Chesapeake Energy Corp.’s Classen Curve and Nichols Hills Plaza shopping centers are under contract to a partnership led by an Ohio-based real estate investment trust, Price Edwards & Co. said in a report.
The shopping centers, which are situated about half a mile apart between N Grand and N Western — and much of the land between the properties — are under contract to a group led by Columbus-based Glimcher Realty Trust, Price Edwards said in a report on the local retail market.
The sale — for an undisclosed price — is still tentative, said Jim Parrack, senior vice president for retail for Price Edwards.
“Hopefully it all happens,” Parrack said. “Glimcher is a good company with good relationships with a lot of great tenants — they could really turn that whole area into something special.”
Neither Glimcher nor Chesapeake Energy would comment on the reported pending sale on Monday.
Records filed with the Oklahoma Secretary of State show the shell companies OKC Glimcher Holdings LLC and OKC Glimcher-Blanton LLC, later changed to the name Curve Triangle Plaza LLC, were incorporated with the state on the same day last October. The shell companies list a corporate services company as the registered agent.
Chesapeake began selling off some of its extensive real estate holdings around its northwest Oklahoma City campus in 2013 after founder Aubrey McClendon left the company.
The company said in a regulatory filing in November that it planned to sell off certain buildings and land in the Oklahoma City area outside of its core campus over the next 12 months, but did not specifically name Classen Curve or Nichols Hills Plaza.
Chesapeake’s recent divestitures include three office buildings at NW 63 and Lake Hefner Parkway, sold to Love’s Travel Stops and Country Stores for $24.25 million in November.
The company sold off more than $89 million in office buildings and other Oklahoma City real estate in 2013 alone, according to a tally of property records.
Glimcher owns, manages and develops shopping centers and malls across the country. The Nichols Hills Plaza and Classen Curve acquisitions would mark the realty trust’s first foray into the Oklahoma City market.
Glimcher was the the majority owner of the Tulsa Promenade shopping center until August, when it offloaded the property for $12.3 million in a short sale. Glimcher and the global real estate investment company Oxford Properties paid $58.3 million for the Tulsa mall in 2006.