Bricktown Parking Garage Sales for $17,250,000 - Phillip Mazaheri, CCIM handled both sides of the transaction
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The Bricktown Parking Garage consists of 206,598 square feet of an 8-story structure of office and parking garage structure located just north of the Chickasaw Bricktown Ballpark. The garage has approximately 537 parking spaces with leases in place with the Hampton Inn & Suites hotel, Hilton Inn, Homewood Suites and Springhill Suites. The Bricktown Garage also has monthly parkers consisting of office tenants in the area and daily parkers for nightlife traffic. The Buyer, Mobile Infrastructure based out of Cincinnati, Ohio purchased the property June 7th, 2022 for $17,250,000. This is MobileIT’s first investment in the Oklahoma City market bringing their portfolio of Garages to 20 with 26 Lots, 16,350 Spaces and $5,834,162 Square Feet in 23 Markets. The Seller, Fred Mazaheri, a local developer with Mazaheri Properties (Bricktown Garage Parking, LLC) purchased the property in 2013 for $9,375,000. Phillip Mazaheri, Retail Investment Advisor with Price Edwards & Company, handled both sides of the transaction.
Phillip Mazaheri, CCIM handles Sale of $5,200,000 Retail Investment Shopping Center in Oklahoma City
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Cornerstone Crossing in Oklahoma City is a 73,791 square foot retail neighborhood strip center situated on 6.15 acres. The property is located on the south west corner of NW 39th Expressway and MacArthur Boulevard nearby Southern Nazarene College. The property was sold at 92% occupancy for $5,200,000 or $70.47/sf with a CAP Rate of 10%. Phillip Mazaheri, CCIM handled the transaction for the Buyer Cornerstone Crossing, LLC initially in 2016 when it was purchased for $3,200,000. Less than four years later with some lease up, Mazaheri handled the Sale to Cornerstone One, LLC, a Buyer out of Kansas City, Missouri.
Phillip Mazaheri, CCIM Sales Moore Retail Investment Center for $6,050,000
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The Exchange on 19th is a 13,375 square foot strip center built in 2016 situated on 1.76 acres. The property is an outparcel for Winco Foods and is located directly across from Super Target, Burlington, Dick’s Sporting Goods and Home Depot in Moore, Oklahoma. The Exchange on 19th was purchased at 100% occupancy with 54% of the tenants being corporately guaranteed, which includes Chipotle, Visionworks and Mercy GoHeath Urgent Care. The property was purchased at a 7.56% CAP rate with the majority of leases being on ten year primary terms. Phillip Mazaheri, CCIM represented the local Buyer Hartford Capital, LLC who paid $6,050,000 to the Seller/Developer Armstrong 19 Moore Development, LLC.
Retail Investment Team Brokers $3,095,000 Sale Of Townesouth Plaza Shopping Center
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The Price Edwards Retail Investment Team is proud to announce the sale of Townesouth Plaza in Oklahoma City, Oklahoma. Kona Capital Investments, LLC purchased the property from Midland Capital, LLC for $3,095,000. The retail restaurant consists of 15,882 square feet situated on 2.18 acres of land.
Paul Ravencraft, Phillip Mazaheri, CCIM and George Williams, CCIM with Price Edwards Retail Investment Team handled the transaction.
Retail Investment Team - JUST LISTED - Casady Square Neighborhood Shopping Center
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N. Pennsylvania & Britton Road
Casady Square consist of 136,772 square feet of retail situated on 8.43 acres of land. The tenant mix includes local and national tenants, most being well known local long-term destination shops. Casady Square is currently 85% occupied with notable tenants such as: T-Mobile, Nuvo Home, 1492, Fitness 19, Farmers Insurance, No Regrets and New Leaf Florist. National Retailers in the area include: Walmart Neighborhood Market, Bank of Oklahoma, Walgreens, CVS, Church's Chicken, Arby's and Little Caesars Pizza.
- Sale Price: $9,500,000
- Price / SF: $69.46
- Cap Rate: 8.62%
- NOI: $819,151
- Building Size: 136,772
- Occupancy: 85%
- Lot Size: 8.43 Acres
- Year Built: 1956
- Renovated: 1973
- Market: Oklahoma City
- Submarket: North/The Village
EPIC Lease at 50 Penn - PEC Retail Investment Team Handles Both Sides of the Transaction
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Article via The Journal Record by Molly Fleming
http://journalrecord.com/2018/08/02/an-epic-move-former-itt-tech-space-to-transform-into-charter-school-location/
OKLAHOMA CITY – Posters from ITT Tech are peeling off the walls at the school’s former space in 50 Penn Place. The cabinets and desks are still in place. Framed posters feature student testimonials about how the school changed people’s lives.
