Tulsa Promenade - CBRE Marketplace
Tulsa Promenade - CBRE Marketplace
Tulsa Promenade - CBRE Marketplace
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<strong>Tulsa</strong> <strong>Promenade</strong><br />
<strong>Tulsa</strong>, OK<br />
:: INVESTMENT PROPERTY<br />
Statistics<br />
Location:<br />
Type:<br />
GLA-Total Mall:<br />
GLA-Offering:<br />
4107 S. Yale Avenue<br />
<strong>Tulsa</strong>, OK 74135<br />
(<strong>Tulsa</strong> County)<br />
Super-Regional Mall<br />
±926,606 SF<br />
±437,725 SF<br />
Site Size:<br />
Total Mall:<br />
Offering:<br />
Parking:<br />
(Total Mall)<br />
±37.2 acres<br />
±24.7 acres<br />
4,230 total<br />
4.57 per 1,000 SF of GLA<br />
Anchor Tenants:<br />
(Offering)<br />
Other Anchor<br />
Tenants (NAP):<br />
Year Built/<br />
Renovated:<br />
No. of Mall<br />
shops:<br />
JCPenney, Hollywood<br />
Theaters<br />
Dillard’s, Macy’s, Sky<br />
Fitness & Wellbeing<br />
1963 / 1986 / 1996<br />
1998 / 1999 / 2005<br />
±110<br />
Occupancy: 92.2%<br />
In-line Sales:<br />
Traffic Counts:<br />
$295 PSF<br />
21,800 on 41st Street<br />
29,100 on Yale Avenue<br />
Market Demographics<br />
5 Miles 10 Miles<br />
2012 Population 254,927 529,695<br />
2012 Households 112,789 215,378<br />
Qualified investors are extended the opportunity to acquire a 100% fee interest<br />
in a portion of <strong>Tulsa</strong> <strong>Promenade</strong>, a 926,606 square foot regional mall located<br />
in <strong>Tulsa</strong>, Oklahoma.<br />
Urban In-fill Location: The <strong>Promenade</strong> is located in the heart of the metro<br />
market, at Yale Avenue and Interstate 44. The center’s three full-line anchors,<br />
Macy’s, Dillard’s and JCPenney, along with Hollywood Theaters and the Sky<br />
Fitness Health Club, make this the center of retail activity in the submarket.<br />
Fortress Property: The property has been expanded numerous times since it<br />
was originally built as an open-air strip center in 1963/1964. Total <strong>Promenade</strong><br />
sales are over $100 million, and the center has over 4.5 million visitors per year.<br />
Tenancy: The total mall is 92.2% occupied, with only 30,000 square feet<br />
vacant. Most of this vacancy is situated in the two two-story throats that lead to<br />
the vacant Mervyn’s and to the Macy’s. The “main street” of the mall between<br />
JCPenney and the Dillard’s has historically been 100% occupied by national<br />
tenants.<br />
Sales: Sales for permanent in-line tenants under 10,000 square feet are $295<br />
per square foot and are up 8% YTD 2012. Occupancy costs as a percentage<br />
of sales (health ratios) average 11.91% for these tenants.<br />
Excellent Physical Condition: The property has been well maintained by one<br />
of the largest REITs in the industry. The property is well lit by sky-lights and has<br />
very little deferred maintenance or immediate capital projects.<br />
If you would like to receive a full offering memorandum on this opportunity<br />
please submit a Confidentiality Agreement or visit the property website:<br />
pital Avg. HH Markets Income | $58,071 National $61,269 Retail Investment Group<br />
www.cbremarketplace.com/tulsapromenade<br />
nta :: Boston :: Charlotte :: Chicago :: Dallas :: Miami :: Newport Beach :: Washington, D.C.<br />
CHICAGO TEAM: George B. Good :: Robert J. Mahoney :: Richard A. Frolik :: Christian E. Williams :: Derrick A. Almassy
<strong>Tulsa</strong> Site Plan <strong>Promenade</strong><br />
<strong>Tulsa</strong>, OK<br />
:: Site plan<br />
The mall is anchored by Dillard’s, Macy’s, JCPenney, Hollywood Theaters, and Sky Fitness & Wellbeing.<br />
Dillard’s and Macy’s own their respective land and buildings. Sky Fitness recently opened in a portion of the<br />
former Mervyn’s anchor, which is also separately owned. The JCPenney anchor (143,312 sf), the 12-screen<br />
Hollywood Theater (58,042 sf), a portion of the 5-level parking garage, and 236,371 sf of in-line shop space<br />
is included in the offering.
