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.
Tenmark has also built a track record beyond Tanenbaum properties. The company acquired the Baker Hughes Super Center in Oklahoma City for $43 million, a deal that included three industrial buildings totaling nearly 389,000 square feet along with a 92,000-square-foot office building, according to OK Energy Today. A release from Newmark Robinson Park credited its industrial team — Brett Price, Kris Davis and Karley Harper — with representing the buyer in that transaction.
Oklahoma City's Industrial Market
Tenmark's earlier Oklahoma City acquisitions include the Hudiburg Circle property and the Boeing Co. campus.
Whatever the final building count turns out to be, the fundamentals behind the Britton Commerce Center deal line up with a pattern that's defined Oklahoma City's industrial corridor for years: well-located warehouse space along a major interstate continues to draw big-dollar buyers willing to pay a premium for stability.
