Cooper Brothers Sell 3 Shopping Centers / for $23.6 Million

By Tipton, David | THE JOURNAL RECORD, August 15, 1986 | Go to article overview

Cooper Brothers Sell 3 Shopping Centers / for $23.6 Million


Tipton, David, THE JOURNAL RECORD


Three area shopping centers have been sold for $23.6 million by Cooper Brothers Investment Co. of Oklahoma City and partners , it was announced Thursday.

The three shopping centers - Loehmann's Plaza, Greenway Plaza and Peppertree Square - were sold to Dallas-based Eagle Shopping Centers Inc., said Richard L. Cooper, president of Cooper Brothers.

All three shopping centers were developed by the firm in order to be marketed when the time was right, said Cooper.

"We built the centers with the intention of marketing them at the proper time. Lately, a number of out-of-state developers have expressed an interest in our Oklahoma City properties," said Cooper. "Although the market here is soft, we've continued to operate with the conviction that there are favorable solutions for all real estate conditions."

Cooper added that Eagle Shopping Centers intends to bring retailers to the three shopping centers who have not previously operated in Oklahoma City. However, he is unaware of the names of some of those retailers nor how many Eagle plans to attract to the Oklahoma City market.

All three of the shopping centers are new facilities which Cooper Brothers constructed within the past three years.

When announced in Sept. 1984, Loehmann's Plaza was reported to be a $10 million project. In addition, Peppertree Square was reported as a $4.5 million project when construction began in March 1983,and Greenway Plaza was estimated as a $4 million facility when work started in May 1984.

- Loehmann's Plaza, a 163,000 square foot shopping center, was completed last fall Cooper Brothers Investment Co. and Oklahoma City businessman John Bell. The facility is located on the northwest corner of N. Portland Ave. and Memorial Rd.

Loehmann's Plaza is presently about 40 percent leased, of which Loehmann's and Hobby Lobby are principal anchor tenants.

Under the terms of the sale, Cooper Brothers will retain ownership of the shopping center's three out-parcel lots, which comprise 208,000 square feet of land. The firm has no definite plans at thistime for the development of the three out-parcel lots. …

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