Oklahoma City2017 Mid-Year Retail Market Summary

TABLE OF CONTENTS

Retail Market Summary 1-2

Submarket Map 3

Quick Hits 4-5

North Submarket 6-7

Northwest Submarket 8-9

South Submarket 10-11

Edmond Submarket 12-13

West-Central Submarket 14-15

Moore / Norman Submarket 16-17

Eastern OK County Submarket 18-19

Retail Sales Summary 20

Walkable Retail 21

The information contained herein has been obtained from reasonably reliable sources. Price Edwards & Company makes no guarantee, either express or implied, as to the accuracy of such information.All data contained herein is subject to errors, omissions and changes. Reproduction in whole or in part, without prior written consent is prohibited.

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Oklahoma City2017 Mid-Year Retail Market Summary

THE RETAIL MARKET

Numbers matter in real estate; this survey is built on the premise that numbers matter. But, in this instance, the numbers do not begin to convey the scale of change in the retail industry nor do they reveal the anxiety that underlies the market. Overall market vacancy improved during the first six months of the year to 9.8 percent from 10.6 percent at year-end. That implies a relatively healthy and improving market. And there is a lot out there to be pleased about. The general economy is still holding up even with continued low energy prices. There are a lot of tenants expanding; most space that has been vacated to date has been backfilled. The market saw positive absorption of nearly 600,000 square feet. Rents, particularly for new space, are at all time highs. If only we could stop there. The good news has a dark backdrop. Over 5,000 stores closed so far nationally in 2017 and more on the way. Negligible income growth locally. Local tenant struggles. Fierce competition from internet retailers.

So, where does that leave us. Are we in a normal cycle or is it the end of retail as we know it? The truth, as it often does, lies in between. We see three broad

influences in the retail market: One, retailers are forgetting how to retail. The best retailers have always been good at staying in contact with their customers. A big part of which is understanding them well enough to know what they want in terms of merchandise and how to best sell it to them. In today’s world of big data, that should be easy enough, but many of the problem retailers have failed their customers. Does anyone think Gordman’s, Radio Shack or Payless has done a good job of this? Two, competition from the internet is real and unremitting – which really means that Amazon is coming for you. But, as we’ve discussed before, this is much more nuanced than internet versus brick & mortar. The two are morphing together…Amazon and other internet retailers are opening brick & mortar stores (and need them to reach more customers and raise margins) while, at the same time, brick & mortar stores are racing to enhance their web presence both in terms of sales and marketing. This dynamic is changing the way people shop. Virtually everyone browses on the internet, regardless of where they end up buying a product. Convenience and price have increased importance; the experience is more important. Three, we are in the middle of a normal real estate cycle. Retail

has been growing rapidly since the 2009 – 2010 recession. Rents and occupancies are up and there has been significant new construction. It is time for a correction. A correction always involves store closures and reduced tenant activity; the amount of leveraged buyouts over the last 10 years has exacerbated this problem by limiting retailers margin of error in a downturn.

You add these three major influences together and you can begin to understand the level of disruption we are seeing today. We believe it will most likely take another 2 – 3 years to sort out and somewhat normalize the retail market. In the meantime, the

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market will be very uneven with some retailers doing well and others struggling or going out of business. Clear winners in the interim will be value-oriented tenants, health/personal fitness tenants, and tenants who figure out how to enhance the shopping experience. Tenants that are expected to struggle include fashion tenants, boutiques, and department stores. Then there will be certain classes of tenants – service & grocery for example – that will see less of an effect from current changes. Here is a look at how we expect a few specific sectors of the market will fare in this environment:

LocalsOne group of tenants getting caught in the retail crossfire is local tenants. This group is always prone to greater swings in performance given consumer sentiment, changes in disposable income, etc. All the current bad news (you don’t hear much of the good news) has created an environment where many are being more conservative and shoppers are more value driven. Most local tenants have less flexibility in this environment with staffing, inventory management and marketing. Add higher rents, particularly in infill locations, and many local tenants are getting squeezed.

RentsOklahoma City has historically had some of the lower retail rents in the country. That has changed in the

last 5 to 7 years, particularly with new development, out-parcels in front of big boxes and mixed use developments. Rents for small shop space in these developments range from $25 to $35 per square foot with some rents pushing $40 per square foot. This often prices out local tenants. It also raises the question whether or not national tenants can generate the sales to justify these rents over time. Our sense is that they can but it is probably a pretty thin segment of the market. It will also test our market when some of these spaces come back to the market as second generation space.

DevelopmentTwo significant new developments came on line in 2016, The Market at Czech Hall anchored by Ross and Academy and Sooner Rose in Midwest City anchored by Academy and Hobby Lobby. Expect the uncertainty in the market to put most larger development on hold for now. There will continue to be some strip center development and the expansion of existing centers, but limited large-scale construction.

GroceryOklahoma City has seen nearly 1.5 million square feet of grocery added in the last three years led by Walmart, but also Aldi, Natural Grocers, and Sprouts. Add four new 90,000 square foot Winco’s to that equation and a new Edmond Crest and that’s a lot of additional grocery square footage. We

saw the results of this with Homeland & Buy for Less each closing two stores in 2016. We expect to see fewer new stores this year as the market adjusts but the pressure will be on the weaker chains.

MoviesThe movie business is about to change in a big way in Oklahoma City primarily from the change in state statute allowing the sale of liquor in theaters. Warren, who sold their existing Moore theater to Regal, has announced a north Eastern and a Midwest City location. Flix is poised to enter our market. Expect Alamo Draft House or similar concepts to follow. This will put pressure on many of the existing theaters to upgrade. All-in-all, the next few years should be a boon to movie-goers and a source of growth for retail.

Survey Footnote:Our survey tracks 29.8 million square feet in 255 buildings of over 25,000 square feet and 15.3 million square feet of stand-alone buildings for a total market of 45.1 million square feet.

There continues to be a significant number of smaller strip centers in the market (under 25,000 s.f. in size). We would estimate there are close to 5.7 million square feet of these properties in the market.

OKC Retail Market TotalsGLA SF Vacant SF Vacant %

29,758,040 2,908,569 9.8%

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RETAIL SUBMARKET MAP

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National Market Vacancy rose to 10% in 2nd Quarter from 9.9%

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National Market Vacancy rose to 10% in 2nd Quarter from 9.9%

Oklahoma CityQuick Hits

The National Retail Federation projects retail sales growth

for 2017 of

3.7% - 4.2%

Thredup, a second-hand e-commerce

site is opening its first store

Expected Sales Growth by Segment

Online 12.6%

Department Stores <7.6%>

Health/Personal Care 6.7%

Walmart.com sales increased

63% in the 1st Quarter

The Energy sector accounts for roughly

3% of OKC’s employment and 10% of earnings

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2017 Mid-Year Oklahoma City Retail Market SummaryNORTH SUBMARKET

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The North Oklahoma City submarket leads the market both in the total retail square footage and in retail demand. Out of the 6.9 million square feet of space in the submarket, nearly half is along the Memorial Road corridor. Vacancy declined to 6.2 percent at mid-year from 8.9 percent at year-end. Much of this improvement was the sale of the vacant Quail Springs Macy’s to Lifetime Fitness who plans to tear it down and build a stand-alone facility. Chisholm Creek will open a new stand-alone Starbucks and small strip center along Pennsylvania this year and has broken ground on The Pointe which will be 5 restaurants and more retail around a small lake. Shoppes at Quail Springs is now 82 percent leased. And, as is prevalent across the metro, several smaller centers have been opened in the submarket. The Chickasaw Nation has announced that they plan to build a Warren Theater at the southeast corner of Eastern and the Kilpatrick Turnpike that will have additional land for development. OKC Talk reported Costco is finalizing plans to buy a parcel of land just south of Memorial on Western.

The area around Penn Square Mall, Oklahoma’s leading mall, is probably even more highly desired among retailers, but there is limited availability of land for development. Simon is building a 23,000 square foot Container Store on their north parking lot. It is expected that the lawsuit that held up Washington Prime’s proposed mixed-use development at 63rd and Grand Avenue will be resolved soon; its uncertain if/when the development will be started. In the meantime, Classen Curve has added some name national boutique tenants, including Athleta & Cos Bar, to a new building under construction. Whole Foods bears watching now that it is owned by Amazon; the OKC location has done exceedingly well by all accounts. The former Salvation Army building on the southwest corner of Northwest Expressway and Pennsylvania has been demolished in preparation for a potentially larger mixed-use development in this prime location. Overall interest in both the Memorial Corridor and the Penn Square Mall area remains strong.

