Year in Review
Graystone Properties had another great year in 2017, as shown in our 2017 highlights below. We celebrated Graystone’s twenty-year anniversary this past March, and our second full year in the commercial real estate sector.
2017 has been a challenging but rewarding year for us at Graystone Properties. The extensive renovation at Westbrook Plaza was completed in late Spring. The remodel gives the plaza a modern flair, while increasing a sense of business professionalism and street appeal. At Kelley Pointe and the Hartford Apartments, the parking lots were repaired, resealed and striped with safety in mind this past fall.
The Hartford Apartments leasing was a success last year. Despite a sluggish oil market and apartment developers adding more complexes to the market, the Hartford Apartments had a strong 2017 with an occupancy rate of 86%. In 2018, we hope to continue that success and have an occupancy rate above 93%.
In 2017, we added preventative maintenance services for heating and air units for all of our tenants, provided by Air Technologies. At Lakehurst, we saved money for our tenants by providing trash service in one rolled-up, competitively priced contract for all of our Lakehurst businesses. At Summit Pointe, we launched the Plaza’s very own website, www.summitpointeok.com. The website is intended to showcase the businesses at Summit, while relaying property news and available suites for lease.
Although 2017 was a great year, we are excited to see what is in store for our company for 2018. We hope to see a resurgence of the office market across the metro and to continue the uptick in retail leasing. We also expect to continue our value-add strategy for our tenants this year.
We are happy to announce two businesses that are new to our properties and new to the state of Oklahoma. This spring we will see the opening of 1st Choice Pharmacy, www.1stChoicePharma.com, at Westbrook Plaza in Edmond. The 600 square foot pharmacy can serve your every need with a helpful team behind the counter. The second is a retail shop based in Kansas City, Missouri. The CBD Store, www.theCBDstores.com, will open very soon at Summit Pointe Plaza. They offer a wide variety of oil products for both people and pets.
Adding value with our commercial tenants is a goal we are always focused on. In 2018, we expect to roll out additional property websites with the same goals as Summit. We plan to add additional parking at Lakehurst and fully utilize the sign monument at Summit Pointe. At Kelley Pointe, we plan to give the monument sign a fresh, new look, making it easier for patients and clients to find OU Medicine’s Breast Imaging of Oklahoma and Massey Financial Services.
Our goals for 2018 are to maintain tenant satisfaction, fill all of our commercial properties through competitive leasing options, and acquire new commercial properties.