Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The Shops at Moore, a 17,925-square foot power center according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.
Lisa Estrada, Senior Associate in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Fort Worth Texas. The buyer, a limited liability company, was secured by a Broker out of Oklahoma. Lending was provided from First National Bank of Oklahoma.
The subject property is in Moore Oklahoma, and is part of the Greater Oklahoma City MSA. The Shops at Moore benefits from its location adjacent to BestBuy, Hobby Lobby, AT&T, JC Penny, Office Depot, Bed Bath & Beyond, on the southeast corner of 19th street and I-35. The shopping center is 100% occupied, with staggered NNN leases, featuring national and regional credit tenants.
Oklahoma City has a well-established aerospace industry that supports Tinker AFB (27,000) and FAA Mike Monroney Aeronautical Center (4,200). Boeing recently relocated its defense services divisions to OKC bringing 800 new jobs to the city. Other major employers include The University of Oklahoma Norman Campus (11,900), the OU Health Sciences Center (4,200), and the Moore Medical Center which is currently constructing a new state-of-the-art hospital one mile northeast of the Shops at Moore after its previous facility was destroyed in a devastating tornado in 2013.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com