Auction - Briar Village | $479K NOI | 93% Occupied
STARTING BID $1,250,000 | $479K NOI | 93% Occupied | 146,714 SF | AUCTION JULY 13-15
Marketing description
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Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in Briar Village Shopping Center (the “Property”), a 146,714-square-foot community shopping center located at 9140 E 31st St in Tulsa, Oklahoma.
Briar Village is a well-established community retail center built in 1986 and situated on an expansive 13.05-acre site along East 31st Street, benefiting from excellent visibility and accessibility along a high-traffic corridor with more than 20,000 vehicles per day — further enhanced by prominent pylon signage that provides exceptional exposure to passing traffic. The Property is embedded within one of Tulsa’s most densely populated trade areas, supported by a robust residential base of over 250,000 residents within a 5-mile radius, providing a deep and consistent consumer pool for its diverse tenant roster.
The Property is anchored by 10 Gym and Eco Thrift, both long-standing tenants of over a decade who recently executed 10-year lease renewals through 2036, underscoring their sustained success and long-term commitment to the Property. Together, these two anchor tenants represent over 36% of total GLA and generate a combined $358,000+ in secured annual base rent through the end of the decade, establishing a reliable income foundation that buyers can underwrite with confidence from day one.
Briar Village is 93% occupied across 23 suites, home to a diverse mix of service, food, fitness, religious, wholesale, and personal care tenants — an inherently e-commerce-resistant roster that drives consistent, everyday foot traffic. In-place rents average just $6.03/SF across the center, representing one of the most compelling rent-to-market spreads available in the market and a clear runway to meaningful NOI growth as leases roll to current market rates in the coming years. Combined with the remaining vacant suites offering immediate leasing upside, Briar Village presents investors with a compelling blend of stabilized in-place income and actionable value-add potential — all anchored by a strong physical footprint in one of Tulsa’s most demand-driven infill corridors.
Investment highlights
- STARTING BID $1,250,000 | Briar Village Shopping Center | $479K NOI | 93% Occupied | 146,714 SF | AUCTION JULY 13-15
- ±146,714 SF community shopping center on ±13.05 acres in the Tulsa MSA, with strong visibility along high traffic corridor (±20K VPD).
- 93% occupied with 23 suites, offering diversified cash flow from a broad mix of fitness, thrift, restaurant, retail, and service-oriented tenants.
- Long-term anchor stability from 10 Gym and Eco Thrift, which recently executed 10-year leases through 2036 and together occupy more than 36% of the center’s GLA.
- Three large-format tenants occupy more than 51% of GLA, providing scale and income stability while smaller inline suites create mark-to-market upside.
- Below-market in-place rents create value-add upside, with average in-place rent of only $6.03/SF across the center and near-term rollover that may allow a buyer to push rents toward market.
- Immediate lease-up opportunity from approximately 10,835 SF of vacant space, including an 8,300 SF junior-anchor vacancy that could materially increase NOI upon stabilization.
- Dense infill Tulsa trade area supported by over 101,000 residents within 3 miles and approximately 569,000 residents within 10 miles, with nearby apartments, national retailers, and daily-needs traffic drivers.
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