{"id":1004050681,"date":"2012-07-27T15:08:05","date_gmt":"2012-07-27T23:08:05","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=59600"},"modified":"2022-12-06T08:56:54","modified_gmt":"2022-12-06T16:56:54","slug":"fresh-start-in-store-for-fading-warr-acres-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fresh-start-in-store-for-fading-warr-acres-retail-center\/","title":{"rendered":"Fresh Start in Store for Fading Warr Acres Retail Center"},"content":{"rendered":"

By Gabriel Circiog, Associate Editor<\/p>\n

A developer is planning to give the nearly vacant West Park Mall in Warr Acres a new lease on life, NewsOK.com<\/em> reports.<\/p>\n

\"\"<\/a><\/p>\n

Located at the corner of NW 63 and MacArthur Boulevard, the 124,955-square-foot property was acquired for $2 million by Warr Acres Holdings L.L.C., an investment entity controlled by Jim Tapp. He\u00a0bought the property from Saul Centers, a REIT affiliated with Bethesda, Md.-based B.F. Saul Co. \u00a0Mark Inman, a senior vice president and retail specialist with CBRE Group Inc., represented the seller.<\/p>\n

Tapp plans to work with the mall\u2019s two tenants and wants to relocate one of them\u2014a Family Dollar Store\u2014within the center. He also hopes to attract a neighborhood grocery store. City officials welcomed the news. Mathew Love, the Warr Acres city attorney, commented that any improvement to the property\u2014whether renovation or a ground-up rebuilding\u2014would be beneficial, whatever the tenant mix may be. However, the potential for increased sales tax revenue would be the biggest plus for the municipality.<\/p>\n

Redeveloping West Park Mall would have a positive impact on the northwest Oklahoma City submarket, predicted Jim Parrack, senior vice president of Price Edwards & Co. and a retail specialist. According to a recent Price Edwards report, retail vacancy in the submarket has climbed from 16 percent to 18.4 percent since the first of the year.<\/p>\n

In the Oklahoma City metropolitan area, retail vacancy increased by 20 basis points to 9.1 percent in the first quarter, but that still represents a 60 basis-point decline from 9.7 percent in the second quarter of 2011, according to Marcus & Millichap Real Estate Investment Services Inc.<\/p>\n

Chart courtesy of:\u00a0 Marcus & Millichap Real Estate Investment Services Inc. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By Gabriel Circiog, Associate Editor A developer is planning to give the nearly vacant West Park Mall in Warr Acres a new lease on life, NewsOK.com reports. Located at the corner of NW 63 and MacArthur Boulevard, the 124,955-square-foot property was acquired for $2 million by Warr Acres Holdings L.L.C., an investment entity controlled by […]<\/p>\n","protected":false},"author":264,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004050681","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nFresh Start in Store for Fading Warr Acres Retail Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fresh-start-in-store-for-fading-warr-acres-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fresh Start in Store for Fading Warr Acres Retail Center\" \/>\n<meta property=\"og:description\" content=\"By Gabriel Circiog, Associate Editor A developer is planning to give the nearly vacant West Park Mall in Warr Acres a new lease on life, NewsOK.com reports. 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