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EDMOND, OK-A Boulder, CO, company is trying to branch out its current portfolio and has purchased a $7.2 million asset in Edmond, OK.

Income Property Specialists bought Edmond Plaza Shopping Center. It plans to revitalize the center over the next few years through major capital improvements to the building’s exterior and parking areas, said Jack Gindi, president and CEO of the company. “This will make it attractive for the current tenants and visitors to the center,” Gindi said.

The 103,896-sf neighborhood shopping center is the fastest growing residential area in Oklahoma over the past five years, said John H. McCulloch, director of investor services for the company. He said the property is well situated with traffic counts of over 60,000 per day.

“This is a property that was built in the 1970s, with Edmund as the nearby suburb for customers. This is one of those original neighborhood shopping centers,” McCulloch said.

He added that the property would be rated a B- right now, but the company is going to put in a new parking lot and facade. “We’ll probably invest more than a quarter million to make the place look newer,” McCulloch said.

Anchored by Albertson’s, the center contains 38 tenants including H&R Block, Payless Shoes, Bank One and the U.S. government.

McCulloch said his company believes it can identify undervalued properties and through effective management, produce substantial returns for its investors. “We’ve been around since 1994, and this is the second property we’ve purchased in Oklahoma,” McCulloch told GlobeSt.com. “We recently purchased a 244-unit apartment complex in Oklahoma City.”

He said his company now owns 12 properties, mostly in Colorado, but also owns apartment units in Austin, TX. “We’re looking at a property now in California, we’d like to extend there as well,” McCulloch said.

He also said the company hopes to negotiate an agreement on the California property by next week. McCulloch said he couldn’t reveal the name or the property’s location.

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