Property Name

North Moore Plaza

GLA 36,018 SF

Property Description

SHOP Investment Sales has been exclusively retained to offer the opportunity to acquire North Moore Plaza, a 36,018 SF (GLA) strip center on 3.9829 acres (MOL) fronting Interstate 35 in Moore, Oklahoma within the Greater Oklahoma City metropolitan area. The project consists of three buildings built in phases from 1998- 2000 and is currently 83.1% occupied and progressing through lease up after having recently undergone a significant interior and exterior renovation, which included a roof replacement, lighting and signage upgrades, and sidewalk and walkway resurfacing.

The property is positioned with unobstructed visibility at the Interstate 35 / Shields Boulevard interchange where Downtown Oklahoma City-bound traffic and cross country interstate traffic converge, bringing more than 103,000 vehicles per day passing by the site. The center is currently configured as 20 suites ranging in size from 935 – 4,302 SF and is home to a range of uses that include retail and professional services, with no exposure to traditional hard goods or soft goods retail uses. The leases are generally structured as triple net, with nearly all of them providing for base rent increases of at least 2.5% annually and with average in-place rents of only $8.68/SF. These single-digit rental rates translate into an asking price per square foot of only $96.48/SF, roughly half of the replacement cost of the improvements and just over $20/SF on the land.