Inland American Real Estate Trust, Inc. has acquired its sixth retail property in Oklahoma City, the 254,690-square-foot Rockwell Plaza, the Chicago-based REIT announced Jan. 9. According to The Oklahoman, Rockwell Plaza fetched $31 million for an affiliate of Rockwell Acquisitions Inc. as part of a two-property transaction.
Located at the intersection of Northwest Expressway and Rockwell Avenue, Rockwell Plaza has more than 40 tenants, including Ross Dress for Less, Jo-Ann Fabrics and Crafts, PetSmart, K&G Men’s Warehouse, RadioShack, Rue21, GameStop, Dots and Dollar Tree. A nearby Target shadow-anchors the center.
“Rockwell Plaza in Oklahoma City offers many attractive features that played a key role in our interest in the property. First, the center’s location at the intersection of Northwest Expressway and Rockwell Avenue allows for exposure to more than 66,000 vehicles daily,” Jeff Manno, vice president of acquisitions for Inland American, told CPE. “In addition, approximately 161,000 residents live within a five-mile radius and over 500,000 consumers live within a 20-minute drive of the center, making the buying power in the region exceptional.”
Inland American purchased Rockwell Plaza as part of a $94.7 million deal that also included Stone Ridge Market, a 218,436-square-foot shopping center located in San Antonio. CPE’s Keith Loria has more on this story here.
“These properties are a terrific addition to our retail portfolio and match our long-term strategy of investing in multi-tenant, necessity-based retail properties,” Manno said. “Both assets are dominant retail properties in their areas, with diverse tenant mixes and strong demographics to position them for future growth.”
Elsewhere in the Oklahoma City market, Inland American owns 240 Penn Park, Memorial Square, University North Park, Silver Springs Pointe, and The Shops at Moore. CPE’s Barbra Murray reported on the acquisition of The Shops at Moore on Dec. 28.