U.S. Markets open in 6 hrs 41 mins

Okla. City shopping center sold for $13 million

OKLAHOMA CITY (AP) -- Oklahoma City's Brixton Square Shopping Center has been sold for $13 million in a deal that closed on Dec. 31, said broker Ryan McNeill, who handled the deal.

Tulsa-based GBR Properties sold the property in northwest Oklahoma City to Tracy Williams of 4-Corners Homes in Edmond and Trevor McNeill of McNeill & Co., a Dallas investment partnership.

The McNeill's are brothers.

GBR, which purchased the property for $7.5 million in 1992, will continue to manage the property, whose tenants include Brown Mackie College; Panera Bread; ClearSight Lasik Center; Deaconess Pregnancy & Adoption Services; Coldwell Banker Select; Party Galaxy; and Liberty Mutual Insurance.

"We felt like the tenants operate quality businesses," Trevor McNeill told The Journal Record. "The rent roll is heavy in education, health care and food service. In our humble opinion, those are all good industries to participate in. And we love the location."

Brixton Square, which is 96 percent occupied, is one of four shopping centers at the intersection of Northwest Expressway and Rockwell Avenue, with surrounding retail centers anchored by Target, Hobby Lobby and Petco.

"GBR has done an excellent job of maintaining the property with the best interest of the tenant in mind," Ryan McNeill told The Oklahoman. "I think that's what's helped them be so successful over the years, and you'll see that continue with the new owners. They bought it right, which will enable the center to maintain its historical stability into the future."

The purchase was Williams' and Trevor McNeill's first shopping-center acquisition in Oklahoma City, but it will likely not be the last property the city sees bought by the business partnership.

"We're both actively pursuing Oklahoma City as a market and looking for opportunities there," Trevor McNeill said.

The sale price is 3 percent less than the $13.4 million that GBR had asked for it in 2011. The property had been taken off the market at the time of the sale.