Retail Centers of America paid $27.6 million to Kimco Realty for Centennial Plaza, 5801 N May Ave., in a deal handled by CB Richard Ellis. It was more than the seller expected.
Brokers Jason Little and Mark Inman of CB Richard Ellis-Oklahoma worked with Chris Cozby and Chris Gerard of CBRE’s National Retail Investment Group in the sale of the 233,797-square-foot shopping center, which is on 19.9 acres.
The Class A shopping center, built in 1992, is 100 percent occupied with dominant retailers with long-term leases including Home Depot, Best Buy, Gordmans and Guitar Center.
“Home Depot chose Centennial Plaza for its first and only urban location within Oklahoma City, which is indicative of the desirability of the property’s location to national retailers,” Little said.
He said the offering attracted multiple bids.
“Unlike several of the off-market acquisitions of comparable properties over the past several years, this was an example of a competitive process yielding a sales price far in excess of the seller’s expectations, and which served to set a new benchmark for increasingly aggressive valuations for the highest-quality retail assets in the Oklahoma City market,” Little said.
He said interest from national buyers including institutional investors and real estate investment trusts “is evidence that Oklahoma City is as viable a destination for institutional-quality real estate investment capital as there is in the region.”