Two real estate investors have purchased a major Oklahoma City outlet mall from the mall's developers to the tune of $130 million. The developers indicated they sold so that they could invest in developing other projects in other parts of the country.
For their part, the buyers think the outlet mall represents an important opportunity for growth. Through a representative, the buyers noted that the outlet mall has a good corner on the market in Oklahoma City and they were also impressed with the area's promising demographics. Specifically, the new owners are hoping to develop the stores to attract a lucrative market of Millennial shoppers who are educated and make decent wages.
There are currently 90 outlet stores in the outdoor mall, including big names like Ralph Lauren and Nike. The new owners have already chosen a property management company to handle the operations of the mall, which the owners hope to re-vamp somewhat to increase growth and sales.
Of course, not everyone in Oklahoma is going to be involved in $130 million commercial real estate transactions. However, the sale shows that the real estate market both in Oklahoma City and throughout the state has a host of opportunities for investors and business owners looking for a place to land.
However, commercial transactions can be complicated legal matters, so it may be helpful to get the assistance of a law office located near Oklahoma City but which has a statewide presence and even represents people from outside the state of Oklahoma.
Source: The Oklahoman, "The Outlet Shoppes at Oklahoma City sells for $130 million," Jack Money, May 2, 2017.