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2017 Mid-Year Oklahoma City Retail Market SummaryNORTH SUBMARKET

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North Built/Updated Leasing Agent Total Space

Available Space Vacant Rate 1 Rate 2 Anchor Tenants

50 Penn Place 1973/1985/2000 Price Edwards & Company 86,802 35,682 41.11% $15.00 $15.00 Full Circle BooksNW 50th St & N Pennsylvania Ave Karleen Krywucki/George Williams Belle Isle Brewery6900 Place 1981/1991/1992 CBRE/OKLA 49,502 8,491 17.15% $10.00 $12.00 Ted's Cafe Escondito6900 N May Ave Ryan Storer/Stuart Graham Four Star FitnessBelle Isle Station 2000 CBRE/OKLA 433,333 4,853 1.12% $20.00 $28.00 WalMart SuperCenterNW Expressway & N Classen Blvd Mark Inman/Stuart Graham Old Navy, Nordstrom RackBritton Plaza Shopping Center 1975 Gerald Gamble Co. 27,340 2,550 9.33% $10.00 $10.00 Johnny's, A to Z Outlet2648 W Britton Rd Gerald GambleBritton Square 1983 Box Real Estate 27,326 0 0% $9.50 $0.00 Kim Wah RestaurantN May Ave & NW Britton Rd Tommy Garrison Gourmet Yarn CompanyCamelot Square 1984 Blanton Properties 107,799 0 0% $14.00 $0.00 Cox CommunicationsNW 122nd St & N Pennsylvania Ave Jeff Bolding Casa Perico'sCasady Square 1953/1983/1995 Price Edwards & Company 158,764 24,073 15.16% $12.00 $16.00 CVS Pharmacy, WalgreensW Britton Rd & N Pennsylvania Ave Susan Brinkley/Ev Ernst/George Williams Wal Mart Neighborhood Market Centennial Plaza 1993 CBRE/OKLA 233,794 50,000 21.39% $12.00 $16.00 Best Buy5801 N May Ave Mark Inman Home DepotCharter At May 1963/1988/1996 The Boettcher Companies 99,757 9,275 9.30% $12.50 $20.00 Luby's Cafeteria9494 N May Ave Fred Boettcher Bank of America, Tuesday

MorningChisholm Creek 2016 Medallion Group 196,600 10,396 5.29% $39.00 $35.00 Top GolfMemorial & Pawnee Drive Whitney Rainbolt Cabela'sClassen Curve 2008 Blanton Properties 93,970 3,032 3.23% $0.00 $0.00 Balliet's, Republic5820 NW Grand Blvd Tom Blanton/Laci Jackson Ravina Red Coyote, lululemonCollonade Shopping Center 1984 Brady Properties 59,000 2,768 4.69% $10.00 $14.00 The Runner9600 N May Ave Ali Ghaniabadi Cafe PranzoColonial Plaza 2003 Eric Roberts 141,456 0 0% $8.00 $0.00 Homeland9225 N May Ave Eric Roberts CatoCountry Club Corner 1959/1996 JAH Realty, LP 53,477 0 0% $16.00 $25.00 Sprouts6410 N May Ave Jeff Norman/Ethan Slavin Half Price BooksCountry Club Village 1970/1992/2003 CBRE/OKLA 30,846 14,776 47.90% $21.00 $14.00 Fitness Together2800 W Country Club Dr Susan Davis Jordan/Kelsey Gilbert Edward Jones, Beau's Wine BinCross Rock Shops 2001 Medallion Management 24,578 2,750 11.19% $19.00 $20.00 ME/CU Credit Union3521-3561 W Memoral Rd Whitney Rainbolt McAlister's DeliFenwick Plaza 2009/2015 Westbrook Properties 41,804 3,691 8.83% $13.08 $20.64 Allstate16524 N Pennsylvania Ave Gretchen Bybee Fenwick LiquorFrench Market Mall 1985 CBRE/OKLA 244,724 3,750 1.53% $8.00 $25.00 Bed Bath & Beyond2836 NW 63rd St Mark Inman Staples, PetcoGold's Gym Center 1982/2008 Hawkins Companies 66,662 0 0% $12.00 $18.00 ATT Flagship Store2301 W. Memorial Ryan Manteuffel Gold's GymGolden Court 2010 CBRE/OKLA 26,000 2,750 10.58% $12.00 $16.00 T-Mobile1121 NW 23rd St Ryan Storer Rent-A-CenterHighland Park Retail Center 2009 CBRE/OKLA 42,428 11,025 25.99% $19.00 $19.00 Louie's, Upper Crust PizzaW 178th St & N Western Ave Stuart Graham The Sushi BarLakehurst Plaza 1978/1990 Graystone Properties 32,637 0 0% $11.00 $12.00 Gulfport Fish Market8025 N May Ave David Rush Movement Innovations DanceLakeside Shops Shopping Center 1964/2013 Pippin Properties 68,179 3,799 5.57% $14.00 $14.00 Firestone/Bridgestone 7500 N May Ave Linette Roberts Freddy's Frozen CustardLakewood Shopping Center 1980/2015 Oxford Group 64,937 0 0% $10.00 $12.00 Natural Grocers6901 N May Ave Gabby Villareal Stork Land & Kids TooMathis Brothers Village 2016 owner managed 80,000 0 0% $0.00 $0.00 Mathis Brothers Sleep Center3400 W Memorial Rd Ashley FurnitureMayfair Place 1978 Price Edwards & Company 95,000 7,091 7.46% $12.00 $15.00 Akin's Health Foods2900 NW 63rd St Karleen Krywucki PetsMart, Big LotsMemorial Square 2006 CBRE/OKLA 225,000 23,247 10.33% $23.00 $26.50 Super Target, Marshalls13730 N Pennsylvania Mark Inman/Stuart Graham DSW, Golf GalaxyMidland Center 1961 Price Edwards & Company 54,272 3,503 6.45% $0.00 $0.00 Conn'sNW Expressway & Independence Susan Brinkley/Ev Ernst/George Williams Panera BreadNichols Hills Plaza 1963 Blanton Properties 125,712 12,466 9.92% $0.00 $0.00 CK & Company, Trader Joes6501 Avondale Dr Tom Blanton/Laci Jackson Ravina Starbucks, Provision KitchenNorth Penn Plaza 1970/71 Steve Hetherington 32,000 0 0% $0.00 $0.00 Koslow's Furs5601 N Pennsylvania Ave Steve Hetherington Bank of The WestNorthpark Mall 1971/1981 Morris Enterprises 202,106 42,178 20.87% $12.00 $18.00 B.C. Clark12100 N May Ave Kevyn Colburn Norwalk FurniturePenn Square Mall 1960/1988 Simon Property Group 1,057,000 0 0% $0.00 $0.00 Apple, Dillards1901 NW Expressway Macy'sPenn-Hefner Plaza 1973/1977 Haydel Associates 69,392 42,000 60.53% $14.00 $14.00 Beauty World2121 W Hefner Rd Aimee Parrish Beauty WorldQuail Plaza 1965/1989/1991 Morris Enterprises 141,421 29,494 20.86% $12.00 $17.00 Old School Bagel10950 N May Ave Kevyn Colburn Goodyear TireQuail Springs Mall 1980/1999 General Growth Mgmt.,Inc. 1,150,627 30,700 2.67% $0.00 $0.00 Dillard's, LIfetime FitnessW Memorial Rd & N Pennsylvania Ave Kelly Waswo Von MaurQuail Springs MarketPlace 1998 Bayer Properties 410,613 5,288 1.29% $15.00 $30.00 Old Navy, MichaelsW Memorial Rd & N Pennsylvania Ave Mary Beyer Lell Office Depot, UltaQuail Springs Village 1983 JAH Realty, L.P. 26,350 0 0% $30.00 $20.00 Pier 1 Imports13801 N Pennsylvania Ave Ethan SlavinQuail Village 2007 Newmark Grubb Levy, Beffort 49,845 6,322 12.68% $20.00 $20.00 Cafe 7, Lush, Cool Greens14101 N May Ave John Cohlmia/Louis Almaraz/Michael AlmarazShoppes at Quail Springs 2016 Price Edwards & Company 73,000 13,000 17.81% $28.00 $25.00 Salons By JC13601 N May Avenue George Williams Salata SaladShoppes at the Veranda 2006 Irish Realty 29,712 4,300 14.47% $0.00 $0.00 Perfect Tan150th St & N Western Ave Shannon Foreman All Fur PawsSpring Creek North 1981 JAH Realty, L.P. 89,006 2,490 2.80% $14.00 $12.00 Chase Bank12200 N May Ave Ethan Slavin Salon Service GroupThe Plaza at Quail Springs 2005 JAH Realty, L.P. 105,299 0 0% $14.00 $0.00 Hobby Lobby2221 NW 138th St Ethan Slavin Dollar TreeThe Rise 1920/2014 Land Run Commercial 37,186 3,603 9.69% $22.00 $18.00 Anytime Fitness511 NW 23rd St Troy Humphrey Cox Cable, Interior GiltThe Shoppes at North Pointe 2002 Price Edwards & Company 37,684 895 2.38% $15.00 $15.00 Chase BankW Memorial Rd & N May Ave George Williams/Phillip Mazaheri Jimmy's EggThe Shops @ Quail Springs 2012 Blanton Properties 90,856 0 0% $0.00 $0.00 Dick's Sporting GoodsNW 146th & Pennsylvania Tom Blanton/Laci Jackson Ravina PetcoThe Triangle @ Classen Curve 2009 Blanton Properties 66,862 0 0% $0.00 $0.00 Whole Foods, West Elm6001 N Western Tom Blanton/Laci Jackson Ravina AnthropologieTown & Country Village Shopping Center 1982/1992 CBRE/OKLA 43,491 1,750 4.02% $10.00 $12.00 Backwoods12325 N May Ave Mark Inman/Ryan Store/Stuart Graham Subway, At the BeachVillage at Quail Springs 2004 Lincoln Property Company 100,404 0 0% $0.00 $0.00 Best Buy2201 W Memorial RdVillage Park South 1972/2016 NAI Sullivan 42,573 3,250 7.63% $10.00 $10.00 Relax the Back10405 N May Ave David Hartnack/SamSwanson/Nathan Wilson FedexVillage Plaza 1964/1973/1989 NAI Sullivan Group 47,580 2,600 5.46% $8.00 $10.00 Westlake Ace Hardware1501 - 1529 W Britton Rd David Hartnack / Sam Swanson Dollar GeneralWilshire Village 1986 Scott Samara,M.D. 27,000 0 0% $11.00 $12.00 Sherwin WilliamsW Wilshire Blvd & N Western Ave Dana Makeup BarNorth Totals 6,921,706 427,838 6.18%

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2017 Mid-Year Oklahoma City Retail Market SummaryNORTHWEST SUBMARKET

