Glimcher Realty & Blanton Property Buy NH Plaza, Classen Curve, the Triangle

[OKCTalker]

http://www.nicholshills.net/files/Ni...ary%202014.pdf

Announced today by Nichols Hills Mayor Steven Goetzinger. Nothing yet from either Glimcher or Blanton.

[oakhollow]

Glimcher Realty Trust

[OKCTalker]

Text below is from the above link, which was yesterday's press release from the buyer. They were gracious to include a nice statement from CHK CEO Doug Lawler.

Two questions:
1) What is Tom Blanton's role? Is he a principal in the investment or simply staying on as the leasing guy ("...will continue to partner with us on leasing and development.")?
2) What additional parcels have been acquired? This sound like a job for Pete!

03.03.14

Glimcher Completes Acquisition in Oklahoma City

COLUMBUS, OH – March 3, 2014 – Glimcher Realty Trust (NYSE: GRT), one of the country’s premier retail REITs, today announced it has completed its acquisition of approximately 290,000 square feet of open-air, mixed-use properties in the Oklahoma City market for $51.8 million. The purchase includes three retail properties, Classen Curve, Nichols Hills Plaza and The Triangle @ Classen Curve, as well as approximately 12 acres of additional land in the upscale northern Oklahoma City and Nichols Hills neighborhoods. Combined, the centers are performing near $500 per square foot and feature the market's only Anthropologie, lululemon athletica, and Whole Foods, as well as other popular local and regional retailers and restaurants.

“Based on early interest, we believe there is an opportunity to create a fully integrated, mixed-use shopping and entertainment district serving the local community as well as the broader Oklahoma City market,” said Michael P. Glimcher, Chairman of the Board and CEO. “To assist in maintaining the local flavor of the center and ensuring a smooth transition within the market, we are also pleased to announce Tom Blanton, President of Blanton Property Co., will continue to partner with us on leasing and development.”

Together, Classen Curve and Nichols Hills Plaza currently provide convenient upscale shopping and restaurants to residents of Nichols Hills, northern Oklahoma City and the adjacent corporate campus for Chesapeake Energy.

“We are pleased to have one of the country’s foremost retail real estate developers next to our campus,” said Doug Lawler, Chesapeake’s Chief Executive Officer. “Through this sale, Chesapeake continues its strategy of divesting non-core assets to focus on our business of energy exploration and production.”

About Glimcher Realty Trust

Glimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of retail properties, which includes open-air centers, enclosed regional malls and outlet centers. Glimcher owns material interests in and manages 29 retail properties
with gross leasable area totaling approximately 19.6 million square feet.

Glimcher Realty Trust’s common shares are listed on the New York Stock Exchange under the symbol “GRT.” Glimcher Realty Trust’s Series G, Series H, and Series I preferred shares are listed on the New York Stock Exchange under the symbols “GRTPRG,” “GRTPRH,” and “GRTPRI,” respectively. Glimcher Realty Trust is a component of both the Russell 2000® Index, representing small cap stocks, and the Russell 3000® Index, representing the broader market. Glimcher® is a registered trademark of Glimcher Realty Trust.

[Pete]

We won't know exactly what parcels were included until they update the County Assessor site, which usually takes a week or so.

At that time, I'll do a full analysis of what they have invested vs. this sale.


FYI, there was an application yesterday to split the lot directly north of Whole Foods, so it looks like the new owners are already springing into action.

[progressiveboy]

Glad to see this happening! Sounds like these folks know about retail and have the expertise to execute and pull off new development for these shopping centers. Hopefully, they can put in extra capital and spruce up NH Plaza and make it similar to other shopping destinations such as Utica Square, The Plaza in Kansas City and Highland Park Village in Dallas. Ruth Chris is rumored to be going into the Curve. Very quality and venerable upscale steak house. If Trader Joes goes into the NHP this will hopefully start a snowball effect and get more upscale retailers in the area. I believe the demographics can support this! Let's hope OKC residents support it.

[Libbymin]

I've been with a company that's had Glimcher as a landlord for one of its stores before. They run a pretty good operation so I think they'll do a pretty good job. I wouldn't be all that crazy about a Ruth's Chris going in there though, but that's just me.

[Pete]

I know one of the execs from Glimcher went around and met with a lot of the existing tenants; holding meetings for employees at Anthrologie and others.

I heard he came across very well and filled everyone with excitement about what is to come.

[BillyOcean]

^^^
one of the principals on this deal told me that they have something really cool planned for the open spot next to Anthropologie.

[warreng88]

^^^
one of the principals on this deal told me that they have something really cool planned for the open spot next to Anthropologie.

Has that something really cool every been mentioned on this site or do you know what it is?

[BillyOcean]

^^
didn't want to press the source when they told me that. that tidbit was their response after asking about the status of tj's and ruth's chris.

[tomokc]

Haven't they applied to divide the large parcel north of Anthropologie?

[Pete]

Haven't they applied to divide the large parcel north of Anthropologie?

That property has not changed hands.

Still owned by Chesapeake, at least for the time being.

[Rover]

I think Glimcher's plans are to start developing things pretty quickly. They already have plans.

[Pete]

Actually, the property still owned by CHK is north of Whole Foods.

The other vacant lots on that block were acquired by Glimcher.


I'll do a big post about this once I'm sure the County Assessor has logged all the transactions. As of today, the records for NH Plaza do not reflect the sale.

[metro]

Ivivva, a girls athletic wear business AND whose sister company is lululemon athletic, will be opening in late April in the former Stretch U space on the north side of Nichols Hills Plaza. Check out the company’s website to learn more: inspired by active girls, athletic wear made to move | ivivva.