X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.