The space has been vacant since September 2016, when ITT Tech abruptly closed all of its campuses. People grabbed their personal belongings and left.
At 50 Penn Place, 1900 Northwest Expressway, the school occupied space on the north and south sides of the third floor, totaling about 19,000 square feet.
A couple of years ago, Epic Charter Schools had looked at combining its Oklahoma City campuses under one roof and considered 50 Penn Place. But they passed, continuing to operate and grow.
Now, the online-based charter school has reached capacity at its three buildings in the city’s northwest sector. It needs more space, so the school is leasing all of the former ITT space. Staff members will start moving into the space in about 60 days, said Ben Harris, Epic’s co-founder.
Price Edwards & Co. Retail Investment Team broker George Williams completed the transaction. The center and tower are owned by In-Rel Properties, based in Florida.
By 2020, the school will move into an additional 20,000 square feet on 50 Penn’s third floor. This will make Epic’s Oklahoma City square footage 80,000 square feet, with its three buildings and 50 Penn Place. Harris said before the move in 2020, the school will evaluate whether it will keep its three old buildings or move everyone to 50 Penn.
Harris said it is appropriate that the school is moving back into a mall since it once had space in North Park Mall.
Moving into 50 Penn came with several advantages, said David Chaney, school co-founder and superintendent. It offered plentiful parking, which will be helpful for employees, students and parents.
Epic considers itself a blended learning school. While some activity is done online, students still have to come to the buildings to take tests, or they can meet with teachers.
The location was also an asset, Chaney said. Epic’s Oklahoma City campus is in its second year of operating a learning center for elementary-school-aged children. Parents can drop their students off at the school and not have to pick them up until 6 p.m. Being on Northwest Expressway and still in the northwest sector will be helpful to parents, he said.
Since Epic is occupying a former school, it will be able to save on furniture costs.
“Everything is in great shape,” Harris said.
The ITT space offers a variety of room sizes, which will give Epic enough areas for student testing and teacher meetings. The school gives the required state tests, as well as its own quarterly benchmark assessments.
When Epic is ready to move into the other 20,000 square feet, the mall space will be redesigned. The existing Urban Market restaurant will remain.
Epic has spoken with HSE architecture firm and Smith & Pickel construction about updating the space. The renovation will start in spring 2019.
With Epic in 50 Penn, the retail center has 75 percent occupancy. The office tower is 90 percent occupied.
Williams said it made sense to go after a nontraditional retail tenant because retail hasn’t been successful at 50 Penn in several years. There’s still 30,000 square feet to fill at 50 Penn, Williams said.
“When Epic came along, it was a perfect for what the landlord wanted, and what Epic wanted, too,” he said.
Harris said the 50 Penn staple Full Circle Bookstore is a great amenity to the new space as well, and can also be a place where students meet with teachers.
“We feel like 50 Penn is a good place for our employees, too,” Chaney said.
Retail Investment Team Represents Local Investor in Trophy Power Center Sale for $43,500,000
/Quail Springs Marketplace
SW/Corner of Memorial and Penn
Allen Gann, a local energy and real estate investor, acquired Quail Springs Market Place located at the southwest corner of Memorial Road and Pennsylvania Avenue. Located in the heart of Oklahoma City’s leading retail corridor, the 293,788 square foot power center situated on 28.53 acres sold for $43,500,000 or $148 per square foot. A number of institutional investors are leaving the Oklahoma City retail market which is creating opportunities for local investors to buy trophy properties. Quail Springs Marketplace is a prime example, last selling for $47.6 million in 2005. The property is home to a number of leading retailers, both national and local, including Ross, Michaels, Ulta, Golf Galaxy, Akins and Metro Shoe Warehouse among others. The Memorial Road Corridor is the bell cow of Oklahoma City retail; it leads the market both in the total retail square footage and in retail demand. Price Edwards & Company Retail Investment Team consisting of Paul Ravencraft, Phillip Mazaheri and George Williams represented buyer in the transaction. Chicago Title handled the closing and financing was provided by Midfirst Bank.
