A hard hit real estate sector
Commercial real estate in Oklahoma City boomed. A long time ago. In the 70s and 80s. Most commercial real estate since then barring Bricktown is leasing and buying of existing properties rather than ground breakings.
There is some talk of a possible rebound for the Oklahoma City commercial real estate rebound with the news reported by newsOK that Inland Real Estate Group purchased Silver Springs Pointe (at Council Road and Northwest Expressway) for $16 million, marking the first multi-million retail investment in nearly four years in Oklahoma City.
Top performing properties and OKC’s future
Inland already owns Memorial Square (at Memorial Rd. and North Penn) and Penn Park (at 240 and South Penn), but “Because the purchase was made by an investor not new to our market, I would not consider the sale ‘earth shattering.’ However, I would very much consider it ‘ice breaking’ to the extent that it is confirmation that a once-frozen retail investment market in Oklahoma City is thawing,” Jason Little of Canopy Commercial Auction told newsOK.
Although the notable purchase is not a sign that the entire city is set to explode, according to Jim Parrack, SVP at Price Edwards & Co, “Inland is among a relative few real estate investors on the retail hunt anywhere in the country, and only top-performing properties are being considered.”
Perhaps this is promising news for the entire sector, and the fact that Oklahoma City even has “top-performing” properties is great news, but not likely a golden egg for Oklahoma City. Yet.
