The three way partnership of Bain Capital and 11North Companions has acquired, for about $212 million, a portfolio of three open-air, life-style retail facilities in Oklahoma Metropolis. The strategic partnership was shaped in April 2024 and focuses on buying and working such belongings throughout the U.S. and Canada.
The portfolio includes Nichols Hills Plaza, The Triangle at Classen Curve and Classen Curve, which collectively complete 327,679 sq. toes on nearly 40 acres, with a median occupancy of greater than 97 p.c. All three properties are within the rising, prosperous Nichols Hills submarket.
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The belongings beforehand traded in 2014 for $51.8 million, based on CommercialEdge data. They’re anchored by Entire Meals and Dealer Joe’s and tenanted by greater than 50 unique-to-market retailers, together with Lululemon, Warby Parker, West Elm, Anthropologie, Sephora, and Kendra Scott.
The grocery-anchored properties additionally profit from visitors volumes amounting to 4.3 million guests per yr, in addition to their proximity to town’s two largest non-public employers, Integris Baptist Medical Heart and Chesapeake Vitality Headquarters.
The founding father of each Bain and 11North, Brian Harper, put the acquisition within the context of the resilience that open-air retail facilities have proven throughout a number of financial cycles and their long-term fundamentals.
Oklahoma Metropolis’s retail market nonetheless regular
Oklahoma Metropolis’s retail market within reason regular, as a slight rise in emptiness, to five.6 p.c, appears to be balanced by a rise in leasing exercise, particularly in Class An area, from a mixture of native and new-to-market retailers, based on a first-quarter report from NAI Sullivan Group. The general common rental fee is $15.90 per sq. foot, additionally per NAI Sullivan.
A modest 564,000 sq. toes of retail house (versus a list of about 103 million sq. toes) is beneath building. The most important two properties beneath manner are each in Edmond, and each are delivering this yr.