Northwest Built/Updated Leasing Agent Total Space

Available Space Vacant Rate 1 Rate 2 Anchor Tenants

2016 NW 39th St 1973 Newmark Grubb Knight Frank 33,408 9,920 29.69% $8.00 $8.00 Goodwill2016 NW 39th St Michael Rapella/Jay Cohlmia/Danny OjedaBrixton Square 1985 GBR Properties 122,042 14,689 12.04% $8.50 $12.00 Panera Bread7101 NW Expressway Randy Vaillancourt Party GalaxyCornerstone Plaza 1958/1978/2007 Price Edwards & Company 65,285 14,250 21.83% $8.00 $10.00 Family Dollar, City BitesNW 39th St & N MacAr-thur Blvd George Williams/Phillip Mazaheri Ocean Dental

Council Crossing 1986/1992/2003 JAH Realty, L.P. 141,112 80,553 57.08% $12.50 $3.75 Goodwill8101 NW Expressway Ethan Slavin CrossFit

Courtyard Plaza 1984 CBRE/OKLA 38,998 5,759 14.77% $14.00 $16.00 Jersey Mike,s, Billy Sims BBQ

6401 NW Expressway Ryan Storer/Stuart Graham/Mark Inman Gentle DentalLakeshore Shopping Center 2002 Oxford Group 139,447 22,383 16.05% $0.00 $0.00 Academy Sporting Goods

4200 NW Expressway Gaby Villarreal Planet FitnessLakeshore Shops 1998 Charles Shadid 33,140 1,300 3.92% $5.00 $8.00 Freedom Pawn7930 N MacArthur Blvd Charles Shadid Al's BicyclesMacArthur Shops 1983 Price Edwards & Company 23,645 5,050 21.36% $9.00 $0.00 State FarmW Britton Rd & N MacArthur Blvd Rosha Wood Spotted Zebra

Market Place OKC 1985 Newmark Grubb Levy, Beffort 178,854 29,617 16.56% $12.00 $13.00 Vatterott College, Hideaway Pizza

5501 NW Expressway Louis Almaraz/Michael Almaraz Donna's HallmarkMarket Plaza 1981/1982 CBRE/OKLA 152,726 55,625 36.42% $6.00 $35.00 ALDI, PetCo7001 NW Expressway Ryan Storer/Stuart Graham/Mark Inman Westlake HardwareMayfair Village 1948/1990 Price Edwards & Company 174,911 34,272 19.59% $12.00 $10.00 Michael's, ALDINW 50th St & N May Ave Susan Brinkley/Ev Ernst/George Williams Steinmart

Newport 1972 Charles Shadid 25,740 0 0% $5.00 $7.00 7-Eleven9120 N MacArthur Blvd Charles Shadid Sunshine LaundryOak Grove Plaza 2015 Zerby Interests 70,249 26,211 37.31% $25.00 $20.00 SproutsNW 122nd & MacArthur Caleb HillOKC Market Square 1983/2000 Marquett Realty Investments 143,579 14,213 9.90% $10.00 $12.00 Family Leisure, TJ Maxx8400 NW Expressway John D Thomas Central State BeautyOlympia Plaza 1990/98 Core Real Estate 34,640 0 0% $10.00 $12.00 Dynamo Gymnastics7202 W Hefner Rd Jim Sanders Let's Do Greek RestaurantPeppertree Square 1984 Newmark Grubb Levy, Beffort 77,938 24,419 31.33% $5.00 $9.00 Allstate, My Dentist6444 NW Expressway Jim RosePortland Plaza 1966 JAH Realty, L.P. 103,312 13,715 13.28% $0.00 $0.00 Locke SupplyNW 39th St & N Port-land Ave Ethan Slavin Dollar General

Quailbrook Plaza 1987 Price Edwards & Company 90,389 2,300 2.54% $15.00 $12.00 Phycon, Key's Financial4401 W Memorial Rd George Williams/Phillip Mazaheri Mercy Health SystemRock Center 1982 Newmark Grubb Levy, Beffort 29,000 1,750 6.03% $14.00 $14.00 H&R Block6714 NW Expressway John CohlmiaRockwell Crossing 1986 NAI Sullivan Group 30,200 7,700 25.50% $12.00 $8.00 YMCA12100 N Rockwell Ave David Hartnack/Sam Swanson Pizza HutRockwell Northwest 1985/1999 JAH Realty, L.P. 154,944 8,596 5.55% $24.00 $15.00 Hobby Lobby7000 NW Expressway Ethan Slavin Fedex, Chick fil ARockwell Plaza 1981/2000 CBRE/OKLA 414,507 19,291 4.65% $0.00 $0.00 Target

7104 NW Expressway Mark Inman Ross Dress for Less, PetSmart

Silver Springs Pointe 2000 CBRE/OKLA 700,000 13,114 1.87% $15.00 $20.00 Wal-Mart , Mattress Firm7640 NW Expressway Stuart Graham/Ryan Storer Home DepotSpringbrook Shopping Center 1968 Newmark Grubb Levy, Beffort 50,000 10,000 20% $10.00 $12.00 10 Gym Fitness

6207 NW Expressway Louis Almaraz/Michael AlmarazSpringdale Shops 1962/2014 Price Edwards & Company 126,000 24,479 19.43% $10.00 $10.00 Dollar GeneralNW 50th St & N Merid-ian Ave George Williams/Phillip Mazaheri Super Mercado

Walnut Village 1986/2000 Newmark Grubb Levy, Beffort 53,088 7,821 14.73% $15.00 $0.00 Nhinja Sushi12301 N Rockwell Ave Michael Almaraz Leslie's Pool SuppliesWarr Acres Shops 1960/1994 Core Real Estate 34,400 17,400 50.58% $6.00 $10.00 GoodwillNW 50th St & N MacArthur Jim Sanders Big Red ShopWarwick Crossing 1995 Interwest Realty 31,804 9,881 31.07% $11.00 $11.01 Flexible Fitness6909 W Hefner Rd George Huffman/Brad Hoffman Watch Me Grow ChildcareWarwick Plaza 1985 Newmark Grubb Levy Strange Beffort 60,433 1,500 2.48% $4.00 $11.00 Dollar GeneralNW 122nd St & N MacArthur Blvd Jim Rose Subway, Eden Salon

Northwest Totals 3,333,791 475,808 14.27%

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The overall Northwest submarket has seen limited activity when compared to the Memorial Road corridor to the north and the Interstate 40 corridor to the south; it is one of the more mature areas in the city. For many retailers, this market is their second or third choice. This is reflective of the area demographics and the distressed condition of some of these properties: the northwest submarket is characterized by established neighborhoods with limited population growth and relatively unchanged demographics. Having said that, occupancy has held relatively firm albeit at a lower level. Occupancy at mid-year was 83.3 percent. Zerby Interests’ Oak Grove project was the first quality development in the area for some time and continues its lease up, anchored by Sprouts. Winco will build one of its stores at 39th & Portland, although it will probably be the last of the four completed. Like much of the retail product in Oklahoma City, a significant amount of the submarket vacancy is in older centers.

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Available Space Vacant Rate 1 Rate 2 Anchor Tenants

2016 NW 39th St 1973 Newmark Grubb Knight Frank 33,408 9,920 29.69% $8.00 $8.00 Goodwill2016 NW 39th St Michael Rapella/Jay Cohlmia/Danny OjedaBrixton Square 1985 GBR Properties 122,042 14,689 12.04% $8.50 $12.00 Panera Bread7101 NW Expressway Randy Vaillancourt Party GalaxyCornerstone Plaza 1958/1978/2007 Price Edwards & Company 65,285 14,250 21.83% $8.00 $10.00 Family Dollar, City BitesNW 39th St & N MacAr-thur Blvd George Williams/Phillip Mazaheri Ocean Dental

Council Crossing 1986/1992/2003 JAH Realty, L.P. 141,112 80,553 57.08% $12.50 $3.75 Goodwill8101 NW Expressway Ethan Slavin CrossFit

Courtyard Plaza 1984 CBRE/OKLA 38,998 5,759 14.77% $14.00 $16.00 Jersey Mike,s, Billy Sims BBQ

6401 NW Expressway Ryan Storer/Stuart Graham/Mark Inman Gentle DentalLakeshore Shopping Center 2002 Oxford Group 139,447 22,383 16.05% $0.00 $0.00 Academy Sporting Goods

4200 NW Expressway Gaby Villarreal Planet FitnessLakeshore Shops 1998 Charles Shadid 33,140 1,300 3.92% $5.00 $8.00 Freedom Pawn7930 N MacArthur Blvd Charles Shadid Al's BicyclesMacArthur Shops 1983 Price Edwards & Company 23,645 5,050 21.36% $9.00 $0.00 State FarmW Britton Rd & N MacArthur Blvd Rosha Wood Spotted Zebra

Market Place OKC 1985 Newmark Grubb Levy, Beffort 178,854 29,617 16.56% $12.00 $13.00 Vatterott College, Hideaway Pizza

5501 NW Expressway Louis Almaraz/Michael Almaraz Donna's HallmarkMarket Plaza 1981/1982 CBRE/OKLA 152,726 55,625 36.42% $6.00 $35.00 ALDI, PetCo7001 NW Expressway Ryan Storer/Stuart Graham/Mark Inman Westlake HardwareMayfair Village 1948/1990 Price Edwards & Company 174,911 34,272 19.59% $12.00 $10.00 Michael's, ALDINW 50th St & N May Ave Susan Brinkley/Ev Ernst/George Williams Steinmart

Newport 1972 Charles Shadid 25,740 0 0% $5.00 $7.00 7-Eleven9120 N MacArthur Blvd Charles Shadid Sunshine LaundryOak Grove Plaza 2015 Zerby Interests 70,249 26,211 37.31% $25.00 $20.00 SproutsNW 122nd & MacArthur Caleb HillOKC Market Square 1983/2000 Marquett Realty Investments 143,579 14,213 9.90% $10.00 $12.00 Family Leisure, TJ Maxx8400 NW Expressway John D Thomas Central State BeautyOlympia Plaza 1990/98 Core Real Estate 34,640 0 0% $10.00 $12.00 Dynamo Gymnastics7202 W Hefner Rd Jim Sanders Let's Do Greek RestaurantPeppertree Square 1984 Newmark Grubb Levy, Beffort 77,938 24,419 31.33% $5.00 $9.00 Allstate, My Dentist6444 NW Expressway Jim RosePortland Plaza 1966 JAH Realty, L.P. 103,312 13,715 13.28% $0.00 $0.00 Locke SupplyNW 39th St & N Port-land Ave Ethan Slavin Dollar General