<strong>Tulsa</strong> <strong>Promenade</strong><br />
<strong>Tulsa</strong>, OK<br />
:: Aerial view<br />
<strong>Tulsa</strong> CBD<br />
Utica Square<br />
<strong>Tulsa</strong> Hills<br />
Woodland Hills Mall<br />
<strong>Tulsa</strong> <strong>Promenade</strong> is situated in the geographical, transportation, and medical center hub of the <strong>Tulsa</strong> MSA. Just off the<br />
intersection of Yale and Interstate 44, the <strong>Promenade</strong> is four miles south of the Central Business District in the Midtown area.<br />
The location is in the heart of a vibrant retail submarket with the Southroads power center directly across the street on 41st and<br />
Yale. It is also midway between the largest two competitive retail centers in the market, Utica Square and Woodland Hills Mall.<br />
The property is in the middle of the burgeoning regional medical center consisting of the University of Oklahoma’s new medical<br />
school, the St. Francis Hospital campus 2 miles south on Yale, and the St. John’s Medical Center, 3 miles northwest.
<strong>Tulsa</strong> <strong>Promenade</strong><br />
Location Maps<br />
<strong>Tulsa</strong>, OK<br />
:: MARKET OVERVIEW<br />
The <strong>Tulsa</strong> MSA is comprised of seven counties: Creek, Okmulgee, Osage, Pawnee, <strong>Tulsa</strong>, Rogers and Wagoner, whose aggregate<br />
population is estimated to be 951,814, or 25.1% of the population of the state of Oklahoma. Located in the northeastern part of<br />
Oklahoma, this trade area stretches along the Arkansas River. The city of <strong>Tulsa</strong> and <strong>Tulsa</strong> County are in the middle of this MSA and<br />
provide the majority of the shopping, jobs, and medical coverage for this part of the state. While oil and gas has historically been<br />
the prime driver for this economy, the market has diversified into many high-tech industries and higher education with over 33,000<br />
students enrolled in five universities and colleges. Unemployment is coming down monthly in the market with <strong>Tulsa</strong>’s rate standing<br />
at a current 4.9%. The Health Care and Social Assistance sector of the economy is the largest employer, with 13% of the employed<br />
population, and over half of the 30,000+ jobs are within a 5-mile radius of the <strong>Promenade</strong>.<br />
George Good<br />
630.573.7010<br />
george.good@cbre.com<br />
Mike Richwine<br />
630.573.7064<br />
michael.richwine@cbre.com<br />
Chris Cozby<br />
214.979.6579<br />
chris.cozby@cbre.com<br />
Chris Gerard<br />
214.979.6578<br />
chris.gerard@cbre.com<br />
Richard Monaghan<br />
918.665.3830<br />
richard.monaghan@cbreok.com<br />
© 2012 <strong>CBRE</strong>, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates<br />
used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction<br />
the suitability of the property for your needs.<br />
<strong>CBRE</strong> and the <strong>CBRE</strong> logo are service marks of <strong>CBRE</strong>, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective<br />
owners.<br />
Ca<br />
Atla<br />
CHICAGO TEAM: George B. Good :: Robert J. Mahoney :: Richard A. Frolik :: Christian E. Williams :: Derrick A. Almassy
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