Phillip Mazaheri, CCIM handles $38,000,000 sale of Retail Power Center in Oklahoma City

The 240 Penn Park Retail Power Center consists of 241,831 square feet situated on 22.21 acres of land.  The property was built in 2006 and purchased at 99.30% occupancy with a major national tenant mix line-up that includes the following: Best Buy, Petsmart, Five Below, Mardel, Lane Bryant, Marshall’s, Ross, Old Navy, Michael’s and many more.  240 Penn Park is located within Oklahoma City’s South Retail Submarket, the second largest retail submarket of Oklahoma City’s 14 retail submarkets. The submarket comprises over 17% of the Greater Oklahoma City retail market and has seen some of the highest rent growth. The South Retail Submarket is comprised of 1,644 buildings, totaling 14.9 million square feet of retail space as of 2022 YTD.

The Buyers are comprised of local investors, Fred Mazaheri and Champ Patel, purchased the property from G&I VIII RCG Penn Park, LLC for a 7.45% CAP or $38,000,000 ($157.13/SF) on July 13th, 2022. Mazaheri Properties will operate and manage the property under 240 Penn Park, LLC.

Phillip Mazaheri, Retail Investment Advisor with Price Edwards & Company, represented the Buyer in the transaction.

Sale Details:

Price:  $38,000,000.00

CAP Rate:  7.45%

Price / SF:  $157.13

Improvement SF:  241,831

Built:  2006

Buyer:  Bricktown Garage Parking, LLC, Midland Capital, LLC, Mazaheri Capital, LLC, Sunny Hotels, LLC, Ramji Krupa, LLC, KSKB 3, LLC

Seller:  G&I VIII RCG Penn Park, LLC

Closing Date:  July 13th, 2022

Phillip Mazaheri, Retail Investment Advisor with Price Edwards & Company, represented the Buyers in the transaction.