Quailbrook Plaza 1987 Price Edwards & Company 90,389 2,300 2.54% $15.00 $12.00 Phycon, Key's Financial4401 W Memorial Rd George Williams/Phillip Mazaheri Mercy Health SystemRock Center 1982 Newmark Grubb Levy, Beffort 29,000 1,750 6.03% $14.00 $14.00 H&R Block6714 NW Expressway John CohlmiaRockwell Crossing 1986 NAI Sullivan Group 30,200 7,700 25.50% $12.00 $8.00 YMCA12100 N Rockwell Ave David Hartnack/Sam Swanson Pizza HutRockwell Northwest 1985/1999 JAH Realty, L.P. 154,944 8,596 5.55% $24.00 $15.00 Hobby Lobby7000 NW Expressway Ethan Slavin Fedex, Chick fil ARockwell Plaza 1981/2000 CBRE/OKLA 414,507 19,291 4.65% $0.00 $0.00 Target

7104 NW Expressway Mark Inman Ross Dress for Less, PetSmart

Silver Springs Pointe 2000 CBRE/OKLA 700,000 13,114 1.87% $15.00 $20.00 Wal-Mart , Mattress Firm7640 NW Expressway Stuart Graham/Ryan Storer Home DepotSpringbrook Shopping Center 1968 Newmark Grubb Levy, Beffort 50,000 10,000 20% $10.00 $12.00 10 Gym Fitness

6207 NW Expressway Louis Almaraz/Michael AlmarazSpringdale Shops 1962/2014 Price Edwards & Company 126,000 24,479 19.43% $10.00 $10.00 Dollar GeneralNW 50th St & N Merid-ian Ave George Williams/Phillip Mazaheri Super Mercado

Walnut Village 1986/2000 Newmark Grubb Levy, Beffort 53,088 7,821 14.73% $15.00 $0.00 Nhinja Sushi12301 N Rockwell Ave Michael Almaraz Leslie's Pool SuppliesWarr Acres Shops 1960/1994 Core Real Estate 34,400 17,400 50.58% $6.00 $10.00 GoodwillNW 50th St & N MacArthur Jim Sanders Big Red ShopWarwick Crossing 1995 Interwest Realty 31,804 9,881 31.07% $11.00 $11.01 Flexible Fitness6909 W Hefner Rd George Huffman/Brad Hoffman Watch Me Grow ChildcareWarwick Plaza 1985 Newmark Grubb Levy Strange Beffort 60,433 1,500 2.48% $4.00 $11.00 Dollar GeneralNW 122nd St & N MacArthur Blvd Jim Rose Subway, Eden Salon

Northwest Totals 3,333,791 475,808 14.27%

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The South Oklahoma City occupancy improved modestly, ending the first half of the year at 85.6, compared to 85 percent at year-end. As noted in our last report, the closure of two large trade schools, Wrights and Heritage College, created significant vacancy as did the Hancock Fabric closure. Emerson South has leased most of the Wrights vacancy and the Heritage College building is expected to be sold and occupied soon. These gains have been offset by miscellaneous vacancy at some of the submarket’s larger centers, Southern Hills, Walnut Square, Shields Plaza and some older product such as Almonte Square. The planned re-positioning and expansion of Shields Plaza is not on the immediate horizon. Access at the east end of Interstate 240 is an issue with the ongoing multi-year remodel of the Interstate 35, Interstate 240 interchange. The northern half of this submarket is heavily reliant on the Hispanic shopper and is largely characterized by smaller centers.

2017 Mid-Year Oklahoma City Retail Market SummarySOUTH SUBMARKET

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2017 Mid-Year Oklahoma City Retail Market SummarySOUTH SUBMARKET

South Built/Updated Leasing Agent Total Space Available Space Vacant Rate 1 Rate 2 Anchor Tenants

240 Penn Park 2005 CBRE/OKLA 317,023 30,300 9.56% $12.00 $12.00 Ross, Michaels1409 W I-240 Mark Inman/Stuart Graham PetSmart74 South Centre 1973/2006 Paul B. Odom Construction 50,000 2,230 4.46% $14.00 $16.00 At the BeachSW 74th St & S Pennsylva-nia Ave Paul Odom89'er Plaza 1984 Lauren Weyhe 30,000 0 0% $6.00 $7.00 Plane Eagle CoinSW 89th St & S Walker Ave Lauren Weyhe Sharp's CleanersAirline 1999 Charles Shadid 121,368 6,250 5.15% $3.00 $4.00 Tom's Tires3400 SW 29th St Charles Shadid El Rodeo CarnecariaAlmonte Square 1963/2014 Price Edwards & Company 107,676 55,928 51.94% $0.00 $0.00 Oklahoma Metropolitan

Library6100 S May Ave Everest Ernst Family Dollar, Planet

FitnessBrookwood North I & II 1998 Charles Shadid 58,249 0 0% $5.00 $8.00 China Wok RestaurantSW 89th St & S Western Ave Charles Shadid Chelino's RestaurantBrookwood Shopping Center 1984/2012 Precor Ruffin 80,615 8,026 9.96% $12.00 $22.00 Planet FitnessSW 89th St & S Western Ave Rick Pritchett GoodwillCentre 8400 1984 Precor Ruffin, LLC 29,355 7,995 27.24% $10.00 $10.00 H&R Block8400 S Western Ave Rick Pritchett SubwayChatenay Square 2000 PB Odom, III 114,115 3,300 2.89% $17.50 $0.00 HomelandSW 104th St & Pennsylvania Ave PB Odom, III Panera BreadCounty Park Shopping Center 1978 Land Run Commercial 24,360 8,000 32.84% $5.45 $7.71 Value Thrift5906 S Agnew Ave Andrew HwangCrest Center 2012 Newmark Grubb Levy, Beffort 96,000 8,877 9.25% $17.50 $20.00 Crest Foods3000 SW 104th John Cohlmia Cox CableCrossroads Shopping Center 1987 Precor Ruffin 31,282 10,000 31.97% $10.00 $0.00 Concentra Medical Ctr7100 S. I-35 Service Rd. Rick PritchettEconomy Square 1963/98 Newmark Grubb Levy, Beffort 203,451 19,800 9.73% $9.00 $18.00 Best Buy GrocerySW 29th St & S May Ave Michael Almaraz/Louis Almaraz WalgreensGrant Square 1958/1992 By Owner 103,810 9,620 9.27% $8.00 $5.00 Aaron RentsSW 44th St & S Pennsylva-nia Ave SubwayGreenway Plaza 1985 Newmark Grubb Levy, Beffort 117,251 5,200 4.43% $11.00 $11.00 Westlake HardwareSW 119th St & S Western Ave Jim Rose Tuesday MorningHillcrest Shopping Center 1971 Blanton Properties 50,000 35,000 70% $8.00 $8.00 Athena Greek2100 SW 59th St Jeff BoldingI-240 Plaza 1988 Brady Properties 27,120 0 0% $10.00 $10.00 Pro Nails7800 S Western Ali Ghaniabadi Jackson HewittKentucky Shops 1970 L & S Real Estate 32,500 0 0% $4.00 $0.00 Family DollarSW 29th St & S Kentucky Ave Young ShinLightning Creek 1985 Lightning Creek Complex 48,005 800 1.67% $8.00 $0.00 Costume Shop, Allstate8100 S Western Ave Debra Gutierrez State Farm, Jewel BoxMayridge Shopping Center 1956 38,000 0 0% $5.00 $5.00 Dollar GeneralSW 44th St & May Ave Buddy ShadidPalagio Shops 2005 Newmark Grubb Knight Frank 47,547 5,875 12.36% $17.50 $0.00 Pizza Hut, Jump ZoneSW 104th St & S Western Ave Danny Ojeda/John Cohlmia/Jay Cohlmia McAlisters Deli, Sports

ClipsReding Shopping Center 1972 JAH Realty, L.P. 77,488 5,355 6.91% $12.00 $7.00 Buy For Less, Super

MercardoGrand Blvd & S Western Ave Ethan Slavin El ChicoShields Plaza 1972/2011 Zerby Interests 170,000 15,585 9.17% $10.00 $17.00 Langston's Western

WearSW 74th & S Shields Blvd Michael Rapella Burlington, FallasSouth Meridian Plaza 1983 Price Edwards & Company 36,100 6,000 16.62% $12.00 $17.00 Billy Sims BBQ1025 S Meridian Ave George Williams Cowboy CleanersSouth Park 1975 South Park 86,848 14,395 16.57% $10.00 $0.00 Ziggy, Turimex Bus

Service4500 S May Ave HenrySouth Penn Plaza 1984 Emersons Commercial Real Estate 90,000 16,525 18.36% $7.00 $12.00 Saigon Taipei Market1620 SW 89th St Terry WatsonSoutheast Plaza 1964 By Owner 195,266 9,500 4.87% $4.50 $6.00 Smart Saver, Plaza

LatinaSE 44th St & S High Ave Amilcar De Leon - Star One, LLC Family DollarSouthern Hills 1964/1990 CBRE/OKLA 202,247 76,605 37.88% $8.00 $18.00 Northern Tool, Dollar TreeSW 74th St & S Pennsylva-nia Ave Ryan Storer/Stuart Graham Joe's Crab ShackSouthwestern Plaza 1962/1987 Coldwell Banker Commercial 122,527 17,600 14.36% $7.00 $7.20 SW 59th St & S Western Ave Jerry Hocker/Jack JamesStonebriar Shopping Center 2005 Brady Properties 30,000 0 0% $10.00 $12.00 Studio Art Photography13316 S Western Ave Ali Ghaniabadi Allied Medical, Adams