Retail Investment Team - JUST LISTED - Edmond Shopping Center
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1427 S. Broadway, Edmond, OK
Berkshire Plaza is anchored by Office Depot. The center is located near several national tenants including Home Depot, Starbucks, Academy Outdoor Sports, Verizon and Petsmart. Office Depot recently renewed their lease for 10 additional year until 2025.
- Sale Price: Subject To Offer
- NOI: $314,151
- Lot Size: 3.07 Acres
- Year Built: 2000
- Building Size: 35,612 SF
- Zoning: Commercial
- Submarket: Edmond
- Located in the Heart of Edmond
- Anchored by Office Depot
- High traffic intersection
- Located in Oklahoma's most desirable market, Edmond
- Two miles from Interstate 35
- University of Central Oklahoma and Oklahoma Christian University nearby
Retail Investment Team Brokers $2,000,000 Investment Sale in Oklahoma City
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222 S. Portland Avenue, Oklahoma City, OK
The Price Edwards Retail Investment Team is proud to announce the sale of Ethan Allen in Oklahoma City, Oklahoma. Sunrise Development, LLC purchased the property from Castleberry Inc. for $2,000,000. The retail investment was 13,136 square feet, sold at 100% occupancy.
Paul Ravencraft, Phillip Mazaheri, CCIM and George Williams, CCIM with Price Edwards Retail Investment Team handled both sides of the transaction.
Retail Investment Team - JUST LISTED Olympia Plaza - Retail Investment Property in Oklahoma City
/Olympia Plaza- Retail Investment For Sale
7202-7212 West Hefner Road, Oklahoma City, OK
Property Website
- Asking Price: $2,475,000
- Price Per SF: $71.45
- NOI: $219,373
- CAP: 8.86%
- Building Size: 34,640 SF
- Submarket: Northwest Oklahoma City
Olympia Plaza is anchored by Dynamo Gymnastics and TRU YOU Fitness who occupies 72.5% of the center. The property is 100% leased located near Hefner and Rockwell, a booming retail intersection in northwest Oklahoma City. Olympia Plaza is surround by the following retailers: Crest Foods, MidFirst Bank, Jimmy's Egg, Great Clips, Deaconess Physicians, Walgreens, Subway, Taco Bell and Bank of Oklahoma.
Retail Investment Team Brokers $6,900,000 Sale of Academy Sports & Life Church Big Box Retail Center
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The Price Edwards Retail Investment Team is proud to announce the sale of Academy Sports & Life Church Big Box Retail Center. Ali Ghaniabadi, doing business as Brady's Plaza, LLC, purchased the property from Walker 78 Company, out of state owners from New York City. The center is a 105,920 square foot center sold at 100% occupancy with a stable rent roll.
Academy Sports & Life Church Shopping Center was sold on September 22nd, 2017 to Brady's Properties at a per square foot price of $65.14. The property was recently renovated in 2015 and sold at a 9.16% CAP Rate.
Paul Ravencraft, Phillip Mazaheri, CCIM and George Williams with Price Edwards Retail Investment Team handled both sides of the transaction.
Price Edwards Named Best Commercial Real Estate Firm by Journal Record Reader Rankings
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Price Edwards & Company is proud to have been chosen as the Best Commerical Real Estate Firm, and the Best Commercial Real Estate Leasing Firm by the Journal Record Reader Rankings!
"We're honored for this recognition," says Managing Partner, Ford Price. "Working to provide the best service and value to our clients is the backbone of what we do here, and this is a great compliment to our staff who work so hard." The Journal Record’s Reader Rankings are chosen by Journal Record readers across a wide variety of categories encompassing the areas of construction and design, entertainment, finance/accounting, general business, health care, higher education, hospitality, legal services, real estate and information technology.
Based in Oklahoma City, Price Edwards & Company is the largest commercial real estate firm in Oklahoma and has been serving clients since 1988. PEC also has an office in Tulsa and has expanded In recent years at the request of clients to serve other commercial real estate markets including Texas, Kansas, Missouri, Arkansas, and Mississippi.
The Journal Record published the list of Reader Rankings on August 24th. For the complete list of Reader Rankings, click here.
OKLAHOMA CITY RETAIL PROPERTY MID-YEAR 2017 MARKET TRENDS
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Numbers matter in real estate; this survey is built on the premise that numbers matter. But, in this instance, the numbers do not begin to convey the scale of change in the retail industry nor do they reveal the anxiety that underlies the market.
