Oklahoma real estate experts comment on local market

Clip from Oklahoma real estate experts comment on local market
OKC Business Article (9-29-08)

“The older parts are going to hurt, which means brokers are going to have to come up with creative new uses for those properties,” said James Durocher, retail broker for NAI Sullivan Group. “Town Center Plaza brought the right tenant mix for that demographic, and Sooner (Investments) did a good job building an attractive center. And, it’s not just Midwest City it’s pulling from, it’s everything east of that area, as well.”

According to Durocher, Del City has been experiencing some of the same problems with the area near 15th Street and Sooner Road, where a Wal-Mart Supercenter has been built, and just west of the area.

“Del City would really be hurting if they had not gotten that Wal-Mart Supercenter,” he said.
“That’s been a huge shot in the arm, whatever development that may happen for that area is going to be a major boost.”

To Del City’s south, along the I-40 corridor, new hotel and restaurant developments have broken ground.

“It will be a different type of retail mix than what you see in Midwest City,” Durocher said.
“You’ll be able to have it all in that area.”

He also said the mom-and-pop retailers in the older areas will need to find their niche. The good news, he said, is most of those retailers are located in older centers that are paid for.

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