Multi-Tenant, Retail, 7.65% cap, $24,750,000, wealthy suburb of Oklahoma City

Highlights:

• Metropolitan areas busiest intersection
• 68% of the revenue generated by nationally known tenant
• 58% of the revenue generated by publicly traded retailers
• Outstanding retail sales from long term tenants
• No near term lease expirations
• Below market rents (page 22 of the confidential offering memorandum)
• Above market cap rate (page 21 of the confidential offering memorandum)

Description:

Edmond Crossing is located on the SEQ of 33rd & the Broadway Extension. The metropolitan areas highest trafficked intersection with over 66,000 vehicles per day. The signalized entrance to Edmond Crossing experiences nearly 30,000 vehicles per day. Chick-Fil-A (not part of offering) sits on 2 pads at the centers main entrance and is doubling their drive-thru capacity (April 2023). This benefits the center by producing greater visitor counts to the center without impeding visibility to the in-line shops. They are joined by Taco Bell (not part of sale) and McDonald's. Investors may wish to lower their basis in the center by selling the McDonald's pad at a premium cap rate. The asking price supports a cap rate slightly better than market (comparable sales pages 18-20). The NOI is supported by rents which are 16% below market (page 21). The investor who acquire Edmond Crossing will experience an immediate equity gain with additional near term value add opportunities by purchasing the center at a discounted cap rate based on below market rents while having the option to immediately capitalize on the McDonald's ground lease at a substantial premium over its acquisition cost.