OKLAHOMA CITY-In a $5.5-million, off-market pickup, a local developer has pocketed the deed to a 71,921-sf piece of fully leased abutting retail to its one-year-old shopping center on the periphery of Quail Springs Mall.
JAH Realty LP has acquired the 55,000-sf Hobby Lobby at 2201 NW 138th St. and abutting 16,921-sf Pinnacle Fitness. To the passerby, the two buildings appeared to be part of JAH's Plaza at Quail Springs and now they officially are, company president Jeff Norman says. He tells GlobeSt.com that JAH designed its 3.5-acre center to match the existing structures for continuity and the possibility of eventually buying the 4.67-acre neighbor, which was developed nearly 10 years ago.
Norman says talks have been ongoing with Thomas Freeman, general partner of the local investment group, Quail North LP, since he bought the land for Plaza at Quail Springs. "I convinced him it was a good opportunity for both of us," Norman says.
The 32,080-sf Plaza at Quail Springs is 85% leased, its newest addition holds two nine-year tenants tied to their buildings for the long term, according to Norman. "It's an outstanding location within the critical mass of Oklahoma City retail," he says. "It fits into our acquisition strategy, which is to buy into value-add opportunities at superior locations." JAH also owns the Pier 1-anchored, 26,522-sf Quail Springs Village at 13801 N. Pennsylvania Ave.
JAH's 17-property portfolio includes another Hobby Lobby-anchored center at a four-corner retail intersection at Northwestern Expressway and North Rockwell. "We like Hobby Lobby as a tenant and as a company," Norman explains. "It's a local company and we know and understand their business."
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