Hobby Lobby has snapped up roughly 30 acres at OKC 577 Commerce Park in Oklahoma City, paying about $5.1 million for the tract. The land, which sits along the I-240 service road, folds into a growing industrial corridor that developers and brokers have been marketing aggressively.
Deal details
According to CoStar, Hobby Lobby paid $5.1 million for approximately 30 acres at the park. The report identifies the seller as a private investor and lists the site at 2300 E I-240 Service Rd. CoStar's account of the transaction also cites local industrial brokers as contacts tied to the sale.
About OKC 577 Commerce Park
The newly acquired land sits inside OKC 577, a roughly 577-acre master-planned commerce park that pitches large, contiguous sites for buildings up to multi-million square feet, along with direct connections to major highways. Marketing materials for the park emphasize heavy utility capacity, multiple access points and adjacency to a new BNSF intermodal facility, features that developers say are intended to draw distribution and manufacturing users. OKC 577 has been actively promoting those selling points to potential tenants and buyers.
Who brokered the sale
Industry profiles describe Newmark's Kris Davis as an experienced industrial-land broker in the Oklahoma City metro, and CBRE's Randy Lacey as a longtime industrial specialist who works on large deals in the market. Davis' Newmark profile and Lacey's CBRE biography both highlight their track records on major local industrial transactions.
Why it matters
The purchase fits into a broader logistics buildout in the metro. Hobby Lobby is headquartered in Oklahoma City and was a driving partner behind a new BNSF 42-acre intermodal facility intended to help speed imports from West Coast ports into the retailer's OKC distribution network. That intermodal link, along with the park's advertised tax-incentive zones and heavy-utility capacity, is a key part of why industrial buyers are targeting OKC 577 for land acquisitions and build-to-suit projects. Local leaders and company officials have pointed to those advantages in recent public remarks and releases.
What’s next
Neither the company nor the brokers have released a public construction timetable for the newly acquired site, and early reporting does not outline an immediate development plan. CoStar's coverage of the sale also did not provide details on the intended use of the property or a build schedule for the tract.
