Simon refinances Penn Square Mall

[metro]

A sale from foreclosure will result in a sale... the question is: to whom?

I think Penn Square in the long run is pretty well fixed up to be the premiere retail space in Central Oklahoma. The worst that can happen is a short-term downturn in investment. Even if the mall gets a little run down, the stores will most likely be the same and they'll most likely be pretty nice.

The saving grace is that these sort of stores really don't have anywhere comparable to go so if they want to remain in this market, Penn Square is where they'll stay.

Actually they will have Classen Curve to go to and Tuscana if it ever gets built.

[metro]

metro, im from moore, and clueless on anything northside okc, I do know classen, but whats the classen curve? Is it going to be a high retail outside shopping plaza or mall?

One of Chesapeake's developments, very nice and upscale, was going to be exclusively high end, but with the economy, I imagine they will take some Penn Sq. like tenants as well. Construction is well underway and I imagine will be done within 2 months.

http://www.okctalk.com/okc-metro-are...sen-curve.html

[onthestrip]

Though Classen Curve could take a tenant or two away from Penn Square, I imagine there will be minimal effect to Penn. Penn is still the most sought after space in the city for national retailers. And if there are a couple that do leave, I presume they will be filled back in immediately with another national retailer. I dont look for CLassen Curve to be much competition to Penn Square. As far as the Tuscana project, even once its built it will have no impact on Penn. The demographics are much better at Penn.

[BDP]

But the sales have been terrific.

True. Sales have been good, but margins have suffered.