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JP Morgan sells Oklahoma City retail power center


And the trophy goes to ... Allen Gann, an Oklahoma City petroleum engineer and energy and real estate investor — shiny Quail Springs Marketplace, that is. That's how broker Paul Ravencraft of Price Edwards & Co. characterized the nearly 300,000-square ...


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And the trophy goes to ..Allen Gann, an Oklahoma City petroleum engineer and energy and real estate investor — shiny Quail Springs Marketplace, that is. That's how broker Paul Ravencraft of Price Edwards & Cocharacterized the nearly 300,000-square-foot retail power center, which Gann just bought for $43.5 million: a trophy propertyJP Morgan was the seller. The sale price came to $148 per square foot — not a record, but a sign of changing retail investment timesBig institutional investors, Ravencraft said, are turning away, giving private national, regional and local investors a chance to buy big. Price Edwards retail investment team Ravencraft, Phillip Mazaheri and George Williams represented the buyerChicago Title handled the closing and financing was provided by MidFirst Bank. Quail Springs Marketplace, on the southwest corner of Memorial Road and N Pennsylvania Avenue, was offered for sale for at least two years. It and other prime retail properties have been pulled from the market and repackaged at least once amid national retail turbulence, according to Price Edwards' previous reportsTenant Golfsmith's bankruptcy in late 2016 complicated the Quail Springs offering. "While there was significant interest in these properties, many of the institutional buyers who have been active in our market the last several years, who have (driven up prices and) driven down capitalization rates (a way to measure rate of return), were absent from the bidding," Price Edwards said previously"Consequently, if the properties trade, they are expected to trade at a somewhat higher capitalization rate, putting them in play for private national/regional firms as well as local investors." Ravencraft said "a number of institutional investors are leaving the Oklahoma City retail market." Quail Springs Marketplace, 2300 W Memorial Road, last sold for $47.6 million in 2005Tenants include leading retailers Ross, Michaels, Ulta, Golf Galaxy, Akins and Metro Shoe Warehouse. Related to this story Show more 0 $(document).ready(function() { var isBlog = false; try { $.get('//newsok.com/json?method=Search.articles&tags=' + articleSection, function(response) { var data = $.parseJSON(response); //console.dir(data); // now let's make sure current article is not on the list filtered = $.grep(data, function(e) { return e.module_id != '5582447' }); // build the list var totalItems = filtered.length; $.each(filtered, function(index, val){ // console.log(val); var status = index > 2 ? 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Show more try { _402_Show(); } catch(e) { } alert('start 3'); .relative {position:relative;} .gallery-overlay { position:fixed; width:100%; height:100%; top:0; left:0; background:url(//s3.amazonaws.com/content.newsok.com/newsok/images/oklahoman.com/dialog-overlay-bg.png); background:rgba(0,0,0,.7); z-index:49999; } .gallery-frame-nextgen { position:relative; z-index:50002; background:#FFF; } .closeit { display:block; width:28px; height:29px; background:url(//s3.amazonaws.com/content.newsok.com/newsok/images/closeit.png) center top no-repeat; text-indent:-70000px; position:absolute; right:-360px; top:-40px; z-index:50003; } close Your browser does not support iframes. Quail Springs Marketplace, southwest of Memorial Road and N Pennsylvania in Oklahoma City, just sold for $43.5 million to local investor Allen Gann[PHOTO PROVIDED BY PRICE EDWARDS & Co.] Quail Springs Marketplace sold for $43.5 million to local investor Allen Gann[PHOTO PROVIDED BY PRICE EDWARDS & Co.] $(document).ready(function() { setTimeout( function() { initNextGenGallery('0'); }, 4000 ); }); Richard Mize twitter Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate,..read more › .widget.minimal.boxed .selected_options label { display: block; margin: 0; } .widget.minimal.boxed.selected_options input { margin: 0 5px 0 0; float: left; } [onclick]{ cursor:pointer; } .widget.minimal.boxed{ background: #f6f6f6; clear: both; padding: 15px; font-size: 15px; border: 1px solid rgba(0,0,0,.1); overflow: hidden; } .widget.minimal.boxed .hd{ padding-top:0; border-top:none; } .widget.minimal.boxed .icon-envelope{ color:#0099e6; } .widget.minimal.boxed #newsletterWrapper{ padding-bottom:0; } .widget.minimal.boxed #newsletterWrapper input{ vertical-align:middle; } .widget.minimal.boxed .view-sample{ display:inline-block; color:#0099e6 !important; } .widget.minimal.boxed #email { width:65%; } .span8 .widget.minimal.boxed .input-append { width:58%; } .span8 .widget.minimal.boxed #email { width:68%; } /* mobile uses the id gridSystem */ #gridSystem .widget.minimal.boxed{ margin-bottom:10px; padding:8px; } #gridSystem .widget.minimal.boxed .input-append { width:100%; margin-bottom:10px; } #gridSystem .widget.minimal.boxed .input-append .btn{ margin-left:-4px; } #gridSystem .widget.minimal.boxed .hd{ width:95%;padding-bottom: 5px; } Subscribe to NewsOK's Commercial Real Estate Stay up to date with what is happening in Oklahoma City commercial real estate marketDelivered every Tuesday    View sample .thumbnails-a .trc_rbox_header { margin-bottom: 10px; display: block; border-top: 3px solid #CCC; border-bottom: 1px solid #CCC; padding: 10px 0; } .trc_inner_header { font-size: 20px; margin-bottom: 5px; display: block; border-top: 3px solid #CCC; border-bottom: 1px solid #CCC; padding: 10px 0; } #taboola-below-article-hybrid-text-links { margin-bottom: 15px; } #taboola-below-article-hybrid-text-links > div > div > div > div > #rbox-t2m > div > div:nth-child(odd) { background-color: #efefef; } #taboola-below-article-hybrid-text-links > div > div > div > div > #rbox-t2m > div > div.videoCube { padding: 6px 8px; line-height: 20px; font-size: 14px !important; font-family: Georgia; border: none; } window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-a', container: 'taboola-below-article-thumbnails', placement: 'Below Article Thumbnails', target_type: 'mix' }); window._taboola = window._taboola || []; _taboola.push({ mode: 'hybrid-text-links-a', container: 'taboola-below-article-hybrid-text-links', placement: 'Below Article Hybrid Text Links', target_type: 'mix' }); Comments Advertisement

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