Newspaper article THE JOURNAL RECORD

Los Angeles Investor Buys Small Tulsa Retail Center

Newspaper article THE JOURNAL RECORD

Los Angeles Investor Buys Small Tulsa Retail Center

Article excerpt

A Los Angeles investor paid $2.7 million for a small shopping center along Tulsa's busy 71st Street retail corridor.

Tulsa County Court records indicate Wembley Associates LLC of Tulsa sold the 7,500-square-foot Wembley Corner at 71st and Mingo to California-based White Horse LLC. That breaks down to $360 per square foot for the 100-percent leased shopping center anchored by Cingular, Mattress King and Nestle Toll House Cafe.

Analyst Darren Currin said this high price reflected a national trend.

"Small centers occupied with good tenants are drawing good prices," said the research director and vice president for OKC Property Research LLC. "The smaller centers just tend to earn more than the larger ones, especially if they're well-located like that. Smaller centers can earn higher rents, which mean higher incomes that can justify higher prices."

Investment Real Estate Associates brokers Warren Berzack and Collin Plume of Encino, Calif., listed the property at $2.85 million. Plume pinned the high sale price on the property's strong return, great location and busy traffic.

"I think that's what everybody wants to own," he said of the 71st Street slot. He recognized that corridor's value after working with Wembley developers Jerry Reeves and Dale A. Williams on a past deal. "I saw the traffic counts, the density. The household income is extraordinary for the Midwest. You can't find those $70,000 average household incomes very often. It's very high."

In 2005, Wembley Associates - managed by Williams, the president of Intervest Management of Tulsa - paid $935,000 to Crescent Oil Co. for that 0.8-acre southwestern corner of 71st and Mingo, just down the street from Woodland Hills Mall, Hobby Lobby, Best Buy, Lowe's, Sam's Club, Target and Tulsa Union High School.

The following year Williams and Reeves oversaw construction of Wembley Corner, now filled by three firms with four years remaining on their triple-net leases. …

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