5-Tenant Retail Strip Center - Owasso, OK_Property for Sale
5-Tenant Retail Strip Center - Owasso, OK_Property for Sale
11340 E 96th St N suite 300, Owasso, OK, 74055, US

5-Tenant Retail Strip Center - Owasso, OK

Asset Description

Jones Lang LaSalle Americas, Inc.(“JLL”) is pleased to present for sale the five-tenant retail strip center (the “Property” or “Asset”) located at the intersection of 11340 East 96th Street North in Owasso, OK. The 10,443 SF building was newly built in 2023 and is 100% occupied by Cava, Supplement Superstores, Floyd’s Barbershop, Pei Wei, and ULUX Nail Spa with a weighted average lease term of 9.1 years. All five current tenants are on net leases with attractive 10% rental increases in the primary term and renewal options. This is a rare opportunity to acquire a multi-tenant asset in a premium trade area at a highly attractive yield.


The Property is situated in Owasso, a suburb of the Tulsa MSA that is only a 20-minute drive from downtown Tulsa. With excellent visibility and frontage along North Garnett Road and East 9th Street North (41,000 VPD), this property benefits from being located on a highly trafficked retail corridor that features national retailers and the Owasso Market, which is ranked in the 96th percentile of shopping center in the nation, per Placer.ai. The Property boasts favorable surrounding demographics with the average household income at $105,000 within a 5-mile radius of the Property and 32% population growth since 2010 within a 1-mile radius. The Property is adjacent to the Silo Farm development, a $25 million residential development that will bring 62 new homes to the region. The Asset is less than a 5-minute drive from the Ascension St. John Hospital, a 40-bed hospital system that received a 5-Star patient satisfaction award in overall hospital rating, which is in the top 10% nationally (Centers for Medicare & Medicaid Services).

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Attributes

Building area net
970 m²
Year built
2023
Land area gross
0.87 ha
WAULT
9.1 years
NOI
€384,000
Asking price
€6,141,000
Cap rate
6.25%

Media

Investment Highlights

  • Proximate TO ASCENSION ST. John Hospital 
  • Suburb Of The Tulsa Metropolitan Area 
  • 9.1 Weighted Average Lease Term 
  • 100% Occupancy At The Property 
  • Best-in-class New Construction
  • 32% Population Growth Since 2010 Within A 1-miles 
  • $105k Average Household Income 
  • Attractive 10% Rent Bumps Every 5-years 
  • Adjacent Walmart – 81st Percentile In The Nation For Visits Annually 
  • ~41,000 Vehicles Per Day  
5-Tenant Retail Strip Center - Owasso, OK 4_Property for Sale

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5-Tenant Retail Strip Center - Owasso, OK (0 Properties)

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Last updated
12 Nov 2024