Overall market vacancy improved during the first six months of the year to 9.8 percent from 10.6 percent at year-end. That implies a relatively healthy and improving market. And there is a lot out there to be pleased about. The general economy is still holding up even with continued low energy prices. There are a lot of tenants expanding; most space that has been vacated to date has been backfilled. The market saw positive absorption of nearly 600,000 square feet. Rents, particularly for new space, are at all time highs. If only we could stop there. The good news has a dark backdrop. Over 5,000 stores closed so far nationally in 2017 and more on the way. Negligible income growth locally. Local tenant struggles. Fierce competition from internet retailers.
So, where does that leave us. Are we in a normal cycle or is it the end of retail as we know it? The truth, as it often does, lies in between. We see three broad influences in the retail market: One, retailers are forgetting how to retail. The best retailers have always been good at staying in contact with their customers. A big part of which is understanding them well enough to know what they want in terms of merchandise and how to best sell it to them. In today’s world of big data, that should be easy enough, but many of the problem retailers have failed their customers. Does anyone think Gordman’s, Radio Shack or Payless has done a good job of this? Two, competition from the internet is real and unremitting – which really means that Amazon is coming for you. But, as we’ve discussed before, this is much more nuanced than internet versus brick & mortar. The two are morphing together…Amazon and other internet retailers are opening brick & mortar stores (and need them to reach more customers and raise margins) while, at the same time, brick & mortar stores are racing to enhance their web presence both in terms of sales and marketing. This dynamic is changing the way people shop. Virtually everyone browses on the internet, regardless of where they end up buying a product. Convenience and price have increased importance; the experience is more important. Three, we are in the middle of a normal real estate cycle. Retail has been growing rapidly since the 2009 – 2010 recession. Rents and occupancies are up and there has been significant new construction. It is time for a correction. A correction always involves store closures and reduced tenant activity; the amount of leveraged buyouts over the last 10 years has exacerbated this problem by limiting retailers margin of error in a downturn.
You add these three major influences together and you can begin to understand the level of disruption we are seeing today. We believe it will most likely take another 2 – 3 years to sort out and somewhat normalize the retail market. In the meantime, the market will be very uneven with some retailers doing well and others struggling or going out of business. Clear winners in the interim will be value-oriented tenants, health/personal fitness tenants, and tenants who figure out how to enhance the shopping experience. Tenants that are expected to struggle include fashion tenants, boutiques, and department stores. Then there will be certain classes of tenants – service & grocery for example – that will see less of an effect from current changes. Here is a look at how we expect a few specific sectors of the market will fare in this environment:
Locals
One group of tenants getting caught in the retail crossfire is local tenants. This group is always prone to greater swings in performance given consumer sentiment, changes in disposable income, etc. All the current bad news (you don’t hear much of the good news) has created an environment where many are being more conservative and shoppers are more value driven. Most local tenants have less flexibility in this environment with staffing, inventory management and marketing. Add higher rents, particularly in infill locations, and many local tenants are getting squeezed.
Rents
Oklahoma City has historically had some of the lower retail rents in the country. That has changed in the last5 to 7 years, particularly with new development, out-parcels in front of big boxes and mixed use developments. Rents for small shop space in these developments range from $25 to $35 per square foot with some rents pushing $40 per square foot. This often prices out local tenants. It also raises the question whether or not national tenants can generate the sales to justify these rents over time. Our sense is that they can but it is probably a pretty thin segment of the market. It will also test our market when some of these spaces come back to the market as second generation space.
Development
Two significant new developments came on line in 2016, The Market at Czech Hall anchored by Ross and Academy and Sooner Rose in Midwest City anchored by Academy and Hobby Lobby. Expect the uncertainty in the market to put most larger development on hold for now. There will continue to be some strip center development and the expansion of existing centers, but limited large-scale construction.
Grocery
Oklahoma City has seen nearly 1.5 million square feet of grocery added in the last three years led by Walmart, but also Aldi, Natural Grocers, and Sprouts. Add four new 90,000 square foot Winco’s to that equation and a new Edmond Crest and that’s a lot of additional grocery square footage. We saw the results of this with Homeland & Buy for Less each closing two stores in 2016. We expect to see fewer new stores this year as the market adjusts but the pressure will be on the weaker chains.
Movies
The movie business is about to change in a big way in Oklahoma City primarily from the change in state statute allowing the sale of liquor in theaters. Warren, who sold their existing Moore theater to Regal, has announced a north Eastern and a Midwest City location. Flix is poised to enter our market. Expect Alamo Draft House or similar concepts to follow. This will put pressure on many of the existing theaters to upgrade. All-in-all, the next few years should be a boon to movie-goers and a source of growth for retail.
