Glimcher Acquires 3 Retail Centers from Chesapeake Energy in $52M Deal
- Apr 04, 2014
Glimcher Realty Trust recently completed the acquisition of three open-air, mixed-use properties in metropolitan Oklahoma City. The Columbus, Ohio-based REIT paid $51.8 million for the properties. Chesapeake Energy Corp. was the seller.
Totaling about 290,000 square feet, the properties are Classen Curve, Nichols Hills Plaza and The Triangle @ Classen Curve. Also included is 12 acres in the upscale neighborhoods of northern Oklahoma City and Nichols Hills. The retail centers are bringing in a combined total of about $500 per square foot and feature the market’s only Anthropologie, lululemon athletica, and Whole Foods.
“Based on early interest, we believe there is an opportunity to create a fully integrated, mixed-use shopping and entertainment district serving the local community as well as the broader Oklahoma City market,” explained Chairman & CEO Michael Glimcher in a statement. “To assist in maintaining the local flavor of the center and ensuring a smooth transition within the market, we are also pleased to announce Tom Blanton, President of Blanton Property Co., will continue to partner with us on leasing and development.”
Chesapeake Energy CEO Doug Lawler commented, “We are pleased to have one of the country’s foremost retail real estate developers next to our campus. Through this sale, Chesapeake continues its strategy of divesting non-core assets to focus on our business of energy exploration and production.”
Photo Courtesy of: Classen Curve via Facebook.com