ChiropracticSummit Pointe Plaza 2008 Price Edwards & Company 30,414 3,600 11.84% $16.00 $16.00 Louie'sSW 89th St & S Western Ave George Williams Slim ChickensSW 119th Street Marketplace 2009 Price Edwards & Company 28,676 12,870 44.88% $14.00 $16.00 Lemon Grass801 SW 119th St Susan Brinklety Papa MurphysTowne South Center 2004/2005/2010 Price Edwards & Company 130,000 2,582 1.99% $20.00 $15.00 Heartland DentalSW 74th St & S Walker Ave George Williams/Phillip Mazaheri Chuck E CheeseWalker Square 1983 Precor Ruffin 100,430 27,793 27.67% $9.00 $14.00 Buy For Less Supermer-

cadoSW 59th St & S Walker Ave Rick PritchettWalnut Square 1985 Price Edwards & Company 314,299 53,013 16.87% $12.00 $18.00 Big Lots, Hobby Lobby2209 SW 74th St Susan Brinkley/Ev Ernst/George Wil-

liams Green Acres MarketWesternview Center 1958/78 CBRE/OKLA 104,000 14,563 14% $6.00 $17.00 Taste of China7107 S Western Ave Ryan Storer Dollar GeneralWestminster Village 1986 Brady's Properties 79,500 15,026 18.90% $7.00 $10.00 Westminster Executive

Suite10601 S Western Ave Ali GhaniabadiSouth Totals 3,525,522 508,213 14.42%

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2017 Mid-Year Oklahoma City Retail Market SummaryEDMOND SUBMARKET

Edmond saw continued improvement in occupancy, ending June at 90.5 percent, up from 89.2 percent at year-end and 88.8 a year ago. Bryant Square continues its re-positioning and has added Zoe’s, Ulta, and 5 Below among other tenants. Crest formally announced plans to open a store at Sooner & Covell. There have also been a number of smaller strip centers built in the market. The fallout from store closures has, to date, had limited effect on the Edmond market in general but has negatively impacted a few centers. The one major casualty of the market and Edmond politics appears to be Poag Shopping Center’s lifestyle center on the Bridges at Springcreek site. This would have been a first to Oklahoma City type of project but market conditions and a city-wide vote to not allow the multi-family component has stalled and perhaps killed the project. Virtually all multi-store retailers want to be in the market given Edmond’s demographics, particularly incomes and disposable spending. Incremental development should continue and demand should be sufficient to backfill most larger vacancies from national tenant closures.

Edmond Built/Updated Leasing Agent Total Space Available Space Vacant Rate 1 Rate 2 Anchor Tenants

33rd & Boulevard 1982 Lee Segal 49,400 0 0% $7.00 $0.00 Mardel'sE 33rd St & S Boulevard St Lee Segal Family DollarAlta Mesa 2008 JAH Realty, L.P. 30,858 1,490 4.83% $26.00 $0.00 Qdoba, Edward Jones301 S Bryant Ave Ethan Slavin Panda ExpressBerkshire Plaza 2002 Foraker Co 35,612 1,600 4.49% $14.00 $0.00 Office DepotW 15th St & S Broadway Jeremy Foraker Nhinja Sushi & WokBoulevard Village 1985 Price Edwards & Company 36,173 7,915 21.88% $10.00 $12.00 Pizza Hut3404-3456 S Boulevard St George Williams McBride ClinicBroadway South 1977 NaifCo Realty Co 61,524 7,500 12.19% $15.00 $0.00 Edmond Music3320 S Broadway Blair Naifeh Courtyard AntiquesBroadway Square 1968/1994 Land Run Commercial 93,488 4,001 4.28% $8.00 $14.50 City Bites3601 S Broadway Anna Fresonke/Ian Duty Duncan Bros SalonBryant Square 1973/1992 CBRE/OKLA 310,000 36,705 11.84% $0.00 $0.00 Bed Bath & Beyond

E 2nd St& N Bryant Ave Mark Inman/Stuart Graham/Ryan Storer Old Navy, Petco

Danforth Plaza 2003 Price Edwards & Company 30,282 4,050 13.37% $10.00 $14.00 Papa Murphy’s2000 W Danforth Rd George Williams State Farm

Danforth Square 1999 Herndon & Kelly Commercial Real Estate 108,000 0 0% $14.00 $12.00 Hobby Lobby

W Danforth Rd & S Kelly Ave Todd Herndon Athletic VillageEdmond Crossing 1995 Price Edwards & Company 151,664 4,000 2.64% $12.00 $16.00 Tuesday Morning24 E 33rd St Ev Ernst/George Williams TJ MaxxEdmond Exchange 2003 JAH Realty, L.P. 71,218 12,030 16.89% $0.00 $0.00 On the Border3233 S Broadway Ethan SlavinEdmond Market Place 1980/2014 CBRE/OKLA 99,148 51,231 51.67% $11.00 $21.00 Natural Grocers

3301 S Boulevard Mark Inman/Stuart Graham/Ryan Storer Traditions

Edmond Plaza 1964/2005 Price Edwards & Company 158,373 5,785 3.65% $9.00 $14.00 Westlake Hardware

E 15th St & Broadway Ext. Susan Brinkley/Ev Ernst/George Williams Big Lots

Edmond Trails 2007 Sooner Investment 25,215 0 0% $14.00 $15.00 YMCA of Edmond289 S Santa Fe Ave Brad Goodwin Spinal Wellness CenterHampton Village 2010 The Palmer Company 22,958 6,160 26.83% $20.00 $25.00 Chipotle1529 - 1601 S Broadway Chris Palmer

Homestead Center 2003 Price Edwards & Company 39,000 2,026 5.19% $15.00 $0.00 Anytime Fitness, Kobe Sushi

W Danforth Rd & N Santa Fe Ave Susan Brinkley Buffalo Wild Wings

Kelly Centre Shopping Center 2003 Matrix 43,763 14,350 32.79% $10.50 $10.50 Dance Makers610 S Kelly Ave David Lide State FarmKelly Plaza 1984 Price Edwards & Company 87,503 4,800 5.49% $7.50 $10.50 10 Gym, Family DollarW Edmond Rd & S Kelly Ave Rosha Wood/susan Brinkley Elephant's TrunkKickingbird Square 1983/88 Newmark Grubb Levy, Beffort 110,000 1,750 1.59% $14.00 $10.00 Interurban1323 W Danforth Rd Jim Rose Little CaesarsMarket Depot 1965/2004 Westminster Real Estate 82,325 17,544 21.31% $12.00 $18.00 Charleston's

3409 S. Broadway Rick Allen/Randy Allen Sears Home Town Store

North Oaks 1983/1989 Hayes Brokerage 70,672 18,750 26.53% $10.00 $12.00 Westlake Hardware

821 W Danforth Rd Don Hayes Dollar General, My Dentist

Oak Brook 2016 Wiggin Properties 86,711 12,904 14.88% $12.50 $0.00 Hidalgo, Planet Fitness2113 W Edmond Rd Don Faulkner Thrify PharmacyOxford Pointe Shops 1986 Price Edwards & Company 26,600 0 0% $12.00 $12.00 The ArchivesE 2nd St & S Bryant Ave Susan Brinkley The Vision CenterPebble Creek 2001 Key Investments 107,944 0 0% $18.00 $0.00 Kohl's, LA FitnessW Danforth Rd & N Santa Fe Ave Dollar Tree

Shoppes at Edmond Uni-versity 2000 Price Edwards & Company 77,543 1,600 2.06% $22.00 $22.00 Wal Mart Neighbor-

hood Market

E 2nd St & S Bryant Ave George Williams/Phillip Mazaheri

Pei Wei, Half Price Books

Shoppes at Fox Lake 2016 Price Edwards & Company 27,300 9,702 35.54% $24.00 $22.00 Ortho Plus941 W. I-35 Frontage Road George Williams Great ClipsShoppes On Broadway 2008 Price Edwards & Company 160,000 21,401 13.38% $18.00 $22.00 Hobby Lobby

E 33rd St & S Broadway Susan Brinkley/Everest Ernst/George Williams

Bella Strada Spa & Salon

Signal Shops 1986 Fotis Bargeliotes 35,000 0 0% $9.00 $10.00 Physician's PM1700 S Kelly Ave Fotis Bargeliotes Daylight DonutsSpring Creek Plaza 2001 Ward Construction 64,000 0 0% $30.00 $30.00 Loft, New BalanaceE 15th St & S Bryant Ave Amanda Ward, Kent Ward Panera BreadSpring Creek Village of Edmond 2007 Price Edwards & Company 72,273 23,176 32.07% $22.00 $28.00 Legacy Bank

E 15th St & S Bryant Ave Susan Brinkley/Everest Ernst/George Williams Starbucks, Lucca

University Plaza 3 2000 Brady Properties 400,000 0 0% $16.00 $18.00 Target Super CenterE 2nd St & S Bryant Ave Ali Ghaniabadi Lowe's

Uptown Grocery Center 2011 Esperanza Real Estate Invest-ments 73,350 3,300 4.50% $24.00 $28.00 Uptown Grocery

1230 W. Covell Susan Binkoski Juice Blendz CafeWillow Creek 1985 Coury Properties 31,200 0 0% $9.50 $0.00 Edward JonesE 2nd St & N Santa Fe Ave Tina Newton Family Dentistry

Edmond Totals 2,879,097 273,770 9.51%

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The West Central submarket continues to perform well, ending June 7.1 percent vacant, unchanged from a year earlier. Outlet Shoppes, now OKC Outlets, was purchased by TORG, and, along with Westgate Marketplace, anchor the retail along the Interstate 40 corridor. This corridor has seen one of the larger new developments this past year with the completion of The Market at Czech Hall which is anchored by Academy, Ross, & Ulta. There’s additional land for development south of The Market at Czech Hall that was to be part of the development, but this will be developed separately and not immediately. A planned grocer for the site has not materialized. The newer projects along Interstate 40, most of which are well-occupied, dominate the retail in this submarket. Westgate Marketplace, Yukon Village, and West End Pointe and the OKC Shoppes comprise nearly half the total product in the submarket. Westgate will at some point expand to the south side of Interstate 40. The corridor draws not only from the I-40 traffic but from a large swath of homes north of Interstate 40 that have limited access to retail, particularly new retail.

