Trader Joe's

[Soonerinfiniti]

A few details on the proposed sale of Classen Curve / Nichols Hills Plaza:

According to Glimcher Realty Trust's 4th quarter results:

In February 2014, the Company completed due diligence and has funds at risk related to a purchase agreement to acquire approximately 290,000 square feet of open-air retail properties in Oklahoma City, Oklahoma for $51.8 million. The purchase includes three contiguous retail properties and approximately 12 acres of undeveloped land. The retail properties include Nichols Hills Plaza, Classen Curve and The Triangle @ Classen Curve. The Company expects to close on the purchase in the first quarter of 2014.

According to News9:

Glimcher tells News 9 it is too early to be discussing new tenants just yet. However, a company spokesperson says people should not to be surprised to see names the Glimcher already partners with -- such as Nike, The North Face, Brooks Brothers, Crate & Barrel and Madewell.

[Pete]

^

Interesting, especially the sales price.

By my very detailed calculations that I have been keeping for 8 years now, Chesapeake has at least $121 million invested in those properties, so $51.8 million would represent a massive loss.

[rlewis]

That is not all that surprising; however, they can simply use the loss as a tax writeoff. They've made some sizable profits in some of their other land dealings (gas fields not commercial real estate).

[tomokc]

The 12 acres of undeveloped land. That would be north of the Triangle up to 63rd Street & Grand, and east to the Chesapeake Treasury building?

[Pete]

The 12 acres of undeveloped land. That would be north of the Triangle up to 63rd Street & Grand, and east to the Chesapeake Treasury building?

Yes, and probably the old Kings Court condos south of NH Plaza and perhaps the old Kensington Apartments parcel as well.

[metro]

^

Interesting, especially the sales price.

By my very detailed calculations that I have been keeping for 8 years now, Chesapeake has at least $121 million invested in those properties, so $51.8 million would represent a massive loss.

But OKC still wins in getting some older, Class C buildings rehabbed into Class A quality, and then local developers getting them for a bargain price, not to mention the local sellers who made bank, hopefully some investing it back in the local economy.

[BG918]

....and only one (8th & Colorado) will have high point beer and wine, the rest may have 3.2 beer.

The wine/beer operation is physically separated from the food. They share a wall with windows but you have to go outside and back in after getting food to get the wine/beer. Both entrances front Colorado Blvd with the food area off the parking lot and the beer/wine area off 8th.

These are nice enough stores but I still prefer a larger grocery store with a meat /fish counter, more varieties of brands and a larger selection of non-food items (paper towels, napkins, etc). They are good for an occasional trip for specialty items, or if you live nearby they are convenient because of their small size.

[bchris02]

Any updates on a possible Trader Joe's announcement for OKC?

[Spartan]

Just got back from TJ's in Woodmere, Ohio. They've got green-themed food for St Pat's; the olive oil flavored popcorn is amazing. Big bag for $2. Got a six pack of oatmeal stout for $5.99. The latter part of this goodness probably won't be heading to OKC.

[bchris02]

If/when Trader Joe's ever comes to OKC its a shame they won't be able to sell beer/wine. 46 out of 50 states allow strong beer sales. Oklahoma needs to come into the 20th Century.

[Pete]

I would expect an announcement soon about them going into Nichols Hills Plaza, now that the sale has been officially closed.

Similarly, I think we'll hear something official about Ruth's Chris going into Classen Curve.

[bchris02]

It will be interesting to see how Ruth's Chris does here. It does very well in many other cities but OKC in particular has such good local options for steak I can't see any reason to go to a chain over something local.

As for Trader Joe's I think it will be an instant hit.

[Chadanth]

It will be interesting to see how Ruth's Chris does here. It does very well in many other cities but OKC in particular has such good local options for steak I can't see any reason to go to a chain over something local.

As for Trader Joe's I think it will be an instant hit.

Trader joes will do well, but I still want one closer to downtown. There's Sprouts and WF right there, so they might be undercutting their potential somewhat.

[Chadanth]

It will be interesting to see how Ruth's Chris does here. It does very well in many other cities but OKC in particular has such good local options for steak I can't see any reason to go to a chain over something local.

As for Trader Joe's I think it will be an instant hit.

And Ruth's Chris will do great if they open.

[Urbanized]

If/when Trader Joe's ever comes to OKC its a shame they won't be able to sell beer/wine. 46 out of 50 states allow strong beer sales. Oklahoma needs to come into the 20th Century.

Hang on...you mean in grocery stores, right? 46 states allow strong beer sales in grocery stores?

[bchris02]

Hang on...you mean in grocery stores, right? 46 states allow strong beer sales in grocery stores?

Yes. There are more states that don't allow wine, but 3.2 beer today is unique to only Oklahoma, Kansas, Utah, and Minnesota. Colorado once had similar laws but they seem to be relaxing their laws in recent years.

[BoulderSooner]

If/when Trader Joe's ever comes to OKC its a shame they won't be able to sell beer/wine. 46 out of 50 states allow strong beer sales. Oklahoma needs to come into the 20th Century.

Keep in mind they can only sell wine in 1 of there 3 Colorado locations

[Spartan]

It will be interesting to see how Ruth's Chris does here. It does very well in many other cities but OKC in particular has such good local options for steak I can't see any reason to go to a chain over something local.

As for Trader Joe's I think it will be an instant hit.

Ruth's Chris will be very successful bc people here like feeling like they're part of the Dallas avant garde. Whatever Plano has, we gotta has.

[betts]

A lot of people love chains, for whatever reason. And for people in the NH area, it's closer than the Ranch, Mahogany or Red Prime. The Metro has a great filet, but its not specifically a steak restaurant - which is why I like it. But I agree that Ruth's Cris will likely be very successful.

[Pete]

The best thing about big-money chains like Ruth's Chris is they usually make a big investment in their buildings, and you can count on a large, nice bar area:

[CuatrodeMayo]

So...Trader Joe's.

[mark]

just back bacl from san francisco and napa. in response to an earlier post about tj and wf being near each other, the napa trader joe's and whole foods were separated by two small shops (coffee shop and some other shop) in the same strip mall.

[Jersey Boss]

If/when Trader Joe's ever comes to OKC its a shame they won't be able to sell beer/wine. 46 out of 50 states allow strong beer sales. Oklahoma needs to come into the 20th Century.

That's the problem, Oklahoma is in the 20th century. Care to join the majority in the 21st?

[ctchandler]

Bchris02,
It's been three years since I was there, but in Littleton, Co., 3.2 was all I could purchase in the grocery stores.
C. T.

Yes. There are more states that don't allow wine, but 3.2 beer today is unique to only Oklahoma, Kansas, Utah, and Minnesota. Colorado once had similar laws but they seem to be relaxing their laws in recent years.

[bchris02]

That's the problem, Oklahoma is in the 20th century. Care to join the majority in the 21st?

Oklahoma is in the prohibition era of the 1920s. It needs to join the second half of the 20th century before it can join the 21st.