Arrowhead Mall – Muskogee, OK
- ASKING PRICE
- NET LEASEABLE AREA
- PRICE PSF
- IN-PLACE NOI
- CURRENT CAP RATE
- PROFORMA NOI
- PROFORMA CAP RATE
- 438,294 SQ. FT.
- ASKING PRICE: $5,900,000
- NET LEASEABLE AREA: 438,294 SQ. FT.
- PRICE PSF: $13.46
- IN-PLACE NOI: $523,255
- CURRENT CAP RATE: 8.86%
- PROFORMA NOI: $1,094,566
- PROFORMA CAP RATE: 18.55%
- Regional Shopping Mall Anchored by Dillard’s, JCPenney and Dickinson Theatres (subsidiary of B&B Theatres, 8th largest theater operator in the U.S.)
- Professionally Managed and Well Maintained
- 68.2% occupancy provides an investor immediate upside, through the lease of its 36 vacancies totaling 139,547 Sf
- Only enclosed mall for 50 miles, making Arrowhead Mall a crucial piece of the area economy.
- Average Household Income = $53, 644 within a 5 mile radius
- Traffic Count Per Day: ± 17,702
- Excellent Location on North Main Street within walking distance of Downtown Muskogee’s Historic Downtown
- Muskogee is the Regional Economic Hub for All of Eastern Oklahoma with a Potential Customer Base of 220,000 people within a 30-minute drive
The Investment Team of Colliers International is pleased to present for sale the Arrowhead Mall at 501 N. Main Street in Muskogee, Oklahoma. The enclosed regional mall was built in 1987 and renovated in 2005. Anchored by Dillard’s, JCPenney and Dickinson Theatres, the 438,294-square-foot mall benefits from ample surface parking, engaging common areas and easy access, as well as excellent signage and visibility from North Main Street, the city’s major thoroughfare.
This seasoned, yet well-maintained asset is currently about 68.2% occupied, offering new ownership immediate upside through the repositioning and lease up of its 36 vacant units, including the 75,838-square-foot box formerly occupied by Sears. Arrowhead Mall is an excellent opportunity for an investor to acquire a well-positioned, value-add asset at a significant discount to replacement cost.
Oklahoma’s River City
Established along the banks of the Arkansas River and built on its strength as a stop on the Missouri-Kansas-Texas (KATY) Railroad, Muskogee remains an important transportation, trade and industrial center. Today, the city boasts easy access to nearly every mode of transit available, whether by road, rail, river or air. The city is nestled among three U.S. highways, an interstate, two local airports and railways serviced by the Union Pacific and Burlington Northern Santa Fe railroads. The Port of Muskogee, a regional river port, is also located within city limits, and Tulsa International Airport is only 47 miles away. As a regional trade and service center, Muskogee has enjoyed long-term stability as a manufacturing community and a retail destination. The third largest manufacturing community in Oklahoma, Muskogee is know for producing machinery, rubber items, food products and other consumer goods.
Operation of the Port of Muskogee is perhaps the single greatest economic driver in the region. Located at the confluence of the Arkansas, Grand and Verdigris rivers, the nation’s most inland all-weather waterway is Oklahoma’s channel to the rest of the country—and the world. Inland ports on the Ohio, Illinois and Mississippi rivers are accessible from Muskogee, as are countless
international seaports via the Gulf of Mexico. As many as 14 local industries depend on access to the waterway and have invested more than $2 billion to develop facilities. These industries have created more than 2,500 jobs in the area with a combined payroll in excess of $125 million a year.
Events & Venues
Muskogee is home to a variety of popular venues that host large events, drawing visitors from around the region and across the country, including the Azalea Festival, the Garden of Lights Festival and the Oklahoma Renaissance Faire. The city is also the proud home of 32 parks and five of the biggest lakes in Oklahoma.
- Honor Heights Park – Home to the Azalea and Garden of Lights Festivals
- Castle of Muskogee – Home to the Oklahoma Renaissance Faire
- Muskogee War Memorial Park
- Oklahoma Music Hall of Fame
- Muskogee Civic Center
- River Country Water Park