The Interstate 40 and Portland area, home to 38 stores, containing over 2.3 million square feet that specialize in furniture and accessories, remains the hub of furniture sales for the City. Mathis Brothers, after opening its new distribution center, is in progress of a major remodel of its flagship store at the corner of Interstate 44 & Interstate 40.

2017 Mid-Year Oklahoma City Retail Market SummaryWEST–CENTRAL SUBMARKET

West-Central Built/Updated Leasing Agent Total

Space Available Space Vacant Rate 1 Rate 2 Anchor Tenants

36th & May Center 1986 B.D. Eddie Enterprises 97,500 2,500 2.56% $10.00 $0.00 Pole Position RacewaySW 36th St & S May Ave Terry McGuireAnn Arbor Terrace 1971 By Owner 30,000 0 0% $6.00 $0.00 Feria Latina Super Market4913 NW 23 St Ultimate Thrift StoreBethany Shopping Center 2016 Newmark Grubb Knight Frank 28,250 5,815 20.58% $15.00 $17.00 Sears Home Appliance8000 NW 39th Michael AlmarazChisholm Shopping Center 1972/2007 CBRE/OKLA 227,630 22,192 9.75% $12.00 $16.00 Planet Fitness, Hibbet Sports

I-40 & Garth Brooks Blvd Ryan Storer/Stuart Graham Tuesday Morning, SproutsDeVille Shopping Center 1962/1992/1994 Love Management 125,407 11,000 8.77% $5.00 $6.00 Buy For Less2408 N. Council Road Heart & Hand ThriftGlen Oaks 1968/98 JAH Realty, L.P. 49,161 10,080 20.50% $18.00 $6.00 Westlake HardwareNW 23rd St & N Rockwell Ave Ethan Slavin Anytime Fitness

Indiana Center 2002 By Owner 26,000 0 0% $5.00 $9.00 Discount Dollar Store1708 N Indiana Ave Bad Granny'sMacArthur Court 1985 CPG, LLC 51,198 31,400 61.33% $8.00 $12.00 Bank of Oklahoma3804 N MacArthur Blvd John Gholami Red River CreditMacArthur Park 1997 Charles Shadid 55,506 0 0% $5.00 $8.00 Community Thrift Store2300 N MacArthur Blvd Charles Shadid Queen of Sheba RestaurantMeridian Plaza 1959 Baker First Commercial Real Estate 84,402 19,082 22.61% $4.95 $6.99 James Lighting, Dollar General4546 NW 16th St Rod Baker/Bill Reid H&R BlockMorgan Creek Plaza 1988 Westbrook Properties 35,930 3,040 8.46% $10.05 $10.08 State Farm1701 S Morgan Rd Gretchen BybeeMustang Shopping Center 2004 Schostak Brothers & Company 35,846 3,200 8.93% $12.50 $0.00 Check'N Go, Anytime Fitness216 N Mustang Mall Terr Rebecca Dragin Cato, Dollar TreeMustang Trade Center 2015 Land Run Commercial 133,678 3,025 2.26% $19.00 $19.00 Dollar General, SubwayHwy 152 & S Mustang Rd. Troy Humphrey Yukon National BankOld Mill 1974 National Properties 82,730 0 0% $8.00 $4.00 Locke Supply301 Elm Ave Ray WrightOKC Outlets 2010 Horizon Group 430,835 14,000 3.25% $0.00 $0.00 Nike, The North FaceNEC of 1-40 & Council Rd Mall Manager Coach Outlet, Gap OutletPenn Crossing 1994 Price Edwards & Company 133,356 3,500 2.62% $8.00 $0.00 Wal Mart Neighborhood Market NW 23rd St & N Pennsyl-vania Ave George Williams Dollar Tree, Mazzio's, Westlake

Plaza DeVille 1970/2012 Charles Shadid 26,892 6,470 24.06% $4.00 $8.00 Ingrid's Pantry2409 N Council Road Charles ShadidPlaza Shoppes of Turtle Creek 1986/2000 Ferguson Company 32,600 10,223 31.36% $9.50 $10.00 Taco Bell

915-951 S Cornwell Dr Jim Ferguson/Lee Spivey/Debbie Servati Turtle Creek Wine & Liquor

Portland Square 1958/1987 Charles Johnson, DDS 38,000 0 0% $4.00 $0.00 Sam's Wholesale LiquorNW 23rd St & N Portland Ave Chuck Johnson OK Family Thrift

Rockglen Retail Center 1994 By Owner 25,308 7,800 30.82% $3.50 $0.00 Well Club1500 N Rockwell AveShartel Plaza 1965 Pro Realty 40,736 0 0% $14.00 $16.00 CVS, Shartel Cafe5225 N Shartel Ave Greg DownsSilver City Town Center 1974/1994 By Owner - Fields Investments 88,851 32,221 36.26% $6.00 $9.75 Tractor Supply101 N Mustang Rd Salvation ArmyTen-M 1958/1991 Corsair Estate 33,100 7,687 23.22% $8.28 $11.00 Beauty WorldNW 10th St & N Merid-ian AveThe Market at Czech Hall 2017 GBT 161,636 7,600 4.70% $12.00 $25.00 Academy, RossNW 10th & Interstate 40 UltaThe Plaza at Stone Mill 2015 Price Edwards & Company 36,000 27,000 75% $15.00 $18.00 Pie 5 Pizza1348 S Yukon Parkway George WilliamsWalnut Creek 1974 Charles Shadid 62,822 4,400 7% $3.00 $5.00 Thermo Roll Shutters1110 N MacArthur Blvd Charles ShadidWest End Pointe 2015 McGee Commercial Real Estate 522,500 3,500 0.67% $24.00 $24.00 Lowe's, StaplesI-40 & Garth Brooks Blvd Chris Reed Kohl's, Gold's GymWest Pointe Shoppes 2006 By Owner 27,004 1,500 5.55% $10.00 $15.00 Ultimate Vision300 S Mustang Rd SuperCutsWest Pointe Shoppes Phase II 2008 Baker First Commercial Real Estate 27,004 2,700 10% $13.00 $13.00 State Farm, VIP Dental

700-742 S Mustang Rd Rod Baker Oklahoma Allergy & Asthma

Westgate Marketplace 2000/2014 Zerby Interests 900,500 14,050 1.56% $16.00 $28.00 Wal Mart, Panera Bread, Home Depot

I-40 & S MacArthur Blvd Caleb Hill/Michael Rapella Best Buy, Ulta, Dick's Sporting Goods

Westoaks Village 1964 Baker First Commercial Real Estate 93,270 0 0% $3.90 $3.90 Family DollarNW 10th St & N Rockwell Ave Lori Petit Cabinet Outlet

Westpoint Plaza 2000 Newmark Grubb Levy Strange Beffort 25,680 0 0% $10.00 $12.00 Subway320 S Mustang Rd Danny Ojeda Hunan ExpressWill Rogers 1982 Charles Shadid 160,000 6,000 3.75% $4.00 $6.00 Oriental Imports3000 N Portland Ave Charles Shadid McSalty's PizzaWindsor Hills 1960/1998 Newmark Grubb Levy Strange Beffort 256,250 38,797 15.14% $7.00 $12.00 Crest Foods, Ross 4601 NW 23rd St Danny Ojeda DD's Discount

Windsor Park 1982 Newmark Grubb Levy, Beffort 26,000 1,200 4.62% $14.00 $14.00 Ci Ci's Pizza; Windsor Park Pharmacy

2532 N Meridian Ave Michael Almaraz Jackson HewittYukon Hills 1975 JAH Realty, L.P. 125,465 28,403 22.64% $15.00 $8.00 Dollar GeneralS Cornwell Dr & E Vanda-ment Ave Ethan Slavin Buy For Less

Yukon Shopping Center 2005 Schostak Brothers & Company 211,500 3,200 1.51% $14.00 $16.00 Dollar TreeI-40 & Garth Brooks Blvd Rebecca Dragin CatoYukon Village 2009 Chase Properties 332,571 14,552 4.38% $0.00 $0.00 Target, Hobby LobbyI-40 & Garth Brooks Blvd John Barrett Big Lots, Petsmart

West-Central Totals 4,881,118 346,137 7.09%

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2017 Mid-Year Oklahoma City Retail Market SummaryMOORE–NORMAN SUBMARKET

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Over the past 10 years, the Moore-Norman market has been one of the most active markets for development and tenant activity. Occupancy over that period has remained consistently high, at mid-year it was 92.6 percent, down slightly from year-end. Parkway Plaza in Norman remains in receivership and has significant vacancy. The vacated Gordman’s at Riverwalk has also added vacancy to this submarket. No major new development was started in the first half of the year and none is expected in the near term. However, existing developments, like University Northpark, continue to add buildings, a significant number of 10 to 15,000 sf strip centers have been built, and stand-alone build-to-suit buildings have been added. The most high profile being the recently opened Winco on 19th Street. Overall, this submarket is a highly desirable location for retailers – incomes are good and housing density is high.

