JLL Capital Markets completed the sale of 240 Penn Park in Oklahoma City
News release
27 July 2022
One of the top retail destinations in Oklahoma sells
Your browser doesn't support speech synthesis.
Listen to article •
Read time: 1 sec
DALLAS, July 27, 2022 – JLL Capital Markets announced today it has closed 240 Penn Park, 241,831-square-foot Oklahoma City regional retail center with multi-anchor drawing power that is one of the top retail destinations in Oklahoma.
JLL marketed the property on behalf of the sellers, DRA Advisors and RCG Ventures. Mazaheri Properties acquired the asset.
Completed in 2006, the 99.3-percent-occupied 240 Penn Park is home to a mix of high-performing anchor tenants, including Marshalls, Ross Dress for Less, Michaels, PetSmart, Best Buy and Mardel. Popular tenants such as Saltgrass, Lane Bryant, Five Below, Charleston’s Restaurant and GNC help round out the tenancy and drive additional traffic to the property. The center is one of the top retail destinations in the state.
Situated on 22.21 acres at 1401 SW 74th St., 240 Penn Park is in a dominant retail trade corridor with excellent visibility due to its location along the Southwest Expressway (Interstate 240). The center is positioned eight miles from downtown Oklahoma, which has experienced a 29 percent population growth since 2000 and added 101,000 new residents since 2010. In 2021, more than 202,100 residents with $4.7 billion in buying power lived within a five-mile radius of the center.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Ryan Shore and Chris Gerard and Analysts Greyson Fewin and Pauli Kerr.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring over $36 billion of real estate. The acquisitions include 84 million square feet of industrial, 63 million square feet of office, 83 million square feet of retail and 80,000 multifamily units. As of March 31, 2022, DRA has $12.0 billion in gross assets under management.
About RCG Ventures
RCG Ventures, LLC (“RCG”) is a privately funded real estate investment group that acquires and develops commercial real estate in the Continental United States. The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership.
About Mazaheri Properties
Mazaheri Properties is a leading retail real estate company focused on the acquisition, development, leasing and management of real estate with an emphasis on neighborhood and community shopping centers and medical buildings in Oklahoma.