Glimcher Realty Trust, the Ohio-based company that purchased the Nichols Hills Plaza, Classen Curve and Triangle at Classen Curve plans to develop 12 acres of vacant land that connects the shopping centers, but plans are still in flux with no firm timeline, a Glimcher executive said Tuesday.
Speaking at the International Council of Shopping Centers Oklahoma Idea Exchange at the Skirvin Hilton Hotel, Joshua Lindimore, vice president for leasing for Glimcher, also said the business still was working on securing a lease to fill the Crescent Market storefront that has been vacant since 2012 at Nichols Hills Plaza.
“We are still in talks with several different people and are working diligently to fill that space up,” Lindimore said.
In an earnings call with analysts in July, Glimcher CEO Michael Glimcher said that the company would eventually look to develop its Oklahoma City shopping centers into some type of mixed-use project.
However, right now the company is focused on selling off from $200 million to $300 million in other real estate in its portfolio, before reinvesting the proceeds into other assets.
“What we’re probably doing with Oklahoma City is mixed use,” Glimcher said during the call. “So I think there’s enough opportunity out there to satisfy our appetite but right now, head down, we’re really focused on getting through this disposition process and we’ve got some great opportunities to invest back in the core and upgrading existing assets.”
Since purchasing the Nichols Hills Plaza, Classen Curve and Triangle at Classen Curve shopping centers four months ago from Chesapeake Energy, Glimcher has focused on filling vacant storefronts in the centers, with recent announcements of Aveda, jeweler Kendra Scott, and Texas-based clothing boutique The Impeccable Pig, among others.
The recent opening of West Elm at the Triangle at Classen Curve was one of the retailer’s top-performing store openings, Lindimore said.
“Already in the four months that we’ve purchased the property, we’ve done a significant amount of leasing, and that will continue,” Lindimore said.
Glimcher purchased the shopping centers in a joint venture with Oklahoma City’s Blanton Property Co. for $51.8 million in March.
The company saw the shopping center purchase as a way to tap into Oklahoma’s most affluent neighborhoods, Lindimore said.
“With Classen Curve, the Triangle and Nichols Hills, what we saw is three separate centers all within the same footprint, the same market area, all bringing something different to the market,” he said.
The company could eventually look to develop housing or office space on the site, Lindimore said.
Since acquiring the properties, Glimcher has been trying to organize more family friendly events at the centers, Lindimore said.
“One of the things we really do is try to create a sense of place and that’s somewhat lacking there now,” Lindimore said.
“You are fighting to stay relevant. You have to stay fresh.”