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Glimcher Closes on $51.8M Acquisition of OKC Retail Portfolio

Chesapeake Sells 290,000 SF of Open Air Properties, 12 Acres in Northern Neighborhoods
March 3, 2014
Glimcher Realty Trust (NYSE: GRT) has closed on its acquisition of three shopping centers in Oklahoma City for $51.8 million. Chesapeake Land Development Company sold the Classen Curve, Nichols Hills Plaza, and The Triangle at Classen Curve, in addition to 12 acres of vacant land.

The three mixed-use, open-air retail centers total approximately 290,000 square feet in the upscale northern Oklahoma City and Nichols Hills neighborhoods, adjacent to Chesapeake Energy's corporate campus.

At the time of sale the centers were performing near $500 per square foot in sales, and together feature the market's only Anthropologie, lululemon Athletica, and Whole Foods, as well as numerous local and regional retailers and restaurants.

"We are pleased to have one of the country’s foremost retail real estate developers next to our campus," said Doug Lawler, Chesapeake’s chief executive officer. "Through this sale, Chesapeake continues its strategy of divesting non-core assets to focus on our business of energy exploration and production."

GRT will develop the vacant land, and is expected to fund the acquisition primarily with cash on hand. The national retail REIT currently owns material interest in 29 retail centers totaling 19.6 million square feet. It has retained Tom Blanton, president of Blanton Property Co. to continue leasing and development of the three newly-acquired centers.

"Based on early interest, we believe there is an opportunity to create a fully integrated, mixed-use shopping and entertainment district serving the local community as well as the broader Oklahoma City market," said Michael P. Glimcher, chairman of the board and CEO, Glimcher.

Please see CoStar COMPS #2973018 for additional information on this transaction.

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