Survey Footnote:
Our survey tracks 29.8 million square feet in 255 buildings of over 25,000 square feet and 15.3 million square feet of stand-alone buildings for a total market of 45.1 million square feet.
There continues to be a significant number of smaller strip centers in the market (under 25,000 s.f. in size). We would estimate there are close to 5.7 million square feet of these properties in the market.
Shoppes at Quail Springs progressing in north Oklahoma City→
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News article via The Oklahoman - http://newsok.com/article/5558112
A commercial retail and office project being built at the corner of May Avenue and Memorial Road has a lot going for it, a broker says.
"The best thing about this location is it's right off Memorial and close to Quail Springs," said George Williams, a retail leasing specialist with Price Edwards & Co., the broker for the Shoppes at Quail Springs, 13601 N May Ave.
"The traffic count is really high, and there are a lot of rooftops, both single family and multifamily, and higher-end neighborhoods.
"What retailers want are locations that have high traffic counts and high-density populations with high household incomes. And this location is one of the best locations in the metro."
Phillip Mazaheri, also a Price Edwards & Co. retail specialist, said the project is being developed by his father's company, Mazaheri Properties.
Phillip Mazaheri said his father, Fred, obtained the property 13 years ago, and started the process of building the Shoppes at Quail Springs a couple of years ago.
Even Phillip Mazaheri said he is impressed by the project's visibility, now that it's nearing completion.
"Seeing renderings is one thing," he said. "But once it started to go up, it really came to life. You can see it from across the way, and from the (John Kilpatrick) turnpike. That's pretty exciting."
Phillip Mazaheri said another aspect of the project he believes its customers will love is its landscaping.
"The developer went above and beyond what was required. The tenants will enjoy that as well."
Upstairs, downstairs
An interesting aspect to the Shoppes at Quail Springs is that it is a mix of both retail and, upstairs over much of the project, 23,000 square feet of office space.
While some of that is set aside for use by Mazaheri Properties and a law firm, much of it still remains available for lease.
It offers interesting views of the turnpike and May Avenue corridors, and also will give tenants excellent exposure to passing motorists each day. The upstairs space is accessible using elevators and stairs that can be accessed from entrances nestled between commercial spaces on the project's street level.
On Thursday, the management team at Salata, a restaurant that will open next month in a part of the project that faces May, had to turn away a trio of customers who had just happened to have seen its sign from the street and had hoped to grab a salad for lunch.
Currently, The Ambassador Shop, a men's clothing store, and Salons by JC are the only open commercial businesses in the project. But that is going to begin to change, as Salata and other businesses begin to open there later this year.
Phillip Mazaheri said the developer is pleased with progress of leasing efforts, so far.
"This is a long-term investment for him, he's wanting the best mix possible," he said. "We have gotten plenty of interest on the property."
Other businesses that will be opening soon include a restaurant that will feature a new Japanese food concept, a Vietnamese restaurant, a nail salon, and, if negotiations are successful, a bank.
In all, the Shoppes at Quail Springs offers 50,000 square feet of commercial space at its street level.
Laura Gilliam, a licensed aesthetician, said she moved into a spot inside Salons by JC in May from an Edmond location. Gilliam said Salons by JC is doing very well, with only a few individual salon spaces still available.
She said her clients like the Shoppes of Quail Springs as well, because it isn't hard to get in and out of like some locations are.
"I've been doing this for 17 years," Gilliam said. "This is the happiest I've ever been."
How will increasing interest rates affect different types of Retail Investments?
/On June 14th, the Federal Reserve increased the federal funds rate by another .25%, which will take the prime rate to 4.25%. It is expected by many that a third increase will be approved later this year further impacting investors’ expected investment returns.
Since 2000 in the OKC market, power centers have been considered the most prestigious investment for institutional investors. Offering national or regional credit, long-term leases and well-positioned properties these types of assets were very attractive to large retail investors with a national footprint. These properties were trading in the 5% to 6.5% CAP range only a few years ago. Today, the uncertainty of many big box tenants is affecting the value of these once prestigious investments. Although we have seen new development projects with 10-year leases produce a sales price equating to a going in 7% CAP, the majority of older power centers are now selling for an 8% to 9% CAP. In the past year, with fewer institutional buyers driving prices up, local investors can now potentially acquire properties with more reasonable returns. Another issue for non-institutional buyers to consider is lender requirements for local investors can be more extensive, including requiring reserves for lease transaction costs, costs for downsizing or relocating tenants and other property related capital costs.
