A retail center in south Tulsa has been purchased for $9.1 million, according to the locally based commercial real estate company that helped broker the sale.
The Burlington-anchored center is located at 7020-7030 S. Memorial Drive, spans more than 102,000 square feet across two buildings and includes an out parcel occupied by men’s clothing retailer DXL. The property is located just west of Woodland Hills Mall, the city’s largest shopping mall.
Stan Johnson Co.’s Mike Sladich, Jeff Hughes, Maggie Holmes and Michael Watson exclusively represented the seller, a Baltimore-based investor. A private 1031 exchange buyer from San Jose, California, was the buyer.
A 1031 exchange allows an investor to sell one or more appreciated assets and defer the payment of capital gain taxes by acquiring one or more replacement properties.
“This asset had some obstacles to overcome in the sales process, namely the oversized box for the main tenant, Burlington,” Sladich, regional director and partner in Stan Johnson Co.’s Atlanta office, said in a statement. “Burlington has communicated their intent to decrease their average store size and operate in the 25,000-30,000-square-foot range moving forward.
“Because this site featured a larger floor plate commitment of 55,000 square feet, there was little to no interest from institutional investors that typically would have jumped to acquire an asset like this. However, this opened the door for private investors to purchase a well-located, multi-tenant center in the heart of south Tulsa’s retail corridor, and we were able to secure a California exchange buyer who saw the intrinsic value of the shopping center.”