Shoppes at Quail Springs progressing in north Oklahoma City

News article via The Oklahoman - http://newsok.com/article/5558112

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."

Retail Investment Team Brokers $715,000 Sale in Edmond, Oklahoma

The Price Edwards Retail Investment Team is proud to announce the sale of Fairhill Shopping Center. The center is a 8,800 square foot center sold at 56.82% occupancy.  Fairhill Center was sold two months after signing the listing agreement. Due to the marketing efforts of the Retail Investment Team, the Seller was able to gain $365,000 from purchasing the property 2.5 years ago. 

Fairhill Shopping Center was sold on July 28th, 2017 to ZD Management, LLC at a per square foot price of $81.25. ZD Management is an owner/user who plans to occupy at least 50% of the building.

Price Edwards Retail Investment Team handled both sides of the transaction.  

Price Edwards Retail Investment Team Announces Second Quarter Market Statistics

Retail investment sales were quiet in the second quarter with one big exception, The Outlet Resource Group's $128.6 million purchase of the Outlet Shoppes of Oklahoma City. Re-branded OKC Outlets, the property is a specialty use property that is the only outlet mall in Oklahoma City. TORG plans to make some improvements to the mall and continue to tweak the tenant mix. The only other sale of a greater than 25,000 square foot property in the quarter was the 31,200 square foot, Willow Creek. Otherwise, the uncertainty that characterizes the broader retail economy appears to have also affected investment sales. There remain significantly more buyers in the market than sellers. As part of a countrywide trend, one group of buyers, the larger institutional real estate firms, have generally not bid on the last couple of institutional grade properties in our market, resulting in an at least 100 basis point increase in capitalization rates for class A properties. This trend may open the door for more local and regional investors to buy up in quality. Expect the current turbulence retailers are experiencing to create opportunities for these retail investors.

Retail Investment Team Brokers $1,456,000 Sale of Midwest City Retail Center

The Price Edwards Retail Investment Team is proud to annouce the sale of Village Oak Shopping Center. The center is a 25,983 square foot neighborhood center sold at 84.40% occupancy (no value given to vacancy) with a stable rent roll, including 75% of the tenants in the renewal periods. Village Oak is anchored by Lupe's Restaurant who has been at the center since 2006. 

Village Oak Shopping Center was sold on July 13th, 2017 to Nicholas Investment Company at a per square foot price of $56.04. The property was recently renovated in 2016 and sold at a 9.94% CAP Rate. 

Price Edwards Retail Investment Team handled both sides of the transaction.  

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 $2,175,000 Sale of Edmond Retail Center

The Price Edwards Retail Investment Team was awarded the exclusive listing agreement to represent, Paul Coury, I P PAG 3, LLC in the sale of Willow Creek Shopping Center on February 13th, 2017. The property, located at 350 S. Santa Fe in Edmond, Oklahoma, consists of 31,200 square feet and was 88.46% leased. The property is situated just off the south east corner of Santa Fe and 2nd Street sits on 3.466 acres and was sold for $69.71 per square foot.

The Retail Investment Team blasted the property to its investor list and within just a few days had the property under contract with a local buyer, Saeed Zahrai, under Retail USA, LLC. The property sold for $2,175,000 on May 5th, 2017, just 80 days after listing agreement was signed. The Retail Investment Team consists of Phillip Mazaheri, CCIM, Paul Ravencraft and George Williams, who handled both sides of the transaction.

OKLAHOMA CITY RETAIL PROPERTY 2016 YEAR-END MARKET TRENDS

By most traditional measures – occupancy, rents, lease volume, new construction – the retail market held up pretty well in 2016, probably the best performance of any asset type.   Market vacancy ended the year at 10.6 percent compared to 10.4 percent at mid-year.   Some underlying factors, however, are creating uncertainty and could impact 2017 performance.  Chief among these are continued low energy prices, low income growth (the lowest in the country in the third quarter) and the resultant decline in sales taxes (see the chart on page 4).   For these reasons, we anticipate uneven performance in 2017 with a slight rise in vacancy and relatively flat rents.  Discounters like TJ Maxx, Ross and the various dollar stores have done well the past few years and we expect that to continue.    Restaurant expansion, which has been booming in Oklahoma City and nationally (40 percent of retail growth last year), will likely slow.    The higher end boutique market may see the most headwind.    One unknown that could help our economy and possibly change the market dynamics is President Trump.   It is anticipated that the new administration’s policies will be good for business in general and the oil industry in particular by ushering in reduced regulations and lower taxes.   Whether or not these policies come to pass or give Oklahoma a positive bump in 2017 is unknown.

