New Entry To Tulsa Industrial Market Brings Center Gate Development To 100 Percent Leased
05 12月 2018
New York based Morcon, Inc. has signed a lease for approximately 60,000-square-feet of manufacturing and distribution space at CenterGate Business Park. This location marks the company's first manufacturing and distribution site in Oklahoma.
Morcon is a leading converter of commercial napkin, towel, tissue and specialty products for the away-from-home market.
“What is exciting about Morcon’s lease is that it brings CenterGate, both the original structures and the newly developed five Class A buildings, to 100 percent leased, proving that the Tulsa market continues to have a strong industrial appetite,” says David Glasgow, First Vice President at CBRE. “With continued growth in Tulsa’s industrial market, Industrial Developers of Oklahoma has plans to develop an additional two manufacturing and distribution buildings. We are confident that these will lease quickly.”
“Upon acquiring CenterGate in 2014 we were able to make capital improvements to two existing structures, providing the Tulsa market with almost 1 million-square-feet of industrial space,” says Rob Stephens at Industrial Developers of Oklahoma. “Since then, we have also developed five Class A buildings, almost 400,000-square-feet, to serve mid-large-scale industrial tenants. As the market continues to grow, we are excited to be developing an additional two buildings in the coming year that will provide an additional 145,000-square-feet of spec industrial space in Tulsa.”
The two new buildings will consist of 60,000-square-feet and 85,000-square-feet and are expected to be complete in 2019.
As of Q3 2019, Tulsa’s industrial market was at a 3.9 percent vacancy rate.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.