Tulsa Grocery-Anchored Retail Center for Sale

Wednesday, May 24, 2017

Update:  This property is no longer available. Click here to view our current commercial real estate investment offerings.

Holliday Fenoglio Fowler, L.P. (HFF) is marketing for sale Eton Square Shopping Center, a 208,188-square-foot, grocery-anchored neighborhood retail center in Tulsa, Oklahoma. Consisting of four buildings, the real estate investment sale listing is an exceptional value-add opportunity that is currently 57.8 percent leased to 15 tenants.

Ownership recently executed a brand new 15-year lease with ALDI Food Market, a leading discount grocery chain, and GSA (IRS), making Eton Square Shopping Center (Eton Square) an excellent opportunity to acquire a grocery-anchored neighborhood center with recently completed long-term anchor leases. The addition of ALDI as an anchor at the property provides a highly-desired grocery-anchored component that will help to increase customer traffic and ignite potential tenant interest for in-line space. Furthermore, the property is currently in lease negotiations with a 9,100-square-foot junior anchor tenant that will increase occupancy to 62.2 percent. New ownership will benefit from a diversified cash flow through in-place tenancy while capturing upside through an aggressive leasing program for vacant in-line shop space and the potential development of a pad site.

Situated on 23.29 acres at 8221, 8321 and 8421 East 1st Street, the property is strategically located at the northeast corner of East 61st Street and South Memorial Drive, a signalized intersection that sees more than 73,800 cars per day. South Memorial Drive is one of busiest thoroughfares in the city of Tulsa and serves as the main north-south artery in the South Central commercial submarket. Additionally, the retail center for sale is situated on the “going-home” side of East 61st Street only a mile and a half west of U.S. Highway 64, one Tulsa’s busiest highways with more 127,000 vehicles a day.

Eton Square’s trade area includes an estimated population of 254,000 people earning an average household income of $78,600 within a five-mile radius of the property. There are an estimated 106,000 households in the area consisting of a high concentration of well-established single-family and multi-family residencies in one of the premiere public school systems in the state of Oklahoma, making the South Central submarket one of the most desirable in the city.

Retail Center for Sale Investment Highlights

  • High Visibility and Ease of Access:  Eton Square Shopping Center is conveniently located less than one and half miles from an interchange with U.S. Highway 64, and the property sits in a significant residential area on the “going-home” side of East 61st Street, making it easy for customers to shop on their way home. Eton Square benefits from two driveway access points on East 61st Street and one access point along South Memorial Drive.
  • Healthy Demographics and Residential Concentration:  An estimated 254,000 residents and 106,000 households are located within a five-mile radius of Eton Square Shopping Center. Additionally, household income within a five-mile radius is more than $78,000, 60 percent higher than the Oklahoma average and 46 percent higher than the national average.
  • Value-Add Through Lease-Up:  The retail property for sale presents an excellent opportunity to capitalize on robust leasing momentum in a strong retail and office trade area. Eton Square is currently 57.8 percent leased with 87,861 square feet of vacant space available. At this level of occupancy, incremental leasing success will significantly impact returns. The center has recently secured two new anchor tenants in ALDI and the GSA (IRS) and is currently in lease negotiations with a 9,100-square-foot junior anchor tenant that will increase occupancy to 62.2 percent. This provides security of income while a new owner implements an aggressive leasing program.
  • Diversified In-Place Cash Flow:  The in-place tenancy at Eton Square is well diversified with tenants in education, entertainment, fast casual dining, government employment, grocery, health and wellness, pet supplies and other service uses. No one segment accounts for more than 23 percent of net rentable area, and no one tenant accounts for more than 18 percent of gross potential revenue.

Investors may submit offers on Eton Square Shopping Center through TenX’s website. For more information on this commercial property for sale or other retail properties for sale in the Denver area, please contact Jules Sherwood in HFF’s Denver office. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.

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