AT&T Store

5325 N May Ave Oklahoma City , OK 73112-3507

AT&T Store - Retail for sale

Overview


JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant AT&T (the “Property”, or “Asset”) located in Oklahoma City, Oklahoma. Strategically positioned at the premier retail intersection of northwest Oklahoma City, the Asset benefits from exposure to over 66,000 vehicles passing daily along both North May Avenue and the Northwest Expressway combined. These two roads connect the Property to the greater MSA via intersections with the Lake Heffner Parkway and Interstate 44, making this location one of the most desired retail intersections in Oklahoma City. These high traffic counts, as well as the accessibility to major economic drivers in the immediate area including the Integris Baptist Medical Center and First State Bank Building, explain why retailers such as Target, Home Depot, ALDI, CVS, Walgreens and many more are in the immediate area. While there are four years remaining on New Cingular Wireless PCS, LLC’s double-net lease, the strength of the location suggests they will continue to operate at the location for years to come. This offering presents the unique opportunity to acquire a strong tenant for an accretive cap rate with strong residual value in the real estate.

Investment Highlights


  • The Property was a build-to-suit for AT&T in 2013, demonstrating their commitment to the location for the foreseeable future.
  • Located at the premier intersection of northwest Oklahoma City, the Asset benefits from over 66,000 vehicles passing daily along North May Avenue and Northwest Expressway combined.
  • The Property is subject to a double net lease with minimal landlord responsibilities, over four years of primary term remaining, two, five-year options for renewal, and ten percent increases every five years.
  • The tenant, New Cingular Wireless PCS, LLC, is a wholly-owned subsidiary of AT&T Inc., which carries an investment grade credit rating of ‘BBB+/Stable’ by S&P.
  • Retailers such as Target, The Home Depot, CVS, Walgreens, ALDI, and many more in the immediate area demonstrate the quality of the retail location and tenant desire to have space close to this intersection.
  • Major economic drivers such as the Integris Baptist Medical Center (551-bed hospital) and the First State Bank Building create a dense consumer base of those who work in the immediate area. The daytime population increases by over 91% during work hours within one mile of the Property.


General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 5325 N May Ave, Oklahoma City, OK 73112-3507
Land In Acres 0.68
Building Size 4,800  ft2
Financial
Price $2,715,430
Cap Rate 7.00%
Current NOI $190,080.00
Lease
Tenant's Name AT&T Mobility LLC
Lease Type NN
Annual Rent $190,080.00
Lease Expiration Date 09/30/2023
Remaining Term 4.4Yrs