5-Tenant Retail Strip Center - Owasso, OK

Jones Lang La Salle 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, burgeoning 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. This micro-market is experiencing a boom in development, with new retailers — such as McDonald’s, Smoothie King, Chase Bank, among others — coming to the corridor. 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 is currently under construction and 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).