A vacant aging industrial building housing old bread-making equipment in what was once the Wonder Bread factory in Tulsa, Oklahoma, is set to rise on a new type of use: Book storage.
From bread to books, the 100,742-square-foot industrial facility at 1111 S. Sheridan Road in Tulsa is up and operational again thanks to a new lease with Tulsa-based Educational Development Corp., which plans to store books in the newly leased facility. The company signed a lease totaling nearly 97,000 square feet of space in the fourth quarter within the 1955-built property.
The lease earned it a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
"The challenge of having an older property is that it's difficult to lease with more challenging features from a clear height standpoint," said Patrick Coates, who led his family team of brokers in leasing up the vacant property, told CoStar News.
About the lease: The triple net lease was signed in the fourth quarter and will begin in the second quarter of this year.
What the judges said: "This is an older building that presented many challenges to gaining widespread market attention. I deemed it a very positive impact to see such a unique facility leased to a long-time Tulsa based company," said Jason Kennon, commercial property manager with Case & Associates Properties.
They made it happen: Patrick Coates, Ben Coates and Casey Paul with Coates Commercial Properties represented the landlord in the deal. Warren Stewart of McGraw Commercial Properties represented Education Development Corp.
