vintage polo sweaters The Outlet Shoppes at Oklahoma City sells for
The Outlet Shoppes at Oklahoma City has new owners.
The Outlet Resource Group (TORG) in Maryland and Singerman Real Estate of Chicago announced Monday that they acquired the 34 acre development at Council Road and Reno Avenue from Horizon Group Properties and CBL Associates for $130 million.
“We are excited to enter the Oklahoma City market,” Lisa Wagner said Monday. “The previous ownership established the center as a shopping destination, and we look forward to optimizing and improving the experience for shoppers and retailers.”
Wagner said TORG and Singerman “jumped” on the opportunity to acquire The Outlet Shoppes at Oklahoma City for various reasons.
Those include the Outlet Shoppes’ regional draw, plus demographics from inside the area that show a diverse, educated population with lots of Millennials, plus a business friendly environment with robust activity. “We are very discerning in the types of centers we want to be involved with. We are in that market because we want to be.
“One thing to note is that the number one group of frequent shoppers now is Millennials; Oklahoma City in particular has gone a long way toward creating the impetus for young people to stay in the market. That adds to that vibrancy and vitality we have observed,” she said.
“So, it makes for a very appealing market as an outlet operator.”
Singer said that while TORG only is about two years old, its staff collectively boasts decades of experience in outlet style developments.
She said TORG and Singerman will take a market specific approach toward advertising and promoting the center and will create enhanced partnerships with neighbors and other local influencers as it rebrands and refurbishes the project in coming months.
Currently, the Outlet Shoppes in Oklahoma City includes more than 90 retailers including Nike, Vera Bradley, Michael Kors,
Polo Ralph Lauren and Under Armour in a 400,000 square foot outdoor mall.
Avison Young, a commercial real estate services firm, will handle the property’s management.
The project’s developer, Horizon Group Properties, said Monday it was proud of what it had brought to Oklahoma City and that its deal to sell the project will allow it to develop new, similarly successful ventures.
“Our leasing, development, marketing and operations teams . made this center a great success,” Horizon CEO Gary J. Skoien said. “We feel that redeploying some of that value in new projects will give us the opportunity to create additional value for our stockholders.”
Richard A. Frolik, executive vice president of CBRE, represented the sellers in the transaction, officials said.
A directory at The Outlet Shoppes at Oklahoma City shows various stores that are part of the project. Buyers and sellers announced the development changed hands on Monday.