Oklahoma City — A joint venture between The Outlet Resource Group (TORG) and Singerman Real Estate has acquired The Outlet Shoppes at Oklahoma City, a 400,000-square-foot retail center located in Oklahoma City, for $130 million. The mall is the only outlet center in the state of Oklahoma, according to TORG.
The center — which opened in 2011 — is home to more than 90 retail outlets, including Nike, Vera Bradley, Michael Kors, Polo Ralph Lauren, Brooks Brothers, Disney, Forever 21, The North Face, Bath & Body Works and Under Armour.
A joint venture between Michigan-based Horizon Group Properties Inc. and Chattanooga, Tennessee-based CBL & Associates Properties Inc. sold the property. Richard Frolik of CBRE represented the sellers in the transaction.
“We are excited to enter the Oklahoma City market,” says Lisa Wagner, principal of TORG. “The previous ownership established the center as a shopping destination, and we look forward to optimizing and improving the experience for shoppers and retailers.”
The new ownership is currently reviewing all aspects of operations, and expects to rebrand the center in the coming months. Avison Young will handle property management.
The Outlet Resource Group is a global alliance of experts focused on the acquisition, management, marketing and leasing of outlet shopping centers around the world. The firm’s team collectively has over 250 years of outlet experience with 65 outlet centers.
Singerman Real Estate — an opportunistic real estate investment firm — owns a portion of The Outlet Resource Group. The company’s principals have executed over $2.5 billion worth of investments. The Chicago-based firm has investments across all major asset classes, including office, retail, hotel and multifamily.
CBL & Associates Properties Inc. is an owner and developer of malls and shopping centers across the United States. The company owns, holds interests in or manages 125 properties.
Horizon Group Properties is an owner and developer of outlet shopping centers in seven states. The company is currently developing The Outlet Shoppes at Cleveland in Ohio, and The Outlet Shoppes at Rentschler Field in Hartford, Connecticut.
— Katie Sloan