Del Crest -Investment Grade Anchored Shopping Center

4701 SE 15th St | Del City | OK | 73115


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Property Highlights

    • New10 yearlease with BioLife (investment grade)
    • New 5 yearlease with Metro by T-Mobile
    • New 5 yearlease with Peak Fitness
    • Family Dollar and Harbor Freight’s lease provides for 10% escalations in 2 years
    • Outstanding real estate adjacent to I-40 with 86,800 VPD
    • Located on SE 15th St with a Walmart Supercenter and Home Depot
    • SE 15th St has 17,700 VPD and is a major retail corridor including Hobby Lobby, Burlington Coat Factory and Academy among others

Property Details

  • Price: $ 10,200,000
  • Transaction Type: For Sale
  • Property Type: Retail
  • Cap Rate: 6.00%

Property Description

HMX Realty Advisors exclusively presents for sale the redeveloped Del Crest shopping center located in Greater Oklahoma City. The property is anchored by BioLife, an investment grade tenant, which has recently invested $3,000,000 improving their space including a laboratory grade roof and HVAC. The property offers the investor a modern, stabilized asset with proven tenants and many long-term leases which provided stable cash flow. The property has highway visibility and new on and off ramps directly adjacent to the property which is the first center you pass on your way to a Walmart Supercenter and Home Depot among other retailers. Traffic counts are 86,800 and 17,700, respectively. This is a Class A property and with the highway expanded to six lanes, should only appreciate in value due to its strategic position. The property has two stoplights and four points of access.

The eastern portion of the center was demolished in 2015 to provide parking for the newly constructed Hospital. Family Dollar had been in that part of the building for many years and insisted that the owner build them a new building which was completed in 2015. That new building includes BioLife, Metro PCS and Family Dollar. The roof over that portion of the building was damaged and insurance paid for a new roof and HVAC in 2020. The Harbor Freight and Peak Fitness portion of the center was torn down to the frame and rebuilt in 2015. The parking lot is concrete and was installed with the new buildings in 2015.

The property is in a highly populated in-fill location with excellent demographics and strong population growth. There is a population of 137,300 within 5 miles with an average household income of $60,013. The population is expected to increase to 142,736 by 2026.

BioLife, an investment grade tenant, has a new 10-year lease with 10% escalations every 5 years, BioLife, at their expense, installed a new laboratory grade roof and laboratory grade HVAC systems over their section of the property. We believe that BioLife is spending approximately 3 million dollars on improving their space which makes the likelihood of renewal very high. BioLife Plasma Services is part of Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK), an investment grade, patient-focused, values-based, R&D-driven global biopharmaceutical company committed to highly-innovative medicines.

Family Dollar has been at this location for 30 years. When the Hospital was built 2015 Family Dollar insisted that the Landlord build them a new building at the property, demonstrating their strong commitment to this location and a high likelihood of continued renewals. Their rent increases by 10% in 2 years. The property was redeveloped in 2015 in order to incorporate the Integris Community Hospital (not a part of the sale). The hospital provides emergency care, inpatient care and diagnostic services. This is an excellent tenant mix with BioLife. INTEGRIS Health and Emerus Holdings are joint venture partners in INTEGRIS Health Community Hospitals. Emerus is a national network of hospital partners and largest operator of micro-hospitals. Emerus has over 1,800 elite medical and corporate employees in four states.

Harbor Freight Tools, has been a tenant at this location since 2014. They are a stable and profitable tenant with a reputation for not moving. Their lease provides for a 10% rent escalation in 2 years. They are a privately held tool and equipment retailer, which employs over 20,000 people in the United States and has over 1,200 locations in 48 states.

Metro by T-Mobile is in the new building and has entered in to a new 5-year lease with 10% escalations every 5 years in the options. It is operated by a successful franchisee with over 100 locations. Formerly the space was Metro PCS.

Peak Fitness, a successful, regional gym operator has a new 5-year lease and has spent over $300,000 improving their space. The lease is personally guaranteed, and the gym has an excellent reputation and solid clientele. The space, prior to redevelopment in 2014, was a Golds Gym.

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Financial Summary

Investment Highlights

Price $10,200,000.00
Price / Unit $0.00
Gross Rent Multiplier 0.00
Proposed Loan Amount $0.00
Initial Investment $10,200,000.00

 

Income & Expenses

Income
Potential
Current

 

Expense
Potential
Current
Total Expenses
$ 0.00
$ 0.00
Net Operating Income$0.00$0.00
Less Debt Service$0$0
Potential Net Cash Flow$0.00$0.00
Cash on Cash Return0.00 %0.00 %
Capitalization Rate0.00 %0.00 %

Rent Roll

Unit
BR/BA
Current Monthly Rent
Potential Monthly Rent
Status
Lease Expires

Totals

$ 0.00

$ 0.00

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