Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of AT&T Corporate & Orthodontist, a 6,000 square-foot retail property located in Shawnee, OK, according to Steven D. Weinstock, Vice President / Regional Manager of the firm’s Chicago Oak Brook office. The asset sold for $1,270,000.
Tammy A. Saia, investment specialist in Marcus & Millichap’s Chicago Oak Brook office, and Tom Mann, investment specialist in Marcus & Millichap’s Tulsa office, had the exclusive listing to market the property on behalf of the seller, a private investor.
AT&T Corporate & Orthodontist sold at 94 percent of its list price. This attractive two-tenant, 6,000-square foot retail property is 100 percent occupied. AT&T has a 10-year, triple-net lease with 6.5 years remaining. In addition, there is a 10 percent rent increase in 2015 along with two, five-year renewal options. AT&T occupies 67 percent of the building while the Orthodontist, lease guaranteed by Orthosynetics, occupies the remaining 33 percent.
Orthosynetics is a dental proactive management firm who services 350 practices and currently employs 3,092 employees. Orthosynetics has signed a 10-year, triple-net lease. This tenant has three percent annual increases until the expiration of the lease with two, five-year options for renewal on the same terms.
This building is located on an out-parcel to the largest mall in the region, the Shawnee Mall. The Mall is anchored by several major retailers such as Dillard’s, Sears, JCPenney, Ross Dress for Less and Old Navy. The mall is also surrounded by an abundance of national retail stores.
