At the top end, Chicago-based Inland paid a premium for Silver Springs Pointe in northwest Oklahoma City, $16 million, or $177.16 per square foot; and University North Park in Norman, $32.5 million, or $181.67 per square foot. At the low end was the sale of Heritage Park Mall in Midwest City for $1.3 million, or $6.10 per square foot.
Needed: More improvement in capital markets and the economy in general, and some let up in economic uncertainty.
Don't get in any hurry on that last one, thanks to the pall cast Friday by the Bureau of Labor Statistics. National unemployment ticked up to 9.2 percent on an unexpectedly low 18,000 net new payroll jobs created in June, well below the consensus forecast of 125,000. (On the Oklahoma hand, unemployment in Oklahoma City is a comparatively gasp-free 5.3 percent).
“Equity is in the market, we are seeing more offers on deals, and more inquiries,” Price Edwards said. “The investment sales market isn't back, but recovery is under way.”
Onward and upward. One and a half steps forward, one step back.