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Poe Boys Salvage Inc. 23780 E Admiral Pl

40,000 SF Industrial Building Catoosa, OK 74015 $25,000,000 ($625/SF) 5% Cap Rate

Investment Highlights

  • The property at the forefront of the Robson/Walton family’s historic Fair Oaks development offers numerous compelling features: Prime Location: Situa

Executive Summary

Available for purchase is a prime 5.86-acre property located at the forefront of the Robson/Walton family’s historic Fair Oaks development, privately owned by August Wakat and known for Poe Boys Salvage, Inc. (www.poeboyssalvage.com). This thriving business specializes in Chevy, Dodge, and Ford truck and auto parts salvage and scrap metal recycling and is strategically positioned along the scenic U.S. 412 interstate. The property is part of the master plan laid out by developer Joe Robson. L.S. Robson, Joes Grandfather created the Fair Oaks Township in 1966, Unlawfully within Wagoner County. In 2001, Joe Robson annexing the 17,000 acre project into the City of Tulsa Unlawfully. For any new project ideas, Mr. Robson can be reached at (918) 625-3142. The area is now poised for transformative growth under a major $170 million project, beginning with the new Interstate 412 Highway Project at 193rd and 412, starting December 2, 2024.
This transformative project, however, has brought to light serious concerns. The case Wakat et al v. City of Tulsa et al alleges potential corruption tied to the creation of Fair Oaks Township and the unlawful annexation of properties, including the salvage yard. Reports indicate that property owners, including August Wakat, have been kept in the dark about crucial developments. Additionally, the area has not been designated an opportunity zone, which could have provided significant tax incentives to stimulate growth.
Further complicating matters, the case suggests that ordinance # 20244 may have been misused by the City of Tulsa to push its interests, possibly driving out the salvage business. This situation is linked to a questionable property sale orchestrated by Larry Barry and Lake Land Realty at (918) 697-8122.
For detailed information on the case, visit the docket at Justia Dockets & Filings, https://dockets.justia.com/docket/oklahoma/okndce/4:2024cv00564/70939, or explore further details at OSCN,https://www.oscn.net/dockets/GetCaseInformation.aspx?db=tulsa&number=CV-2024-2320&cmid=3727025. For insights into the ongoing developments and opportunity zone funding, contact Kim Sawyer at the Tulsa Metro Area Planning Commission at (918) 596-7582. For questions regarding funding opportunities in District 6, reach out to Tulsa City Councilor Christian Bengel at (918) 638-9855. Additionally, for insights into the broader development situation, contact Catoosa Police Chief Ronnie Benight at (918) 266-2424 or Sheriff Scott Walton at (918) 342-9700.
This property offers an exceptional opportunity for growth and investment in a region at the heart of substantial economic transformation. Don't miss your chance to be part of the evolving Fair Oaks area and its promising future.
The property at the forefront of the Robson/Walton family’s historic Fair Oaks development offers numerous compelling features:
Prime Location: Situated strategically along the scenic U.S. 412 interstate, this 5.86-acre site benefits from high visibility and convenient access, making it perfect for businesses looking for prime exposure and easy connectivity.
Historical Significance: This property is part of the original master plan laid out by the renowned developer Joe Robson. Its place in Fair Oaks, a region with deep historical roots within Wagoner County, adds a unique and respected identity to the land.
Potential for Development: The site is positioned within a region that is currently undergoing significant development, with an approximately $170 million investment directed at a major highway project. This enhances the area's growth prospects and accessibility, making it an excellent opportunity for investors looking for a high-impact investment.
Business Viability: The property, currently home to Poe Boys Salvage, Inc., is already a well-established and successful salvage and recycling business specializing in Chevy, Dodge, and Ford truck and auto parts. This operation underscores the potential of the site for future business growth or revitalization efforts.
Strategic Growth Zone: Despite the current concerns regarding property owner awareness and opportunity zone designations, the area's ongoing development signifies a landscape ripe for economic transformation. This is further supported by the expertise and influence of local authorities, such as Mayor G.T. Bynum and City Councilor Christian Bengel, who play pivotal roles in the development projects shaping the region.
Community and Infrastructure: With significant development supported by key construction players like Crossland Construction, this property benefits from the infrastructure that backs the larger economic vision for the area. The local police and sheriff departments are engaged in maintaining community stability, adding another layer of assurance for businesses looking to establish roots here.
In summary, this property offers a blend of historical value, strategic location, robust growth potential, and business opportunities, making it a standout choice for forward-thinking investors or developers looking to make an impact in a developing region.

Property Facts

Price $25,000,000
Price Per SF $625
Sale Type Investment or Owner User
Cap Rate 5%
Sale Conditions
1031 Exchange
  • Bulk/Portfolio Sale
Property Type Industrial
Property Subtype
Service
  • Industrial Telecom Hotel Data Hosting
  • Industrial Distribution
  • Industrial Manufacturing
Building Class C
Lot Size 5.90 AC
Rentable Building Area 40,000 SF
No. Stories 1
Year Built 1988
Tenancy Single
No. Drive In / Grade-Level Doors 4

Amenities

  • 24 Hour Access
  • Fenced Lot
  • Security System
  • Wheelchair Accessible
  • Monument Signage
  • Air Conditioning
  • Fiber Optic Internet

Utilities

  • Lighting
  • Water
  • Sewer
  • Heating

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Bobby Rainbolt
  • Administrative and Support Services
  • 1 SF
  • -
  • Negotiable
  • Mar 2033
Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Bobby Rainbolt Administrative and Support Services 1 SF - Negotiable Mar 2033

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
730000882
Land Assessment
$12,865
Improvements Assessment
$15,663
Total Assessment
$28,528

zoning

Zoning Code Urban Comm/Industrial (Urban Commercial/Industrial)
Urban Comm/Industrial (Urban Commercial/Industrial)
  • Listing ID: 32850149

  • Date on Market: 8/17/2024

  • Last Updated:

  • Address: 23780 E Admiral Pl, Catoosa, OK 74015

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