TORG, Singerman Purchase Outlet Shoppes at Oklahoma City
Investors praise Oklahoma City market, plan improvements
OKLAHOMA CITY, May 1, 2017 /PRNewswire/ -- The Outlet Resource Group (TORG) and Singerman Real Estate (SRE) have purchased The Outlet Shoppes at Oklahoma City. TORG will oversee leasing and marketing for the 400,000-square-foot center, which opened in 2011. Avison Young will handle property management.
"We are excited to enter the Oklahoma City market. This is a fantastic location for the only outlet center in the state, and it is easily accessible by shoppers coming from the central core of the city as well as the suburbs," said TORG Principal Lisa Wagner. "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 the new owners are reviewing all aspects of operations and expect to rebrand the center in the coming months.
"Outlet shopping is the only form of shopping that customers tell us is still fun," Wagner said. "We want to make sure the experience here is both entertaining and rewarding."
The Outlet Shoppes at Oklahoma City hosts more than 90 retail outlets, including Nike, Vera Bradley, Michael Kors, Polo Ralph Lauren and Under Armour. Wagner said new retailer names such as Bath & Body Works have opened recently, and that more will likely come.
Oklahoma City Mayor Mick Cornett welcomed the change at the center.
"The new owners have committed to making the most out of one of Oklahoma City's premier shopping destinations," he said. "I'm thrilled they find value in our city, and I look forward to seeing what they do to make it even better."
TORG takes a market-specific approach to advertising and promoting the center and looks forward to creating enhanced partnerships with neighbors and other local influencers.
"We are very excited to contribute something positive to the community," Wagner said. "We will focus on being front and center in the state and being good citizens."
TORG represents outlet centers from coast to coast in the U.S. as well as in Europe. The firm's team collectively has over 250 years of outlet experience with over 65 outlet centers.
SRE Principal Steve Duncan praised the acquisition.
"We see The Outlet Shoppes at Oklahoma City as a fantastic opportunity to acquire a high-quality property as our first investment in such a vibrant market," Duncan said. "We are absolutely committed to further enhancing the shopping experience for customers at Oklahoma's only outlet center."
About The Outlet Resource Group
The Outlet Resource Group (TORG) is a global alliance of experts focused on the acquisition, management, marketing and leasing of outlet shopping centers around the world. TORG offers unique in-house marketing and leasing services through a fully integrated, customer-focused, value-adding team structure. TORG works with owners and developers to strategically reposition underperforming assets, maximize the performance of existing centers, develop new outlet center destinations and provide professional guidance on retail expansion. For more information, visit www.outletresource.com.
About Singerman Real Estate
Singerman Real Estate LLC (SRE) is an opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. SRE's principals have executed over $2.5 billion of investments. SRE focuses on maximizing risk-adjusted returns through investments in both debt and equity across all major asset classes including office, retail, hotel and multifamily, in addition to secondary real estate asset classes such as student housing and senior housing.
About Avison Young
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties. For additional information about Avison Young, visit avisonyoung.com.
MEDIA CONTACT
Jacqueline Sit
(405) 888-3683
[email protected]
SOURCE The Outlet Resource Group
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