Listed by Wiggin Properties LLC, Wiggin Properties LLC Corporate
$14,900,000
Garrett Creek Shopping Center
Details
APN 9834-14-09-24230
Property Type Retail
Sub Type Shopping Center, Grocery Store
Square Footage 104,081
Cap Rate 6.98%
NOI $1,040,300
Occupancy 98.16%
Tenancy Multi
Price per SqFt $143
Year Built 2008
Buildings 2
Acreage 13.810
Parking Spaces 605 spaces
Parking Per SqFt 5.81
Investment Type Stabilized
Retail | 6.98% CAP | 104,081 SqFt
Marketing description
Garrett Creek Shopping Center is a 104,081 square foot grocery anchored center. Originally built in 2007, the center is strategically located along Highway 169 and Highway 20 to serve the Owasso, Collinsville, Oologah and Claremore communities. The center, which is 98% leased is anchored by Reasor's with a 79,216 square foot grocery store. The remaining center is comprised of small shop medical, retail and restaurant users ranging in size from 1,250 square feet to 4,955 square feet. With limited in-line retail space in the submarket coupled with the continued housing growth, Garrett Creek Shopping Center is a stable investment offering with upside in rents from the small shop tenants.
Investment highlights
- Reasor's, an owned subsidary of Brookshire , operates 18 locations throughout NE Oklahoma and their lease is guaranteed by Associated Wholesale Grocers.
- Reasor's has positive sales trends at this location with a low rent-to-sales ratio.
- Diverse Tenant Mix: Garrett Creek Shopping Center has a diverse and stable tenant mix adverse to replacement with on-line shopping
- Upside Potential: The average rent for the small shop space is below market. the majority of the small shop leases have scheduled rent increases during their primary term.
- The property has been well maintained with little to no deferred maintenance. The roof to Reasor's was replaced in 2018
- Growth Area: The submarket is continuing to experience strong residential growth with the addition of 1,000 to 1,200 residents annually. The growth is evidenced in the new residential subdivisions to the north and east of Garrett Creek and the recent addition of two schools, Rejoice Christian School and Morrow Elementary adding more than 1,100 students to the immediate area.
Listing Contacts
Listed by Wiggin Properties LLC, Wiggin Properties LLC Corporate
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$1,040,300.00
$86,691.67/mo
Valuation Metrics
0
DSCR
6.98%
Cap Rate
6.98%
ROI
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