Stan Johnson Company Brokers Sale of Grocery-Anchored Shopping Center in Tulsa, Oklahoma for $17.0 Million

Summit Square in Tulsa, OK

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Summit Square, a 166,552-square-foot shopping center located at 7104 South Sheridan Road in Tulsa, Oklahoma. The center was 96 percent leased at the time of sale and is anchored by a newly renovated Reasor’s grocery store. Margaret Caldwell, Gill Warner and Patrick Kelley of locally based Stan Johnson Company brokered the sale on behalf of the seller. The center was acquired by First National Realty Partners for $17.0 million and is the investment firm’s first acquisition in Oklahoma.

“Summit Square is an awesome investment opportunity for First National Realty Partners given the diversified tenant mix with a newly renovated grocer and good leasing momentum,” said Caldwell, Managing Director and Partner. “The center offers strong returns and fantastic demographics, with a 3-mile population of over 93,000 people and average incomes above $90,000.”

The South Tulsa shopping center offers excellent ingress and egress points and boasts very ample parking for its 25 tenants and available suites. The immediate area has very little grocer competition, and Reasor’s has been a tenant since the center was originally constructed in 1987. Their recently completed multi-million-dollar renovation illustrates the grocery store’s commitment to the center and local neighborhood. Other tenants include junior anchors, Tuesday Morning and American Freight, along with a strategically curated roster of shop tenants including restaurants, medical retailers, service providers and more.

“Summit Square is well-located within the Tulsa market and anchored by Reasor’s, a best-in-class local grocer that was acquired by Brookshire Grocery Company during our negotiations, to further bolster the appeal of the center,” added Kelley, Associate Director.

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About Stan Johnson Company:

Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $40 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services.