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2017 Mid-Year Oklahoma City Retail Market SummaryMOORE–NORMAN SUBMARKET

Moore-Norman Built/Updated Leasing Agent Total Space Available Space Vacant Rate 1 Rate 2 Anchor Tenants

550 24th Ave NW 1984/2011 Equity Commercial Realty 31,558 0 0% $13.00 $13.00 Sooner Bowling Center550 24th Ave NW Judy Hatfield Remax/EliteAlameda Square 1984 Price Edwards & Company 93,858 12,139 12.93% $16.00 $10.00 Gold's Gym12th Ave SE & E Alameda St Brandy Rundel Dollar TreeAnatole 1985 Equity Commercial Realty 64,555 11,978 18.55% $8.50 $14.00 Harbor Freight Tools12th Ave SE & E Alameda St Gayla ArtmanBroadway Plaza 2004 Home Creations 34,000 7,000 20.59% $15.00 $15.00 Home Creations2200 N Broadway St MoBrookhaven Village 1985 Price Edwards & Company 155,016 30,747 19.83% $0.00 $0.00 Chico's, White House Black

Market36th Ave NW & W Robinson St Brandy Rundel The Health Club, The LoftCamden Village 2006/2014 Price Edwards & Company 31,100 3,900 12.54% $20.00 $0.00 Cheers, 19071003-1035 SW 19th St Rosha WoodCampus Corner Shops 1911/1993 Equity Commercial Realty, LLC 225,000 10,000 4.44% $16.00 $18.00 747, CVS301 W Boyd St Judy Hatfield Louie's, LuccaCarriage Plaza 1983 Land Run Commercial 25,500 1,335 5.24% $16.00 $16.00 Silhouette Bridal2001 W Main St Troy Humphrey Caymans, City BitesCenter on Main 1965 Heather O'Connell 60,000 0 0% $0.00 $0.00 Firestone500 Main St Heather O'Connell n/aColonial Estates Ren. 1988 CBRE/OKLA 104,225 12,340 11.84% $9.00 $0.00 Cititrends, Smart Saver12th Ave SE & E Lindsey St Ryan Storer/Stuart Graham Dollar GeneralCross Timber Retail Center 2016 CBRE/OKLA 24,331 5,600 23.02% $22.00 $22.00 Pub W10740 S May Avenue Stuart Graham/Ryan Storer/Mark

Inman SuperCutsDowntown Shopping Center 1974/2009 Brady Properties 50,000 0 0% $8.00 $8.00 Sprouts555 W Main Street Ali Ghaniabadi Cellar Wine and SpiritsEastmoore Shopping Center 2006 Newmark Grubb Levy Strange

Beffort 24,484 2,200 8.99% $12.00 $12.00 Dollar General, Subway

811 SE 4th Daniel Ojeda/Jay Cohlmia Cleveland County Health Dept.

Empire Plaza 2006 Dillard Group 30,000 1,490 4.97% $15.00 $15.00 Subway3040- 3058 Classen Blvd Scott Heiple Athletic LoftFritts Farm 2006/2012 Direct Development 453,550 0 0% $24.00 $26.00 Home Depot,Hemisphere'sSW 19th Street & Telephone Rd Melanie Dickenson Target; Dick's Sporting

GoodsHeisman Square 1999 CBRE/OKLA 93,000 0 0% $13.00 $15.00 Homeland, Ace Hardware12th Ave SE & E Alameda St Stuart Graham/Ryan Storer At the BeachHollywood Center 1964 Capital Realty 127,600 0 0% $0.00 $0.00 Homeland1600 W Lindsey St Wendy Foreman Hancock FabricMadison Square Shopping Center 2014 Price Edwards & Company 45,070 20,846 46.25% $18.00 $22.00 BA Fitness, Sherwin Williams480 24th NW Rosha Wood Float OKCMalibu Shopping Center Gerald Gamble Co. 21,000 0 0% $12.00 $0.00 Armstrong McCall824 NW 12th St Gerald Gamble Rent-A-CenterMerkle Creek 1985 Equity Commercial Realty, LLC 33,753 2,239 6.63% $15.00 $15.00 Red Horse Grill2203 W Main St Gayla Artman Play It Again SportsMoore Towne Center 2005 Baker First Commercial Real Estate 35,000 4,895 13.99% $18.50 $18.50 McAlester'sI-35 & SW 19th St Rod Baker Mazzios PizzaNew City Center 1963/1998 Precor Ruffin, LLC 181,894 11,219 6.17% $9.00 $9.00 Aarons, Supermercados

Morelos605 N Moore Ave. Rick Pritchett Family DollarNormandy Creek 1990 Raptor Properties 69,558 11,200 16.10% $13.00 $15.00 Hastings, Party Galaxy2200 W Main St Heidi Vanlandingham Panera BreadNorth Park Center 1960 Owner managed 37,000 12,000 32.43% $8.00 $10.00 Liquor Market1024 N FloodOklahoma Business Center 2005 Price Edwards & Company 50,964 6,480 12.71% $15.00 $15.00 Orthopedic-Spine & Sports

PT1700 - 1704 S Broadway Susan BrinkleyParkway Plaza 1996 Gemini Real Estate Advisors 375,000 48,466 12.92% $19.00 $19.00 Barnes & Noble520 - 700 Ed Noble Parkway Nancy Thomas Bed Bath & BeyondRedbud Plaza 2016 Equity Commercial Realty 23,473 5,322 22.67% $17.00 $17.50 Gymboree, Gaberino's239 & 247 34th Ave SW Gayla Artman Juan Del Fruego'sRiverwalk Centre 2000 CBRE/OKLA 165,665 64,427 38.89% $18.00 $12.00 Maurice'sI-35 & SW 19th St Ryan Storer/Stuart Graham/Mark

Inman KohlsRiverwalk Plaza 2000 Precor Ruffin, LLC 26,939 2,853 10.59% $12.00 $18.00 Midwest Regional Hospital2109-2139 Riverwalk Dr Rick Pritchett Integris Physical TherapyRiverwalk Shops 2006 CBRE/OKLA 33,166 6,000 18.09% $18.50 $20.00 Alfredo's2713 S I-35 Service Rd Ryan Storer/Stuart Graham Cox CommunicationsRobinson Crossing 1986/1989 Brady's Properties 116,400 23,717 20.38% $12.00 $6.00 Dominos Pizza1300 N Interstate Dr Ali GhaniabadiRoyal Rock 2010-2015 Various 45,500 0 0% $25.00 $18.00 T-Mobile, H&R Block19th & Fritts Blvd. Schlotzsky'sShoppes At Crimson Park 2005 Newmark Grubb Levy Strange

Beffort 39,204 6,475 16.52% $18.50 $18.50 Wal Mart Neighborhood Market

2627 N Classen Blvd John CohlmiaShops at Moore Power Center 2007/2014 Kite Realty 568,679 0 0% $16.50 $23.00 Ross, Bed Bath & Beyond2650 S I-35 Rd Karly Kilroy/Jeff Wright Best Buy, Hobby LobbySilver Leaf 1985 Bright Star Realty 110,740 7,500 6.77% $8.50 $15.00 Silverleaf FurnitureNE 12th St & N Eastern Ave Sun Lee Family DollarSooner Mall 1976/1999 General Growth Properties 511,569 8,000 1.56% $0.00 $0.00 Dillard'sI-35 & W Main St Luke Kim SearsSooner Shopping Center 1966 Buchanan Realty 50,000 4,417 8.83% $0.00 $0.00 Genesis ChurchNW 5th St & N Broadway St Steve Buchanan,Debbie ButlerSooner West Plaza 1981 Equity Commercial Realty, LLC 68,440 35,500 51.87% $17.00 $18.00 Tuesday Morning36th Ave SW & W Main St Gayla ArtmanStubbeman Village 1972 University of Oklahoma 33,475 0 0% $0.00 $0.00 Chapala Mexican GrillElm Ave & Elmwood Dr Ratcliffe's BookstoreThe Main Center 2005 HEW Marketing, Inc. 106,307 0 0% $0.00 $9.00 Hobby Lobby24th & Main St Heather Warrington Mardel'sUniversity Town Center 2008 CBRE/OKLA 1,097,119 29,000 2.64% $14.00 $31.00 Kohl's, Target, Crest1500 24th Ave NW Mark Inman/Stuart Graham Academy, HomeGoodsWest Port Shopping Center 1980 NAI Sullivan 40,898 0 0% $8.00 $14.50 Moore Family Clinic1200 N Santa Fe Ave David Hartnack GFF Foods

Moore-Norman Totals 5,514,590 409,285 7.42%

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2017 Mid-Year Oklahoma City Retail Market SummaryEASTERN OK COUNTY SUBMARKET

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Both the 2016 major new developments in the submarket, Sooner Rose at 15th and Sooner Road and, the renovation of Northeast Town Center on 36th Street and Lottie have shown progress. In addition to Academy & Hobby Lobby, Sooner Rose has announced the addition of a Warren Theater (with the help of significant city assistance) and some phase 2 junior anchor/small shop space. Northeast Town Center has secured Save-A-Lot grocer as its anchor. Winco is under construction at the former Target site at 7601 East Reno. Overall, new retail in this submarket continues to perform well while there remains a significant amount of product that is older, several of which have significant deferred maintenance or difficult configurations. Five centers in this submarket remain over 30 percent vacant.

As a result, the submarket vacancy rate is the highest in the metropolitan area, 16.1 percent at mid-year. While still high, this is an improvement from 17.5 percent at mid-year 2016. The improvement comes primarily from the addition of the new fully leased projects and the high occupancy rate of newer product.

