Riverwalk Centre Sold for $5,150,000 - Retail Investment Team Handled Both Sides of the Transaction

Article via The Journal Record by Molly Fleming - http://journalrecord.com/2018/08/03/riverwalk-centre-sold-for-5-15-million/

MOORE – A shopping center in a popular area has traded hands and will soon have a new tenant.

Dallas-area-based Riverwalk Centre LLC, led by Tommy Dreiling and his business partner Todd Rouse, purchased the 78,127-square-foot Riverwalk Centre, 2712 S. Telephone Rd. in Moore, for $5.15 million, or $65 per square foot.

This is the group’s first purchase in Oklahoma, though Dreiling has been in real estate development for more than 20 years.

Price Edwards & Co.’s Retail Investment Team handled the transaction. Paul Ravencraft, Phillip Mazaheri, and George Williams make up the team.

Ravencraft said the center had gone through a foreclosure. Price Edwards listed it in September 2017, and the sale closed July 12. He said the team received about 10 offers on the property, with people interested inside and outside the state.

The center is anchored by the vacant 60,000-square-foot Gordmans space. Gordmans declared bankruptcy in March 2017 and closed all its stores. Having this large space could have made the sale a challenge, Ravencraft said.

“The market for a buyer with a 60,000-square-foot anchor space was pretty tough,” he said. “The difficult thing is that just about every big-box tenant was already there. There wasn’t a lot to pick from.”

But there’s not an Urban Air multi-entertainment center, which is what Dreiling will bring to the center. He’s a franchisee for the concept. He’ll be putting the Urban Air into the former Gordmans space. It will be one of the largest Urban Airs in the country, he said.

Since Dreiling had the entertainment venue in his pocket, buying the center was a win-win. He said the Urban Air will offer more than trampolines. It will have go-carts, laser tag, bumper cars, a sky ride where children can get harnessed from the ceiling, and warrior courses, like seen on the television show American Ninja Warrior.

“This is a trampoline park on steroids,” he said.

Dreiling said he expects to revitalize the entire center, especially when the anchor Urban Air opens. He said he hopes to have it open by Thanksgiving, but realistically it will be by year’s end.

He said the Moore area is attractive because of the growth in the school district and the surrounding homes’ median incomes.

“We like the possibilities,” he said. “We feel like the Moore City Council and Moore as a whole are very economic-development friendly. They have been one of the most helpful cities so far. These guys really want us there.”

Dreiling is planning to put another Urban Air in Oklahoma City and has the franchise rights to a site in Columbia, South Carolina, and Southern California.