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.