something he had worked on for some period of time.

[DowntownMan]

This a memory from 35-40 years ago and I might be all wet, but I recall the May Avenue building was developed by a CA, or CH Henderson, who was a pretty large commercial real estate player at the time. He was also prominent in the Southern Baptist Church in Oklahoma, and the sale to the Church had been something he had worked on for some period of time.

I believe the may ave building was used by a bank that went away in the 80s

[Pete]

This a memory from 35-40 years ago and I might be all wet, but I recall the May Avenue building was developed by a CA, or CH Henderson, who was a pretty large commercial real estate player at the time. He was also prominent in the Southern Baptist Church in Oklahoma, and the sale to the Church had been something he had worked on for some period of time.

According to the County Assessor, the building went into foreclosure, a local partnership (led by John Kennedy) bought it from the lender Prudential, then Kennedy (Irish Companies) bought it a few months later (or maybe transferred it from the previous LP?) then flipped it to the Baptists. All three of those transactions were within 4 months in early 1990.

BTW, below it says the original owners walked away owing $7.2 million but I saw a later article that estimated Kennedy bought it for around $3 million once in foreclosure. No way to know what the Baptists paid because they are nonprofit.

This was the nature of commercial real estate in OKC during the late 80s and almost all of the 90s. I was a broker until 1989, and man was it brutal.


More info:

Allied Tower Faces Foreclosure Action
Stacy Smith Martin 6/10/88

A $7.4 million foreclosure action against owners of Allied Tower, 3800 N May Ave. was filed Thursday in Oklahoma County District Court.

The action was filed by a lender, New Jersey-based Prudential Insurance Co. of America, against Allied Tower Ltd., and Henderson National Corp., an Oklahoma City real estate development-property management firm.

In the petition, Prudential alleges building owners defaulted on a $7.2 million promissory note that originated in December 1984.

The six-story tower was completed in early 1984.

Allied Oklahoma Bank announced the $9 million project in 1983. Bank officials said the 106,000-square-foot structure would become the new home for the bank, which had been located in Shepherd Mall, NW 23 and Villa.

General partners named in the project were Henderson Properties and Travis Henderson. Limited partners were C.A. Henderson and Allied Oklahoma Bancorp., holding company for the bank.

Recent reports indicate the building has a vacancy rate of more than 25 percent.

In the Thursday petition, Prudential asked that the building be sold at a sheriff's sale to satisfy the debt.

[Soonerinfiniti]

I thought I saw somewhere that the Baptist Foundation was going to buy the former Sonic HQ in Bricktown. Is this the same group?

[DowntownMan]

I thought I saw somewhere that the Baptist Foundation was going to buy the former Sonic HQ in Bricktown. Is this the same group?

Yes. This building will be placed for sale in coming months.