Wal-Mart Realty sees rise in sales of store out-parcels

Journal Record, The (Oklahoma City), Nov 1, 2002 by Matt Maile

Wal-Mart Realty, the unit of Bentonville, Ark.-based Wal-Mart that manages the development of the retailer's properties, is seeing growth opportunities in selling real estate out-parcels on existing store properties, store officials have told Oklahoma and Arkansas shopping center representatives.

Tony Fuller, the vice president of Wal-Mart Realty, said the nation's largest retailer expects to complete 400 to 450 deals a year, in which retailers will occupy out-parcels of Wal-Mart properties.

"The sale of the out-lots to the small user is performing remarkably," Fuller told members of the Oklahoma and Arkansas chapter of the International Council of Shopping Centers meeting in Springdale, Ark.

The sale of the out-parcels by the retailer capitalizes on the commercial appeal of Wal-Mart sites, which draw intense vehicle traffic. The move also gives Wal-Mart more control over which retailers locate in the immediate vicinity of its shopping centers.

While the projection of out-parcel sales reflects the retailer's target for such transactions worldwide, Wal-Mart developments in Oklahoma City are contributing to those sales projections.

One Wal-Mart Supercenter and Sam's Club site at the southeast corner of NW Pennsylvania Avenue and Memorial Road in Oklahoma City has six out-parcels. In the last month, Wal-Mart Realty sold one of those pad sites to a developer for a Fazoli's restaurant for $550,000.

Home tours

Residents of the Mesta Park neighborhood will host the 25th Annual Holiday Home Tour Dec. 7-8, featuring six restored historic homes, sponsors of the event said this week.

The tour coincides with the centennial of the Mesta neighborhood. As part of the event, homes in the tour will feature exhibits that will depict early-day life in Oklahoma Territory, pioneer crafts, live music and free refreshments.

The tour will run from 4 to 8 p.m. Dec. 7 and 1 to 5 p.m. Dec. 8. Tickets for the event are available for $8 in advance at several locations, including the 23rd Street Antique Mall, 3023 NW 23rd St., Edward James Provence at 3337 S Boulevard in Edmond, Kamp's Market at 1310 NW 25th St., the Painted Door Gallery at 8601 S. Western Ave., Market at the Colonies at NW 51st Street and N. Western Avenue, Crescent Market at 6409 Avondale Dr. and Celtic Cup at NW 23rd Street and Hudson Avenue. Tickets may also be purchased for $10 at the door. Children ages 6 to 12 must pay $5.

Homes on the tour were built between 1902 and 1911 and are located at 628, 700, 701, 717 and 720 NW 16th St. and at 915 NW 17th St.

Executives on the move

The Ranch Ltd. Co., a residential real estate company, has named Adam Kemmerly as vice president. He joined the company in 2001. As vice president, he will be responsible for the oversight of the development's construction, coordination with builders and homeowner relations.

Kemmerly also is president of Cedar Creek Custom Homes, which is coordinating real estate development for The Ranch, a secluded gated community in Edmond on the north side of Coffee Creek Road and west of Coltrane.

Staff Additions

Bob Sullivan Group, the Oklahoma City-based commercial real estate firm, said it has named Aimee McKinney and Irmon Gray as sales associates for the company.

McKinney previously served as development coordinator for SullivanHayes Brokerage in Denver and as General Manager for the Oklahoma City Slickers professional soccer team.

Gray comes to the company with 34 years of experience in sales, management, and business operations experience, said Bob Sullivan, the chief operating officer of the firm.

New officers

Building Officials and Code Administrators International, a construction industry association, said its membership has elected new officers that include Oklahoman Judson W. Collins, programs manager for health facilities plan review for the Oklahoma State Health Department.

Collins was named vice president of the board of directors of the association.

Other officers elected include Steven Shapiro of Hampton, Va., as president and Edwin Berkel of Mehlville, Mo., as secretary/ treasurer.

The organization represents 16,000 code officials, design professionals, builders, manufacturers and others involved in the construction business.

Groundbreakings

Steve Bailey Honda will break ground during an event planned for 11:30 a.m. to 1 p.m. Nov. 6 on its new automobile dealership location at 8700 Northwest Expressway in Oklahoma City, event planners said this week.

The auto dealership is building a 40,000-square-foot building that will include a showroom, parts and service department and offices. Development plans also call for parking space for about 517 vehicles on the property.

Once completed, the Northwest Expressway site will replace the Steve Bailey Honda dealership site at 7722 NW 39th Expressway in Bethany.

Matt Maile welcomes your comments and contributions. You may reach him by phone at 278-2838, by fax at 278-2890 or by e-mail at matt.maile