Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a multi-tenant retail center located at 7020-7030 South Memorial Drive in Tulsa, Oklahoma. The Burlington-anchored center totals more than 102,000 square feet across two buildings and includes an outparcel occupied by men’s clothing retailer, DXL. Stan Johnson Company’s Mike Sladich, Jeff Hughes, Maggie Holmes and Michael Watson exclusively represented the seller, a Baltimore, Maryland-based investor. A private 1031 exchange buyer from San Jose, California purchased the asset for $9.1 million.
“This asset had some obstacles to overcome in the sales process, namely the oversized box for the main tenant, Burlington,” said Sladich, Regional Director and Partner in Stan Johnson Company’s Atlanta, Georgia office. “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 floorplate 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.”
The property is located at the intersection of South Memorial Drive and East 71st Street and is adjacent to the more than 1.0-million-square-foot Woodland Hills Mall, which is Tulsa’s highest-volume regional shopping mall anchored by Dillard’s and Macy’s, among others. The retail center benefits from high visibility from more than 80,000 vehicles per day and features signalized access. New retail construction and redevelopment in the surrounding area, along with infrastructure improvements, continue to support a growing residential population with strong household demographics.