Fresh Start in Store for Fading Warr Acres Retail Center
- Jul 27, 2012
A developer is planning to give the nearly vacant West Park Mall in Warr Acres a new lease on life, NewsOK.com reports.
Located at the corner of NW 63 and MacArthur Boulevard, the 124,955-square-foot property was acquired for $2 million by Warr Acres Holdings L.L.C., an investment entity controlled by Jim Tapp. He bought the property from Saul Centers, a REIT affiliated with Bethesda, Md.-based B.F. Saul Co. Mark Inman, a senior vice president and retail specialist with CBRE Group Inc., represented the seller.
Tapp plans to work with the mall’s two tenants and wants to relocate one of them—a Family Dollar Store—within the center. He also hopes to attract a neighborhood grocery store. City officials welcomed the news. Mathew Love, the Warr Acres city attorney, commented that any improvement to the property—whether renovation or a ground-up rebuilding—would be beneficial, whatever the tenant mix may be. However, the potential for increased sales tax revenue would be the biggest plus for the municipality.
Redeveloping West Park Mall would have a positive impact on the northwest Oklahoma City submarket, predicted Jim Parrack, senior vice president of Price Edwards & Co. and a retail specialist. According to a recent Price Edwards report, retail vacancy in the submarket has climbed from 16 percent to 18.4 percent since the first of the year.
In the Oklahoma City metropolitan area, retail vacancy increased by 20 basis points to 9.1 percent in the first quarter, but that still represents a 60 basis-point decline from 9.7 percent in the second quarter of 2011, according to Marcus & Millichap Real Estate Investment Services Inc.
Chart courtesy of: Marcus & Millichap Real Estate Investment Services Inc.