Centennial Plaza

Bixby, OK

Price $2,260,000
Cap Rate 7.00%
TYPE Multi-Tenant
STATUS Closed
Tenants Jimmy's Egg | Rex's Chicken
LEASE TYPE NNN
SQUARE FEET 6,578
PRICE/SQ FT $343
YEAR BUILT 2008
LEASE EXP. 2027
LISTING AGENT Justin Zahn
480-214-5088 x102
justin@ciadvisor.com

Property Description

Centennial Plaza is a 100% occupied two-tenant strip center with brand new long-term leases. The tenants, Jimmy’s Egg and Rex’s Chicken, are regional credit tenants with rental escalations and options. The lease guarantor on Jimmy’s Egg, OverEasy LLC, is an experienced & debt-free 4 unit franchisee with plans to open another location this year. The building was renovated by Jimmy’s Egg in 2016 with an estimated tenant cost of $500,000. Rex’s Chicken spent approximately $600,000 on their buildout in 2017.

The subject property is located in Bixby, Oklahoma, situated on a large 1.67 acre parcel on the main retail corridor with high drive-by visibility. Centennial Plaza sits in an affluent trade area with an average household income of $121,048 in the 3 mile ring and has seen a 20.68% population growth in the 1 mile ring. The plaza is within 10 miles of Northeastern State University & University of Oklahoma – Tulsa Schusterman Center. Nearby retailers include Walmart Supercenter, Lowe’s, Reasor’s Pharmacy, Target, ALDI and Woodland Hills Mall – A two level, +1,000,000 SF, super regional shopping center with more than 165 retail stores anchored by Dillard’s, JCPenney, Macy’s & Sears.

*In Association With: The Fuller Agency, Inc.

Property Highlights

  • 100% Occupied Two-Tenant Strip Center with Brand New Long-Term Leases
  • Total Population: 126,663
    Affluent Trade Area with the Average Household Income of $121,048
    Total Population Growth 2010-2017: 20.68%
  • Situated a Large 1.67 Acre Parcel on Main Retail Corridor with High Drive-by Visibility on Memorial Drive where Traffic Counts that Exceed 28,560 CPD!
  • Building was Renovated by Jimmy’s Egg in 2016 (Approx. $500,000+ Spent on Remodel/Buildout). ±$600,000 Spent on Rex’s Buildout in 2017