Elk Plaza
Retail | 10.00% CAP | 171,212 SqFt
Marketing description
The Dowd Companies is pleased to present the opportunity to acquire the leasehold interest in Elk Plaza, a 164,012 SF neighborhood retail center located along a dominant commercial corridor in Duncan, Oklahoma. Situated under a long-term ground lease with approximately 36 years remaining including options, Elk Plaza is a well-established destination retail asset with strong operational stability and meaningful value preservation. The center also has the room to develop three additional outparcels along the U.S. Highway 81 frontage.
Elk Plaza was developed in phases spanning from 1976 to 2025. The center is currently 98% leased to 24 tenants, anchored by Ace Hardware, Burkes Outlet, Petsense, and Dollar General. Additional notable tenants include Locke Supply Company, T-Mobile, Factory Connection and Burger King. The tenancy is supported by favorable rent escalations, providing predictable NOI growth and a hedge against inflation.
Elk Plaza features a complementary mix of national, regional, and local retailers curated to meet the needs of the surrounding community and significant workforce population. The property is positioned within Duncan’s top-performing retail hub, consistently drawing consumers from a 20+ mile radius and serving as the primary shopping destination for Stephens County and surrounding rural communities.
Strategically located along U.S. Highway 81 (22,800 VPD), the center benefits from exceptional visibility and accessibility. The trade area is supported by 35,734 residents, an average household income of approximately $78,000, and over 10,000 daytime employees, reinforcing sustained tenant demand and long-term performance.
Investment highlights
Institutional-Scale Neighborhood Retail Center: 163,444 SF leasehold retail asset located along a dominant commercial corridor in Duncan, Oklahoma.
Ability to develop three additional outparcels along the U.S. Highway 81 frontage.
Long-Term Ground Lease Structure: Approximately 36 years remaining on the ground lease (including options), providing long-term value preservation and operational stability.
Highly Occupied Asset: 98% leased to 24 tenants, demonstrating strong leasing performance and market relevance.
Strong Anchor Lineup: Anchored by Ace Hardware, Burkes Outlet, Petsense, and Dollar General, driving consistent traffic and daily needs-based demand.
Diverse & Durable Tenant Mix: Complementary blend of national, regional, and local retailers including Locke Supply Company, T-Mobile, Factory Connection and Burger King.
Built-In NOI Growth: Favorable contractual rent escalations across the tenant roster provide predictable income growth and an inflation hedge..
Established Retail Destination: Developed in phases from 1976–2025, Elk Plaza serves as the primary shopping destination for Stephens County and surrounding rural markets.
Prime Highway Location: Positioned along U.S. Highway 81 with 22,800 vehicles per day, offering excellent visibility and access.
Strong Trade Area Fundamentals: Supported by 35,734 residents, ~$78,000 average household income, and 10,000+ daytime employees within the trade area.
Regional Draw: Consistently attracts shoppers from a 20+ mile radius, reinforcing long-term tenant demand and defensive performance.
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