Tech Giant in pursuit of land acquisition/s in Tulsa, OK

Client
  • $47.5 B Undisclosed tech giant – bound by an NDA
Space
  • 5,000 sq. ft.
Industry
  • Technology
Locations
  • Fort Lauderdale
  • Miami
  • Dallas
Services Provided
  • Consulting

Client Objectives

Client interested in a land acquisition of approximately 1 acre, zoned to allow a 12’ X 36’, 432 SF pre-manufactured concrete building to house electrical telecommunications equipment for signal regeneration for fiber optic lines.

Results

  • The land is located in a rural portion of the North Tulsa area.
  • Tech Giant had to initiate a lot split to carve out approximately 1 acre of land to purchase from the Grimes Trust.
  • We surveyed the property and performed the lot split.
  • It was at that moment we found that their our 72 acres of land (this lot included) on a protected Indian Reservation controlled by INCOG, Indian Nations Council of Government, and we needed to seek prior approval before the lot split could be memorialized, a 30-45 day process.
  • We received the approvals to then go to the City of Tulsa and obtain permits for the concrete structure.  
  • The City mandated us to create a landscaping barrier around the entire concrete structure to beautify the lot, which drove up costs.
  • The 2017 ALTA had no prior information regarding any easements, sewer nor electrical lines running through the property.
  • The 2018 ALTA had a sewage line indicated on a portion of the Grimes private property lot that was not previously detailed.
  • We therefore had to go back to the surveyor and resurvey the lot to create a new lot split with a setback from that sewage line.
  • Tensions were high at this point and everyone was ready to walk from the deal.
  • It was also challenging scheduling conference calls and emails with Tech Giant’s legal counsel and Seller’s attorney, without the suffix of their email address, which would expose tech giant and we  were bound by an NDA.
  • We closed under the sister corporation and had to be mindful through the process so as not to violate our NDA.
  • This entire process took nineteen (19) months to complete.
  • Working with the Title Company was an additional challenge and there was a 72 hour window where the deal almost imploded and tech giant was ready to walk and try to find another site.
  • It took Cresa’s “thinking out of the box” and massaging the negotiations between buyer, seller and the title company to complete the transaction.
  • We finally closed on July 27th, 2018 successfully for our client. 
Great job Caroline for staying cool during this transaction! Buyers and sellers remorse at closings are always interesting on top of all the other obstacles you are conquering. I promise one hell of a dinner and drinks after this one. Your hard work and positive attitude is always refreshing!
John Albert, Chief of Operations  |  Chief Of Operations
$47.5 B Undisclosed tech giant – bound by an NDA

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