MUSKOGEE, Okla., Feb. 7, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the firm has been retained as exclusive advisor for the sale of River City Plaza and Three Rivers Plaza, a two-property, 246,584-square-foot retail center portfolio in Muskogee, Oklahoma. The price is $37.5 million.
“River City Plaza and Three Rivers Plaza are part of a 500,000-square-foot community shopping district that accounts for two-thirds of Muskogee County’s retail sales,” says Bill Rose, senior managing director. “The two assets dominate the local retail marketplace and serve a large trade zone that extends well beyond the immediate area.”
Rose and James Bell, first vice president investments, are representing the shopping center’s developer, Vector Companies. Kyle Davis, associate, is Marcus & Millichap’s broker of record in Oklahoma. “This portfolio offers institutional-quality appeal backed by investment-grade tenancy generating attractive yields,” adds Rose. “National retailers provide 84 percent of the income.”
The centers are located at the corner of State Highway 64, Shawnee Avenue, and North 6th Street in Muskogee. Saint Francis Hospital, Bacone College, the Indian Capital Technology Center and the Muskogee Regional Medical Center are nearby. River City Plaza opened in 2007 and is anchored by Best Buy, Ross, Petco, Dollar Tree, Chili’s and a Walmart Supercenter that is not a part of the offering. Three Rivers Plaza opened its doors in 2016 and is anchored by Ulta Beauty, T.J. Maxx and First United Bank.