PLANS MOVE AHEAD FOR PAMPA MALL SALE, OPENING OF HOBBY LOBBY STORE

FORAKER COMPANY PRESIDENT JEREMY FORAKER OF OKLAHOMA CITY SAYS PLANS ARE MOVING AHEAD TO PURCHASE THE PAMPA MALL FROM JASON BAGWELL AND SUBSEQUENTLY ESTABLISH IN THE MALL AS AN ANCHOR STORE A HOBBY LOBBY. THE HOBBY LOBBY STORE WILL BE IN THE FORMER KMART ANCHOR LOCATION AT THE NORTH END OF THE PAMPA MALL ON PERRYTON PARKWAY. “CURRENTLY WE PROJECT CLOSING THE DEAL BY THE END OF THE YEAR WITH HOBBY LOBBY TO BE ON LINE NEXT FALL,” FORAKER SAID. “LIGHTING IMPROVEMENTS MUST BE MADE AND INSTALLATION OF A LOADING DOCK WILL BE NECESSARY BEFORE THE STORE ESTABLISHES ITSELF IN THE ANCHOR SPACE.” ESTABLISHED IN 1972 HOBBY LOBBY CORPORATE OFFICE IS IN OKLAHOMA CITY. A CHAIN OF RETAIL ARTS AND CRAFTS STORES MANAGED BY DIRECT CORPORATE HIRES, THERE ARE 800 HOBBY LOBBY STORES IN OPERATION EMPLOYING MORE THAN 28,000 PERSONS. THE CHAIN HAS ANNUAL REVENUE OF $4 BILLION. FORAKER SAID HE HAS BEEN WORKING ON THE PAMPA MALL PROJECT WITH BAGWELL FOR ABOUT ONE YEAR AS A POSSIBLE REDEVELOPMENT OPPORTUNITY. “EVERYTHING IS MOVING FORWARD BUT WE HOPEFULLY WILL BE ABLE TO OBTAIN FUNDING FROM PAMPA ECONOMIC DEVELOPMENT CORPORATION TO HELP WITH ASSOCIATED COSTS,” FORAKER SAID. THE FOOTPRINT FOR HOBBY LOBBY IS IN THE NORTH END OF THE PAMPA MALL. “THE HOBBY LOBBY PROTOTYPE STORE LOCATES IN ANCHOR SPACES WITH 55,000 SQUARE FEET AND THE FORMER KMART SPACE IN THE NORTH END OF THE MALL MEETS THE CRITERIA,” HE SAID. HE SAID THE PAMPA ECONOMIC DEVELOPMENT CORPORATION HAS BEEN MOST HELPFUL AND THAT HE IS LOOKING FORWORD TO CONTINUE WORKING WITH THE CITY OF PAMPA AND PAMPA EDC ON THE PROJECT. FORAKER SAID HE HAS BEEN WORKING WITH HOBBY LOBBY ON THE PAMPA PROJECT FOR ABOUT ONE YEAR AND MOST RECENTLY ESTABLISHED A HOBBY LOBBY STORE IN ADA, OKLAHOMA. “WE NEEDED TO FIND A RETAILER WHO WOULD BE INTERESTED IN A MARKET LIKE PAMPA,” HE SAID. “WE HAVE SIGNED A LETTER OF INTENT WITH HOBBY LOBBY TO COME TO PAMPA CONTINGENT ON MY OBTAINING THE PAMPA MALL.” ACCORDING TO ITS WEBSITE, “FORAKER COMPANY IS A COMMERCIAL REAL ESTATE BROKERAGE, MANAGEMENT AND DEVELOPMENT COMPANY. IT HAS EXPERTISE AND EXPERIENCE IN ALL PHASES OF COMMERCIAL REAL ESTATE, BUT THE CORE COMPETENCY IS REPOSITIONING AND REPURPOSING REAL ESTATE ASSETS THAT ARE NOT CURRENTLY PERFORMING UP TO ITS HIGHEST AND BEST USE. OUR COMPETITIVE ADVANTAGE IS OUR ABILITY TO SEE OPPORTUNITIES AND TO EXECUTE ON THEM WITH SPEED AND DECISIVENESS TO CREATE VALUE. “OUR SUCCESS IS BASED ON MARKET KNOWLEDGE, WORK ETHIC AND OUR ABILITY TO MAKE SMART, INFORMED AND DILIGENT DECISIONS. OUR MISSION IS TO BE ACCOUNTABLE AND COMMITTED TO SUCCESSFULLY ACHIEVE GOALS AND OBJECTIVES FOR OUR CLIENTS AND PARTNERS,” STATES THE COMPANY BIO. JEREMY W. FORAKER IS PRESIDENT AND MANAGING BROKER OF FORAKER COMPANY. HE HAS EXPERIENCE IN COMMERCIAL REAL ESTATE, BROKERAGE, DEVELOPMENT, CONSTRUCTION AND PROPERTY MANAGEMENT. SINCE 2003, HE HAS NEGOTIATED AND CLOSED MORE THAN 100 INVESTMENT TRANSACTIONS AND 250 LEASE TRANSACTIONS. HE HAS PLAYED A KEY ROLE IN ACQUIRING, DEVELOPING AND REPOSITIONING MORE THAN ONE MILLION SQUARE FEET OF PROPERTY AND GROWING A PROPERTY MANAGEMENT PORTFOLIO TO EXCEED ONE MILLION SQUARE FEET. HE HOLDS A BACHELOR OF BUSINESS ADMINISTRATION FROM THE UNIVERSITY OF CENTRAL OKLAHOMA AND A MASTERS OF BUSINESS ADMINISTRATION FROM OKLAHOMA CITY UNIVERSITY. HIS EXPERTISE INCLUDES LEASE NEGOTIATION, PROJECT MANAGEMENT, FINANCIAL ANALYSIS, DEVELOPMENT STRATEGY AND RISK MITIGATION. A NATIVE OF OKLAHOMA HE IS A MARRIED FATHER OF TWO AND AN ACTIVE MEMBER OF THE INTERNATIONAL COUNCIL OF SHOPPING CENTERS (ICSC) AND A CERTIFIED COMMERCIAL INVESTMENT MEMBER (CCIM) CANDIDATE.