Chesapeake continues to downsize by selling three office buildings to Love’s
OKLAHOMA CITY — It’s the tale of two local companies. One is expanding. The other continues to contract.
On Monday Love’s Travel Stops and Country Stores announced they’re buying three more buildings along the Hefner Parkway from Chesapeake Energy.
The sale comes just a few months after Chesapeake laid off more than 800 employees.
The company continues to consolidate it’s workforce and it’s real estate holdings.
On the other hand, Love’s continues to grow across the country.
Each year, on average, Love’s opens 20 new truck stops around the country.
“We’re growing very rapidly,” said Love’s spokesperson Kyla Turner.
The boom in Love’s travel stop business has also meant a need for more corporate office space.
“As we add new stores across the country, we need more corporate employees to support the growth of our travel stops,” said Turner.
Last month, Love’s dedicated a new 68,000 square foot building in the Village.
Now they’ve bought three new buildings along NW 63rd and the Hefner Parkway.
While Chesapeake continues to consolidate operations to it’s main campus, officials with the chamber of commerce see Love’s buying the buildings as a sign of the markets strength.
“Love’s is one of the great stories of an Oklahoma City company succeeding over many many years,” said Kurt Foreman with the Greater OKC Chamber. “To see them take more real estate is a testament to our region’s success.”
In a statement from Chesapeake, a company spokesperson wrote, “We are very pleased with this transaction. The sale allows both companies to meet their business objectives – a win-win scenario for Oklahoma City.”
Just a few months ago, Chesapeake sold two other buildings along I-44 and Lincoln, but several market analysts don’t see these sales as a bad thing.
“No one wanted to see Chesapeake go through this, but it couldn’t come at a better time for the market,” said market analyst Darren Currin.
Currin says the Chesapeake sales have not hurt the commercial real estate market, in fact, it may be the opposite.
“The market is in great shape. So it couldn’t happen at a better time, because so many companies are looking for space in the market.”
The buildings combine for 227,000-square-feet of space.
The most recent sale by Chesapeake follows the layoff of hundreds of employees and the sale of other commercial properties in the last few months.
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