Development

On the development front, the second half of the year was characterized by the completion or near completion of planned projects:   The Market at Czech Hall is nearing completion of phase one including Academy, Ross & Marshalls (approximately 180,000 square feet); Sooner Rose at Southeast 15th & Sooner with Academy and Hobby Lobby; Shoppes at Quail Springs is nearly complete as well (96,000 square feet); University North Park has added two outbuildings and three stand-alone restaurants; Winco is under construction in Moore and will start construction soon in three other locations; Chisholm Creek added the 76,000 square foot Tract 30, and, a significant number of smaller 10,000 to 20,000 square foot strips have been completed.    Most of these projects come into the market preleased.    In addition to these projects, Lifetime Fitness will be taking the former Macy’s location at Quail Springs Mall and numerous other retailers – Aldi, Homegoods, Mattress Firm, Five Below, among others – remain active.    As noted in our mid-year report, Walmart just opened two new Neighborhood Markets and a Supercenter (part of the 1.2 million square feet they’ve added in the last few years).    

There are a number of planned projects that haven’t broken ground:   Poag’s Bridges at Springcreek in Edmond; the Triangle Expansion by Washington Prime that remains tied up in a lawsuit; the recently announced retail as part of the downtown Strawberry Fields development; Westgate’s expansion south of Interstate 40 and the possible re-configuration of Shields Plaza.   The performance of our economy in the first half of 2017 will go a long way to determining whether these and other smaller planned developments get done.

Grocery

Our grocery market has experience significant change and increased competition over the past five years, trends we see accelerating.    The sizable expansion of Walmart noted above has added nearly 800,000 square feet of just grocery.   Specialty grocers, virtually nonexistent in our market 10 years ago, are now prevalent with Sprouts and Natural Grocers continuing to expand and Trader Joes entering the market albeit with one location.   Aldi has added stores as well.    Winco is poised to add four large stores to this mix; Winco is a strong entry in the market that will compete with Walmart on price.   The recent passage of State Question 792, allowing full-strength beer and wine sales in grocery and convenience stores, will influence the grocery market.   Whether or not it will allow us to attract a national full-scale grocer like Kroger or HEB remains unknown.  The answer may be a few years off as the law does not go into effect until 2018 and is being challenged in court.   But, the net effect of all these influences could very well shake-up the market.   Homeland and Buy For Less have already both closed stores; the response of existing operators bears watching as the competition heats up.

The Internet

In the world of retail, the internet is usually characterized as both the future of retail and the killer of brick and mortar stores.   The reality is much more nuanced.    Currently, internet sales make up about 9 percent of total retail sales; 30 percent of e-commerce sales go to Amazon.   Internet sales continue to grow rapidly; most experts put internet sales at around 20 percent of total sales by 2030.    Here is where it gets murky.   The second largest e-commerce retailer is Walmart, much of which is picked up at their stores.   Approximately half of internet sales are to retailers who have brick and mortar stores.   Retailers are getting very creative at using their stores both to fulfill internet orders and be distribution centers.    Interactive kiosks in stores are becoming more commonplace.   Amazon, of all companies, is opening brick and mortar stores (see the Amazon Go article on page 22).  Walmart is experimenting with small stores that are primarily pick up locations for internet orders, including groceries, that are filled at a nearby Supercenter.   The fact is that brick and mortar and the internet are integrating in ways we wouldn’t have imagined.    Expect this to continue.   Brick and mortar isn’t dying; it is organically changing in response to changing consumer tastes and buying preferences just like it always has.

Survey Footnote:

Our survey tracks 29.4 million square feet in 253 buildings of over 25,000 square feet and 14.8 million square feet of stand-alone buildings for a total market of 44.2 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 5.5 million square feet of these properties in the market.  

Retail Investment Team Brokers Sale of Danforth Plaza for $3,375,000

Danforth Plaza 1.jpg

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.

Big Box or Small Shops - What is the best strategy for shopping center development?

As demographics, consumer spending habits and behaviors change, shopping center owners and developers must reevaluate their strategy when it comes to retail tenants.

In years past developers preferred centers anchored by “big box” retailers.  That strategy worked because big box anchors had strong credit, drove traffic to the center, and added a level of clout.  Often, these anchor tenants were given preferential deals given what they would bring to a development.

Lately we’ve seen a trend where retailers, particularly some of these anchor tenants, are closing underperforming stores, shrinking store footprints, or relocating to more favorable locations. Store closings run the spectrum from department stores and apparel to electronics. Affected retailers include Walmart, Office Depot/Office Max, Macy’s, Sears, and Barnes & Noble to name a few.

Big box retailers pose a challenge as those vacancies are much harder to fill. There are fewer replacement options plus many tenants that remain in the center have co-tenancy provisions which allow tenants certain concessions from the landlord if anchor tenants leave their space.