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2017 Mid-Year Oklahoma City Retail Market SummaryEASTERN OK COUNTY SUBMARKET

Eastern OK County Built/Updated Leasing Agent Total Space

Available Space Vacant Rate 1 Rate 2 Anchor Tenants

23 Post Plaza 1986 Nancy Brewer 35,000 0 0% $7.00 $0.00 Spencer's SmokehouseNE 23rd St & N Post Rd Nancy Brewer Farmer's InsuranceBoulevard Marketplace 1984 Benchmark Opportunity Partners 35,765 8,845 24.73% $16.00 $18.00 Crest Grocery101 N Douglas Ave Seth Grubstein/Randy Twist Dollar Tree

Choctaw Plaza 1974/1984 Newmark Grubb Knight Frank 131,000 44,334 33.84% $6.95 $6.95 Williams Discount Foods, Chase Bank

14407 NE 23rd St Michael Almaraz Dollar GeneralDecker Center 1982 Brady's Properties 33,500 3,400 10.15% $12.00 $6.00 Cool Smile1200 S Air Depot Blvd Ali Ghaniabadi FedEx

Del Crest Center 1957/2016 Price Edwards & Company 95,563 4,900 5.13% $0.00 $0.00 Gold's Gym, Family Dollar

SE 15th & I-40 Brandy Rundel Harbor FreightDel Crest Shops 1957/2016 Price Edwards & Company 57,770 20,826 36.05% $0.00 $0.00 Save-A-LotSE 15th & Sunnylane Karleen Krywucki/Ev ErnstDixon Plaza 1978/1980 Joe Leon 34,900 0 0% $8.00 $0.00 Shapes GymSE 15th St & S Post Rd Joe Leon Farmer's InsuranceEastgate Shopping Center 1965 North Star 51,052 0 0% $0.00 $0.00 Family Dollar1100 N Midwest Blvd Joseph AtkinsonGateway Plaza 1985 CBRE/OKLA 87,512 55,012 62.86% $10.00 $12.50 Dollar TreeSE 15th St & S Air Depot Blvd Stuart Graham Sally Beauty SupplyHartsdel 1995 Charles Shadid 50,000 12,687 25.37% $4.00 $7.00 Family DollarSE 44th St & S Bryant Ave Charles Shadid Beauty SupplyHeritage Plaza 1987 GBR Properties,Inc. 75,071 27,577 36.73% $7.00 $11.00 Edward Jones351 N Air Depot Blvd Randy Vaillancourt Economy Hearing AidHoliday Square 1974 Equity Commercial Realty 86,652 22,000 25.39% $8.00 $13.60 The Dance Department1100 S Air Depot Blvd Mark Hyde Los VacquerosNortheast Town Center 1970/2017 Price Edwards & Company 96,000 60,225 62.73% $8.00 $12.00 Save-A-Lot, ICE

1124 NE 36th St Susan Brinkley/Ev Ernst/George Williams

Oakcliff Shopping Center 1966 Charles Shadid 51,000 7,600 14.90% $5.00 $5.00 Tom's Tires3102 SE 44th Street Charles Shadid Karen's TreasuresPark Estates 1952 Shapard Properties,Inc. 38,000 10,500 27.63% $0.00 $0.00 Ron's CleanersNE 36th & N Kelly Ave Bill ShapardPark Plaza 1993 Charles Shadid 38,268 19,900 52% $3.00 $4.00 Diva Beauty Supply3700 Springlake Dr Charles Shadid Leo's Supper ClubShops at Del City 2012 CBRE/OKLA 28,160 0 0% $0.00 $0.00 Ted's Cafe Escondido

I-40 & Sooner Rd Stuart Graham/Ryan Storer The Garage, Volcano Sushi

Sooner Market Place 1995 Charles Shadid 63,013 9,780 15.52% $4.00 $7.50 Chelino'sE Reno Ave & N Sooner Rd Charles Shadid Speed MartSooner Rose 2016 Price Edwards & Company 190,000 0 0% $12.00 $25.00 Hobby LobbySE 15th & Sooner Road Brandy Rundel AcademySpencer's Center 2000 Charles Shadid 40,000 7,500 18.75% $3.00 $5.00 ConocoNE 23rd St & N Spencer Rd Charles Shadid Discount Beauty Supply

Sunnylane Plaza 1979 Owner managed 84,888 40,000 47.12% $6.00 $5.00 Cricket, Advance America

SE44th St & S Sunnylane RdTan & Tone America Center 2005 Ta Real Estate 25,300 0 0% $7.00 $12.00 Super Cuts1900 S Air Depot Blvd My DentistTenth Street Plaza 1960 Owner managed 33,000 0 0% $6.00 $0.00 Dollar General9207 NE 10th StThe Village Shopping Center 1973 Michael Biddinger Real Estate 32,353 2,350 7.26% $7.00 $7.00 Rent-A-Center

4720 - 4754 SE 29th St Meagan Royer Akropolis Greek Res-taurant

Town & Country Center 1966/2015 Price Edwards & Company 133,916 12,096 9.00% $9.50 $16.00 Ross, Big Lots, CityGear

E Reno Ave & N Air Depot Ave Rosha Wood/Ev Ernst/George Williams

Ace Hardware, Aarons, CitiTrends

Town Center Plaza 2005 Sooner Investment 795,000 2,415 0.30% $24.00 $0.00 Target, J C PenneySE 29th St & S Air Depot Blvd Brad Goodwin Lowe's, Kohl'sUptown Plaza 1958/2006 Price Edwards & Company 194,033 55,371 28.54% $15.00 $22.00 Langston's, Family Dollar

7430 SE15th St Brandy Rundel/George Williams Tuesday Morning, Locke Supply

Village Oak Plaza 1981 Brady Properties 27,500 6,200 22.55% $6.00 $8.00 Lupe's Restaurant1000 S Douglas Blvd Ali Ghaniabadi Papa John Pizza

Westminster Shopping Center 1963 Owner managed 58,000 900 1.55% $5.00 $6.00 Angel's Furniture, 23rd Street Auction

NE 23rd St & S Westminster Rd Miles Millwork

Eastern OK County Totals 2,702,216 434,418 16.13%

Retail Investment Sales

The January purchase of 240 Penn Park by RCG Ventures and the May purchase of OKC Outlets by TORG together totaled $157.7 million of the total sales for the first half of the year of $173.5 million. This is both buyers’ first Oklahoma purchase. Both of these transactions were unique in that 240 Penn Park was included in a package that included a Colorado property; and, OKC Outlets is a specialty use property. Otherwise, the uncertainty that characterizes the broader retail economy appears to have also effected investment sales. The remaining four property sales totaled only 219,000 square feet and $15.8 million. There remain significantly more buyers in the market than sellers. As part of a countrywide trend, one group of buyers, the larger institutional real estate firms, have generally not bid on the last couple of institutional grade retail properties in our market, resulting in an at least 100 basis point increase in capitalization rates for class A properties. This trend may open the door for more local and regional investors to buy up in quality. Expect the current turbulence retailers are experiencing to create opportunities for these retail investors.

RETAIL MARKET SALES SUMMARY

2017 Shopping Center Sales

Property Address Square Feet Sales Price Price PSF Sale Date

240 Penn Park Shopping Center 1453 I-240 Service Road Oklahoma City, OK

231,585 $29,050,000 $125.44 1/31/17

Penn-Hefner Plaza 2121 W Hefner Road Oklahoma City, OK

67,805 $2,800,000 $41.29 1/18/17

Silverleaf Shopping Cneter 1254 N Eastern 66,943 $4,974,000 $74.30 2/16/17

Walnut Village 12305 N Rockwell 53,088 $5,850,000 $110.19 3/29/17

Willow Creek Shopping Center 322 S Santa Fe Ave 31,200 $2,175,000 $69.71 5/1/17

OKC Outlet Mall 7638 W Reno 388,079 $128,625,000 $331.44 5/2/17

Totals 838,700 $173,474,000

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Amidst the resetting of the market and minimizing of notable chains via bankruptcies and store closings this year, walkable commercial districts have survived rela-tively well nationwide.

Locally, we’ve seen the opening of a decent amount of retail and restaurant operators in the urban core. Including: Hall’s Pizza Kitchen, Baker Street Escapes, 405 Yoga, Beyond Studios, OK Runner, The Manhat-tan, Jones Assembly, Twisted Spike Brewery (late 2016), Insomnia Cookies, Brown Interiors, Common-place Books, Urbun, Bunker Club, Aurora and Easy E.

Several notable projects that contain retail are also un-derway: First National Center, 1212 Hudson, two proj-ects on 8th street between Broadway and Oklahoma, Steelyard, West Village and 23rd & Hudson. We hope to see the Spaghetti Warehouse building added to that list sometime in the next year as well.

Our commercial districts, or as Garrick Brown of Cush-man Wakefield calls “cool streets,” offer an urban ex-perience in addition to a purchasing opportunity and are largely populated with local, independent opera-tors. The vacancy in established buildings in these dis-tricts has remained relatively low, but new retail space at higher rent rates has been slower to absorb.

s restaurants have emerged as the anchors for our urban districts and as retailers continue to find their niche with Amazon nipping at their heels, local shops have experienced growing pains. A recent blog article from Collected Thread in the Plaza District* is worth reading if local shops play a role in your real estate endeavors. Owner Lindsay Zodrow shares the struggle that 2017 has been for her local shop and many of her colleagues. I fear that we may see a few closures from urban core shops in the upcoming year.

One thing that we can do is support these local busi-nesses (pioneers) in our urban core - not only from a real estate perspective, but also as customers. As our downtown continues to be established for retail-ers, every dollar spent at these small shops adds to their viability in the area. Yes, you can order a book through Amazon in a few minutes, but you can’t get the experience of thumbing through nice paper covers while sniffing a signature candle scent after discuss-ing curated recommendations from the owner at Com-monplace Books.

WalkableRetailUrban areas still doing well nationwide

by ALLISON BARTA BAILEY

Retail Broker | Price Edwards & Company

* To View the Collected Thread article, visit:

https://collectedthread.com/blogs/news/fight-for-us

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5.1 MILLIONsquare feet of office and industrial space

3.9 MILLIONsquare feet of retail space

3,600multifamily units

$5 BILLIONin closed transactions

OKLAHOMA’S LEADING COMMERCIAL REAL ESTATE FIRM

Price Edwards & Company | 210 Park Avenue, Suite 700, Oklahoma City, OK 73102 | Phone (405) 843-7474 | Fax (405) 236-1849www.priceedwards.com