Competing With National Investors, Oklahoma City Investor Nabs Local Retail Hub
admin / April 2023
Sale/Acquisition of the Year in Oklahoma City
Oklahoma City-based real estate investment firm led a group of buyers behind the acquisition of a sprawling shopping center in a $38 million deal, executing a 1031 exchange and closing on the purchase of the power center within a 45-day window.
The deal closed in mid-July after the buyers reviewed about 40 different properties in which to invest about $30 million in 1031 exchange funds. In competing against national real estate investors and real estate investment trusts, local buyers put down $1 million of hard money on 240 Penn Park before closing on the property within 45 days. This acquisition saved the buyer $4 million in capital gains tax by utilizing the 1031 exchange and keeps an Oklahoma City retail property locally owned.
About the property: The 241,831-square-foot retail center, which was built in 2006, is more than 99% leased to tenants including Marshalls, Ross Dress for Less, Michaels, PetSmart, Best Buy, Saltgrass, Lane Bryant, Five Below, Charleston’s Restaurant and GNC.
Given the “size of the project” and the “speed of the transaction,” this deal represents the importance of retail space on the south side of Oklahoma City, said Eric Long, a research economist with the Greater Oklahoma City Chamber of Commerce.
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