The benefits of leasing to smaller tenants include the ability to charge higher rental rates and allows for a more diverse tenant mix which can lead to a better overall shopping experience – often a preference for younger consumers. Plus the fast casual restaurant industry, services, and medical tenants are a growth markets which allows for vacancies to be backfilled much faster.

The outlier in this trend may very well be grocery anchored shopping centers which still seem to be in favor, both from the perspective of smaller retailers which see them as a draw and to investors who see them as being more stable.   In our market, with the dominance of Walmart in the grocer sector, there are very few grocery anchored centers compared to other markets.

As the retail market continues to change, retail owners and developers must adapt to find the right balance between big box and small shops in order to withstand the retail market cycle’s next fluctuation.

Farsi, LLC Purchases Retail Center in South Edmond for $2,100,000

Farsi, LLC purchased Boulevard Village located at 3400 S. Boulevard in Edmond, Oklahoma.  The shopping center was approximately 70% leased at the time of closing with a CAP Rate of 7.71% based on existing income and expenses. Boulevard village is located near the south east corner of Boulevard and 33rd Street in Edmond, with McBride Clinic as its anchor tenant. This is a tremendous value-add play and with the Buyer looking for a 1031 Exchange, this off-market property was an ideal replacement. Phillip Mazaheri, CCIM, Paul Ravencraft and George Williams of Price Edwards & Company handled the transaction.

PRICE EDWARDS RELEASES 2016 MID-YEAR RETAIL MARKET SUMMARY

The retail market is better than it seems like it should be. Given the continued layoffs & bankruptcies in the energy market, declining sales tax revenues, and general economic uncertainties, the expectation would be that the Oklahoma economy and the retail market would be in a recession. But, leasing activity, development and interest in our market remain strong. The unemployment rate has ticked up, but only slightly. Sales taxes in the suburbs have, with limited exceptions, continued to rise. Tinker and the aerospace industry are expanding. We are seeing some weakness in the office market, primarily energy related, and we are beginning to see some pockets of inconsistent retail performance, primarily in local tenants. But, overall, the mid-year snapshot of our industry is pretty good.   

Let’s look at the numbers. Mid-year retail vacancy comes in at 10.4 percent which is a full percentage point higher than year-end. On the face it of it, this would be cause for concern. And, no doubt, some of the increase is due to an easing of the market; however, a deeper look into the number reveals that market growth is driving the increase. For a number of years, Oklahoma City has had a shortage of new, well-located retail space; the market is addressing this through expansions of existing centers, new development and re-positioning of centers. This past year, the market added 600,000 square feet of space in the 25,000 square foot plus category that we track.   Market vacancy is just over 8 percent if you add the stand-alone buildings. Several of the new developments are in lease-up stage and are temporarily contributing to the additional vacancy – Quail Springs Shops, the 240 Penn Park addition, Stone Mill in Yukon, Tract 30 at Chisholm Creek, Northeast Town Center, etc. Existing properties that are being renovated and repositioned have also contributed – Bryant Square, Edmond Marketplace, Oak Brook among others. The vacated Macy’s at Quail Springs Mall alone makes up half the increase (more on it later). You can see how market dynamics are at play here; expect to see vacancy fluctuate over the next few years given the development activity in the market.

The question as to whether or not activity stalls in the next couple of years rests with two economic drivers over which we have little control: does the energy market recovery continue?  And, is there a broader national recession?   

Northwest OKC Shopping Center Sold for $3,350,000

Cornerstone Plaza shopping center has sold for $3,350,000.   The property  has 65,748 sq ft on 5.12 acres and is located on the south west corner of N.W. 39th and MacArthur in Oklahoma City.  The property was 90% occupied.  Some of the tenants include Grandy’s, Zam Zam, Rent a Center, City Bites, At the Beach, and Ocean Dental.  Phillip Mazaheri, Paul Ravencraft and George Williams represented the Buyer, and Phillip and George will handle the leasing of the property.  

PEC's Retail Investment Team Handles $7 Million Edmond Shopping Center Sale

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.  

BRICKTOWN LUMBERYARD SOLD FOR $8,000,000

Price Edwards & Company's Retail Investment Team sold the "Lumberyard" property located at 101 SE 4th in Oklahoma City consisting of 5.9 acres in Lower Bricktown.  It sold for $8,000,000 or $31.13/sf. Mazaheri Properties and Champion Hotels & Development purchased the property from the Bill & Patti Smith Family. The land is located just south of Harkins Theatre, between S Walnut and Shields.  Not only will it be the first access point going West and last access point going East on the Boulevard, it will also have 957 ft of frontage on the future road.  There is no master plan at this time and the Buyers plan to hold until future development is planned with the Producers Cooperative Mill to the South. 

Although no concrete plans have been announced, the new owners are excited by the thriving entertainment district and look forward to adding to the mix of attractions in the once nearly vacant area prior to its MAPS transformation.

