The sale of Brixton Square Shopping Center slipped in under the wire as the largest retail center transaction here in 2013, closing on the last day of the year, said broker Ryan McNeill, who handled the deal.
Tracy Williams, co-owner of Edmond's 4 Corners Homes, and Oklahoma City native Trevor McNeill, manager of a Dallas investment partnership, paid $13 million for Brixton Square, on the northwest corner of Northwest Expressway and Rockwell Avenue, said Ryan McNeill, a retail specialist with Newmark Grubb Levy Strange Beffort. The McNeills are brothers.
The buyers purchased the 125,394-square-foot property at 7101 Northwest Expressway with their Turtle Creek Townhomes LLC, doing business as Brixton Square Shopping Center. It was Williams' and Trevor McNeill's first shopping center acquisition in Oklahoma City, Ryan McNeill said.
Financing was with Jason Estes at IBC Bank.
The seller was Tulsa-based GBR Properties, which acquired it in 1992. The sale price was 3 percent less than the $13.4 million that GBR asked in 2011, according to an investment property offering packet online. GBR continues to manage the shopping center.
No institutional buy
The size of the transaction pales compared with some top-end investment sales the past several years, especially purchases since 2007 by Inland American, a Chicago-area real estate investment trust, and affiliates, ranging from $16 to $40 million.
Inland and affiliates set the tone in recent years paying top dollar for Rockwell Plaza, at the southwest corner of Rockwell and Northwest Expressway, 240 Penn Park at Interstate 240 and S Pennsylvania Avenue, Memorial Square at Memorial Road and N Pennsylvania, University North Park at University Town Center in Norman, Silver Springs Pointe near Northwest Expressway and Council Road, and The Shops at Moore at S 19th Street and Interstate 35 in Moore.
But then, in 2009, at the bottom of the Great Recession, there wasn't a single retail property transaction of more than 25,000 square feet in the metro area.
Ryan McNeill put the Brixton Square transaction in context.
“There have been a couple of larger power center sales since 2009 that have really moved the needle based on their individual size and the aggressiveness of their pricing. I refer to these as ‘institutional grade' retail assets,” he said.