Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Summit Square, a 166,552-square-foot shopping center located at 7104 South Sheridan Road in Tulsa, Oklahoma. The center was 96 percent leased at the time of sale and is anchored by a newly renovated Reasor’s grocery store. Margaret Caldwell, Gill Warner and Patrick Kelley of locally based Northmarq brokered the sale on behalf of the seller. The center was acquired by First National Realty Partners for $17.0 million and is the investment firm’s first acquisition in Oklahoma.
“Summit Square is an awesome investment opportunity for First National Realty Partners given the diversified tenant mix with a newly renovated grocer and good leasing momentum,” said Caldwell, Managing Director and Partner. “The center offers strong returns and fantastic demographics, with a 3-mile population of over 93,000 people and average incomes above $90,000.”
The South Tulsa shopping center offers excellent ingress and egress points and boasts very ample parking for its 25 tenants and available suites. The immediate area has very little grocer competition, and Reasor’s has been a tenant since the center was originally constructed in 1987. Their recently completed multi-million-dollar renovation illustrates the grocery store’s commitment to the center and local neighborhood. Other tenants include junior anchors, Tuesday Morning and American Freight, along with a strategically curated roster of shop tenants including restaurants, medical retailers, service providers and more.
“Summit Square is well-located within the Tulsa market and anchored by Reasor’s, a best-in-class local grocer that was acquired by Brookshire Grocery Company during our negotiations, to further bolster the appeal of the center,” added Kelley, Associate Director.