An investment group that specializes in "special situations" has bought the long-shuttered Seagate Technology computer disc manufacturing plant in Oklahoma City with plans to build 1 million square feet of warehouse-logistics space and redevelop the entire 85-acre property.

Oklahoma Property One LLC, an arm of Miami, Florida-based Flacks Group, paid Seagate $2.34 million for its 280,000-square-foot plant and acreage at 10321 W Reno Ave., in a transaction by Brett Price, Karley Harper, and Kris Davis with OKC brokerage Newmark Robinson Park representing Seagate.

It was once listed for $9.8 million, nearly four times the sale price.

Flacks Group had no specifics on its plans. Seagate did not respond to an inquiry from The Oklahoman.

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Seagate Technology plant in OKC sat idle and vacant for years

The vacant property had been on the market for years despite a pandemic-related explosion in e-commerce that fueled demand for warehousing-logistics space. Online shopping helped spark a national and local boom in industrial construction that lasted until last year when inflation and rising interest rates doused it.

Despite easing demand for industrial space, the Flacks Group, which owns mixed-use property in Florida, Texas, and Europe, is "very bullish on Oklahoma City submarket industrial," said Jordan Desnick, director and shareholder. Flacks Group also is developing apartments in Florida.

"Flacks Group has 40 years of experience acquiring ‘special situations,’ distressed properties, and ‘dark assets.'" the firm said in a news release. "This (Seagate) property has been offered for sale by the owner ... for multiple years with no suitable offers."

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Old Seagate Technology plant in Oklahoma City presents 'tremendous development opportunity,' Florida-based buyer says

Desnick said the property, especially since it was acquired at "a good price," has great potential.

The site, he said, "provides Flacks Group with a tremendous development opportunity for over 1,000,000 square feet. Flacks Group plans to construct best-in-class, mixed-use industrial space that will complement the rest of the site and bring it to the next level for any discerning tenant."

The site, which once was Seagate's regional headquarters, includes 163,000 square feet of office space, 117,000 square feet of warehouse space with a 30-foot ceiling, 11 dock-high doors, and more than 1,000 parking spaces.

“This exceptional property complements our real estate portfolio and demonstrates our ability to close on deals that others cannot," said Michael Flacks, chairman, CEO and founder of Flacks Group. "We see tremendous value in the Oklahoma City market and with appropriate updates, this property will be the best industrial property in the area."

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Flacks Group in Florida is looking for more industrial property to buy in Oklahoma

Desnick said plans for the property are fluid and that Flack Group is looking to acquire others in Oklahoma.

"Flacks Group is always searching for tremendous assets in special situations such as older industrial buildings or land with environmental problems and legacy liabilities," he said.

The former Seagate property is in a desirable location for an industrial user, less than a mile northwest of the intersection of Interstate 40 and N Morgan Road, and less than a mile east of Kilpatrick Turnpike.

Amenities include a commercial kitchen and café, a large break room, and workout facility. Some of the office space was renovated in 2015.

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Senior Business Writer Richard Mize has covered housing, construction, commercial real estate and related topics for the newspaper and Oklahoman.com since 1999. Contact him at rmize@oklahoman.com. Sign up for his weekly newsletter, Real Estate with Richard Mize. You can support Richard's work, and that of his colleagues, by purchasing a digital subscription to The Oklahoman. Right now, you can get 6 months of subscriber-only access for $1.

This article originally appeared on Oklahoman: Seagate Technology sells vacant Oklahoma City site to redevelopers