Tenmark Holdings has closed on the Britton Commerce Center, an industrial park along I-35 Service Road in Oklahoma City, paying $73 million for the 560,000-square-foot portfolio of warehouse and distribution buildings. Gardner Tanenbaum was the seller in the deal, which works out to roughly $130.36 per square foot.
According to CoStar, the portfolio spans buildings at 8401, 8501, 8601, 8801 and 8901 I-35 Service Road in Oklahoma City. The outlet describes the acquired portfolio as six buildings, though it lists only five individual addresses among the seed facts tied to the sale.
A Building Count That Doesn’t Quite Add Up
A Building Count That Doesn’t Quite Add Up There’s a wrinkle in how many structures actually make up the property. CoStar’s reporting describes Britton Commerce Center as a six-building portfolio, while a separate Marcus & Millichap release about a refinancing characterized the property as fully leased and described it as a five-building Class A industrial park. Neither account resolves the discrepancy, and the original development plan from Gardner Tanenbaum Holdings describes a buildout of six speculative industrial buildings totaling 560,000 square feet — language that describes what was planned rather than confirming what ultimately changed hands.
The Marcus & Millichap release isn’t about the sale itself — it covers a separate financing chapter in the property’s history. The firm’s IPA Capital Markets division said it arranged $48.4 million in refinancing for Britton Commerce Center on behalf of Gardner Tanenbaum, structured as a five-year credit union loan with a fixed 5.76% rate, 30-year amortization and 24 months of interest-only payments.
Part of a Bigger Buying Pattern
This isn’t Tenmark’s first swing at Oklahoma City industrial real estate tied to Gardner Tanenbaum. Tanenbaum’s JCG LLC III previously sold 314-417 Hudiburg Circle — a five-building, 158,466-square-foot office-warehouse-flex park on 7.66 acres — to Tenmark Reno Industrial LLC for $14.75 million, as reported by The Oklahoman. The same outlet noted that Tanenbaum sold Tenmark the Boeing Co. campus adjacent to Tinker Air Force Base for $124.7 million in early 2020, marking one of the larger industrial transactions in the metro in recent years…