Chaparral Energy headquarters sells to local investment group (https://www.okctalk.com/content.php?r=649-Chaparral-Energy-headquarters-sells-to-local-investment-group)

Looking to shed more debt after emerging from bankruptcy in 2017, Chaparral Energy has sold its opulent headquarters building and adjacent land.


http://www.okctalk.com/images/pete/chaparral3.jpg


Skybridge Ventures LLC, a local real estate investment group, closed on the purchase on Thursday, paying $18 million for the 150,000 square foot, 4-story office building and approximately 14 acres of property near Britton Road and Kelly in northeast Oklahoma City.

Through the bankruptcy process, Chaparral rid themselves of $1.2 billion in debt. They had announced the intention to sell their headquarters in early August, thereby disposing of another $8 million in real estate loans.


http://www.okctalk.com/images/pete/chaparral4.jpg


Chaparral will lease back 62,000 square feet, Skybridge will take 15,000 square feet, and the remainder will be leased on the open market.


http://www.okctalk.com/images/pete/chaparral5.jpg


The building features a veranda overlooking a small lake in the center of the property.

Skybridge will lease space at $21 per square foot, which will include access to the existing state of the art gym.


http://www.okctalk.com/images/pete/chaparral10.jpg

seems like a win win all around ...

Pete, I heard this was an investment group headed by Malek Massad. Is that what you are hearing as well?

Pete, I heard this was an investment group headed by Malek Massad. Is that what you are hearing as well?

Malek sold the property..... He's a broker

Pete, I heard this was an investment group headed by Malek Massad. Is that what you are hearing as well?

Malek is involved with Skybridge but Skybridge is owned by a larger group.

Wow. Homerun for Skybridge $120 per square foot for that property is probably 30% of replacement cost. Doesn't instill confidence on any new construction planned. Pete, do you know if the $21 PSF rental is full service?

Wow. Homerun for Skybridge $120 per square foot for that property is probably 30% of replacement cost. Doesn't instill confidence on any new construction planned. Pete, do you know if the $21 PSF rental is full service?

The owner of the group had plans to build a few additional buildings on the campus but he abandoned them when commodity prices dropped in 2014. I doubt there will be any expansion for a long time.

Wow. Homerun for Skybridge $120 per square foot for that property is probably 30% of replacement cost. Doesn't instill confidence on any new construction planned. Pete, do you know if the $21 PSF rental is full service?

I'm sure it's NNN as most spaces are in town.

Wow. Homerun for Skybridge $120 per square foot for that property is probably 30% of replacement cost. Doesn't instill confidence on any new construction planned. Pete, do you know if the $21 PSF rental is full service?

Kinda? Chaparral is headed for bankruptcy absent a major spike in oil prices. There’s a good chance from there their creditors pursue a chapter 7 liquidation over another chapter 11.

Pete, I heard this was an investment group headed by Malek Massad. Is that what you are hearing as well?


Malek sold the property..... He's a broker


Malek is involved with Skybridge but Skybridge is owned by a larger group.

per the Skybridge website Malek Massad is the President of Skybridge Real Estate and the SVP/CFO of Skybridge Development

per the Skybridge website Malek Massad is the President of Skybridge Real Estate and the SVP/CFO of Skybridge Development

Yes, that’s correct. My point was that Skybridge is one of several companies owned and operated by the same investment group, all of which will be moving into Chaparral building.

Oklahoma Oil Driller Chaparral Files for Bankruptcy Protection
https://www.bloomberg.com/news/articles/2020-08-17/oklahoma-oil-driller-chaparral-files-for-bankruptcy-protection

Chapter 22 as we jokingly call it