Glimcher Realty Trust, one of the country’s premier retail REITs, announced it has completed its acquisition of approximately 290,000 square feet of open-air, mixed-use properties in the Oklahoma City market for $51.8 million.
The purchase includes three retail properties, Classen Curve, Nichols Hills Plaza and The Triangle at Classen Curve, as well as approximately 12 acres of additional land in the upscale northern Oklahoma City and Nichols Hills neighborhoods. Combined, the centers are performing near $500 per square foot and feature the market's only Anthropologie, lululemon athletica, and Whole Foods, as well as other popular local and regional retailers and restaurants.
“Based on early interest, we believe there is an opportunity to create a fully integrated, mixed-use shopping and entertainment district serving the local community as well as the broader Oklahoma City market,” said Michael P. Glimcher, Chairman of the Board and CEO.
“To assist in maintaining the local flavor of the center and ensuring a smooth transition within the market, we are also pleased to announce Tom Blanton, President of Blanton Property Co., will continue to partner with us on leasing and development.”
Together, Classen Curve and Nichols Hills Plaza currently provide convenient upscale shopping and restaurants to residents of Nichols Hills, northern Oklahoma City and the adjacent corporate campus for Chesapeake Energy.
“We are pleased to have one of the country’s foremost retail real estate developers next to our campus,” said Doug Lawler, Chesapeake’s Chief Executive Officer. “Through this sale, Chesapeake continues its strategy of divesting non-core assets to focus on our business of energy exploration and production.”
About Glimcher Realty Trust
Glimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of retail properties, which includes open-air centers, enclosed regional malls and outlet centers. Glimcher owns material interests in and manages 29 retail properties with gross leasable area totaling approximately 19.6 million square feet.