Phillip Mazaheri, Paul Ravencraft and George Williams with Price Edwards & Company represented the Buyers.  

Retail Investment Team Closes $8,000,000 Bricktown Sale

100 S. Charlie Christian Ave.
Oklahoma City, OK 

Price Edwards and Company's Retail Investment Team sold the property located at 100 S. Charlie Christian, containing 4.6168 acres. The former Body Works site is one of the last large parcels of land located in East Bricktown. The property sold for $8,000,000 which brings the price per square foot to $39.78. The Buyer, Lifestyle Hospitality at Bricktown, LLC, consists of an investment group including Fred Mazaheri with Mazaheri Properties and Champ Patel with Champion Hotels, among others. The Buyers were represented by PEC Retail Investment Team consisting of Phillip Mazaheri, Paul Ravencraft and George Williams. The Seller was PUMPCO, LLC which was represented by Mark Patton of Price Edwards & Company.

PEC Retail Investment Team was hired to find an off market site for a large scale development consisting of a few high-end hotels, multifamily development and a parking structure. It identified the former Body Works site in the spring and the Buyer quickly put the property under contract.

The new owner has hired Rick Brown with RBA architects to handle the design of the development.

Retail Investment Team Sells Single-Tenant NNN Mimi's Cafe in Oklahoma City, Oklahoma

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.

RETAIL INVESTMENT TEAM ANNOUNCES SALE OF BUNKER HILL SHOPPING CENTER

Price Edwards & Company is pleased to announce the sale of Bunker Hill Shopping Center located in Altus, Oklahoma.

Bunker Hill Shopping Center consists of four separate properties. The Shopping Center consists of 63,000 square feet of national tenants such as Maurices, Stage, Sprint, GNC and Payless Shoes, which is 100% leased. The property also includes the former United Supermarket which is 45,600 square feet and a fully furnished free standing office building which was the Corporate Headquarters for the Supermarket consisting of 14,000 square feet. Bunker Hill has also secured a ground lease with 1st National Bank which has been at the location for over 35 years.. Phillip Mazaheri and Paul Ravencraft, Retail Investment Team Specialists with Price Edwards & Company, handled the transaction.

Price:  $3,725,000

Price / SF:  $30.38/sf

Land Size:  11.03 +/- acres

Buyer:  CSCO Partners, LLC

Seller:  Bunker Hill Co

Closing Date:  September 25th, 2014

PRICE EDWARDS' RETAIL INVESTMENT TEAM ANNOUNCES $15,000,000 SALE

PRICE EDWARDS & COMPANY IS PLEASED TO ANNOUNCE THE SALE OF CHASE PLAZA SHOPPING CENTER, PRIME REAL ESTATE IN THE HEART OF THE MEMORIAL CORRIDOR.

Chase Plaza is located in the center of the Memorial Corridor near the north west corner of Portland and Memorial Road in Oklahoma City, Oklahoma.  The 163,311 square foot center has approximately 1,040 feet of frontage on Memorial Road and 925 feet of frontage on north Portland Avenue.  Chase Plaza has a tenant mix of the following: Mercy Health Care, Oklahoma Heart Hospital, A La Mode and Ameribanc. Paul Ravencraft and Phillip Mazaheri, Retail Investment Team Specialists with Price Edwards & Company, handled the transaction.

Price:  $15,000,000

Price / SF:  $91.85

Improvement SF:  163,311

Land Size:  18.87 +/- acres

Buyer:  Chase Plaza, LLC

Seller:  Irmas Rock COD LLC and Gold Rock COD LLC

Closing Date:  April 2nd, 2014

 

PEC RETAIL INVESTMENT TEAM ANNONCES SALE OF POWER ALLEY PARKING GARAGE

Price Edwards & Company is pleased to announce the sale of Power Alley Parking Garage, prime real estate in the heart of Bricktown in Oklahoma City.

The Power Alley Parking Garage consists of 206,598 square feet of office and parking garage structure.  The garage has approximately 550 parking spaces with leases in place with the Hampton Inn & Suites hotel and the Hilton Inn & Homewood Suites, which is currently scheduled to complete construction by January of 2014.  The property was purchased from the developer Power Alley Parking, LLC.  Fred Mazaheri, with Midland Capital LLC, was the buyer of the 8-story office and parking structure.  

Price:  $9,375,000

Parking Spaces:  550

Price / Space:  $17,045

Improvement SF:  206,598

Built:  1999

Buyer:  Midland Capital, LLC

Seller:  Power Alley Parking, LLC

Closing Date:  June 14th, 2013

Paul Ravencraft and Phillilp Mazaheri, Retail Investment Team Specialists with Price Edwards & Company's, handled the transaction.

PEC ANNOUNCES SALE OF CHUCK E. CHEESE AT TOWNESOUTH CENTER

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.