One asset type which may not be dramatically affected by increased interest rates is the Single-Tenant NNN corporate leased properties. McDonald’s, Chick-fil-a, Taco Bell, Starbucks, etc. will always be one of the hottest and secured investments for a retail investor. Typically, buyers don’t acquire these properties with high levels of debt, and many times no debt at all. This type of investment attracts higher net worth investors looking to invest their money on long-term leased properties. Given the fact that these assets are typically secure and stable, there will almost certainly be a pool of investors for this asset class.
Small shop retail may be the most affected by rising interest rates. These are properties in the range of 50,000 square feet or below. They bring lower risk since turnover doesn’t cripple the investor with high retrofit costs. Although most buyers looking at these assets are risk averse, spiking interest rates may still be a factor. With the expectation of increased interest rates, we are seeing many long-term investors locking in interest rates for 10 years to pay down the principle as quickly as possible.
Overall, the retail investment market has been active in Oklahoma. Good locations and quality retail centers are in high demand and the expected incremental increase in interest rates will likely not affect investors’ appetite for these assets. Retail owners are stabilizing their power center investments by repositioning some big box tenants into smaller space which is more suitable for their new business model. Buyers that remain active in today’s market by capturing quality retail assets at higher capitalization rates due to less competition from out of state institutional money should see more favorable investment returns compared to the last five to seven years.
Retail Investment Team Brokers Sale of Danforth Plaza for $3,375,000
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Danforth Plaza is a 29,962-square-foot shopping center near the southeast corner of Danforth and Santa Fe. Tenants include Payless Shoe Source, State Farm, Papa Murphy's, At The Beach, Game Stop and H&R Block. The center is shadow-anchored by Super Walmart. The shopping center has been a fixture in the area for many years. The property was sold as is, and above listing price. The shopping currently has a 94% occupancy, and sold at a CAP rate of 8.6%. Phillip Mazaheri, CCIM, Paul Ravencraft, and George Williams of Price Edwards & Company handled the transaction.
PEC's Retail Investment Team Handles $7 Million Edmond Shopping Center Sale
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Edmond University Village, located directly to the west of the Walmart Neighborhood Market on 2nd and Bryant in Edmond, has been purchased for $7,092,000. The property has 33,825 sq ft on 4.9 acres. Edmond University Village was purchased at 100% occupancy. Tenants include Pei Wei, At&T, Cold Stone Creamery, Half Price Books and Mathnasium. Phillip Mazaheri, Paul Ravencraft and George Williams represented the Buyer, and Phillip and George will handle the leasing of the property.
Retail Investment Team Sells Single-Tenant NNN Mimi's Cafe in Oklahoma City, Oklahoma
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Mimi’s Cafe is a triple-net lease tenant in the heart of Oklahoma City’s premier restaurant and retail corridor. Built in 2003, this restaurant has become one of the most popular destinations for restaurant patrons in the Memorial Road corridor hosting large crowds on a regular basis.Mimi’s Cafe is in the midst of a 25-year lease, comprising of 15 years left on the initial term, with options to renew for an additional 10 years. Mimi’s Cafe is a US restaurant chain with 145 locations in 24 states. It is headquartered in Irvine, California. Phillip Mazaheri and Paul Ravencraft, Retail Investment Team Specialists with Price Edwards & Company, handled the transaction.
PEC ANNOUNCES SALE OF CHUCK E. CHEESE AT TOWNESOUTH CENTER
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Price Edwards & Company is pleased to announce the sale of Chuck E. Cheese at Townesouth Center, prime real estate in the heart of South Oklahoma City.
Chuck E. Cheese is located on the southwest corner of the Townesouth Center development on Interstate 240 and South Walker in Oklahoma City, Oklahoma. The 12,267 square foot building has approximately 1.36 acres of land. Townesouth's shadow anchor tenants include Gold's Gym and On the Border. The building was constructed in 2006.
Price: $1,220,000
Improvement SF: 12,267
Land Size: 1.36 +/- acres
Buyer: MVP Investments, LLC
Seller: Oak Tree Capital, LLC
Closing Date: May 22, 2013
Paul Ravencraft and Phillip Mazaheri, Retail Investment Team Specialists with Price Edwards & Company, handled the transaction.
