Chesapeake purchased Nichols Hills Plaza in 2006 for $27.5 million and spent an undisclosed sum acquiring the real estate for and developing Classen Curve and the Triangle @ Classen Curve.
Numerous tenants have vacated the southern portion of Nichols Hills Plaza in recent years, including Nichols Hills Drug and Crescent Market, siphoning off critical sales tax revenue from the City of Nichols Hills. Much of the southern part of the Plaza lies vacant after Chesapeake abandoned plans to develop a company-owned grocery store there.
Nichols Hills city officials have not been told details of the pending sale, but are eager to see new life breathed into the Plaza shopping center, Nichols Hills Mayor Steven Goetzinger said when told of the pending sale.
“Based upon what you’ve told me, I am delighted that this group is the buyer,” Goetzinger said.
“Judging from what you’ve told me the website says, it appears that they will be a perfect candidate to carry on the vision created by G.A. Nichols in 1929 — that vision contemplated a shopping center that served not only Nichols Hills but Oklahoma City at large,” said Goetzinger.
Gordon Pennoyer, a spokesman for Chesapeake, declined to comment on the pending sale.
Under new leadership, the company has been selling off much of the ancillary real estate that it owns around its campus in northwest Oklahoma City, frequently at a loss.
In January, Chesapeake also sold the Chase Bank building just north of the Classen Curve at 1200 NW 63rd for $3.95 million to the shell company 63 Grand LLC. Chesapeake purchased the five-story bank building in 2008 for $5.1 million.
Chesapeake has sold off about $93 million in office buildings and other Oklahoma City real estate since January 2013, according to a tally of property records.
The pending Glimcher sales would bring that tally to more than $144 million.
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With the markets of only Whole Foods, Anthropologie and Lululemon already in place, we see an opportunity to create a fully integrated shopping and entertainment district that would not only serve the immediate trade area but all of Oklahoma City.”
Glimcher Chairman and CEO