Grocery-Anchored High-Yield Value-Add Retail | Westgate Center
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Grocery-Anchored High-Yield Value-Add Retail Westgate Center
62,474 SF 82% Leased Retail Building Online Auction Sale Woodward, OK 73801
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Investment Highlights
- Westgate Shopping Center is a six-tenant shopping center, dual-anchored by United Supermarkets, a 50+ year tenant, and Harbor Freight Tools.
- Set to benefit from a $250 million, four-lane highway project connecting Woodward to Interstate 40, allowing easy access to customers in OKC.
- This rare investment provides a diverse tenant mix with below-market gross leases and long-term upside growth potential.
- Direct frontage to US Route 412, Woodward’s primary commercial artery, provides the property with exposure to more than 19,000 vehicles daily.
- Close to Woodward’s most popular shopping and dining establishments, with easy points of ingress/egress and 218 on-site parking spaces.
Executive Summary
Colliers is proud to exclusively present the opportunity to acquire the 100% fee simple interest in 2110 Oklahoma Avenue, Westgate Shopping Center. This newly renovated, grocery-anchored shopping center enjoys a prime location in Woodward, Oklahoma. Delivered 82% occupied with a brand-new anchor lease, this asset provides an excellent, cash-flowing investment with value-add potential.
The Westgate Shopping Center is a six-tenant shopping center totaling 62,474 square feet, originally constructed on a 5.1-acre lot in 1972. The center is dual-anchored by United Supermarkets, a 50+ year tenant, and Harbor Freight Tools, a strong national retailer that recently signed a new 10-year lease. Suites boast glass storefronts, prominent tenant signage, and unique entry points along a covered sidewalk.
Discover how Westgate Shopping Center’s incredible location sets it apart from the competition. Positioned with direct frontage to US Route 412, this site receives exposure to almost 19,000 vehicles daily. This vital artery serves as Woodward’s primary commercial and commuter corridor, home to the city’s most popular shopping and dining establishments, drawing strong additional traffic to the center. The property is equipped to handle this elevated traffic, with easy points of ingress/egress and 218 surface parking spaces.
Woodward is the principal center of trade for Northwest Oklahoma and a 10-county region, including counties in Kansas and Texas. The city will benefit from a $250 million four-lane highway project connecting it to Interstate 40. This project will allow direct access to Oklahoma City and provide additional infrastructure to support Woodward's businesses.
This performing investment is a true rarity in the market. Contact the Colliers team today to schedule a tour and learn more about this incredible opportunity.
The Westgate Shopping Center is a six-tenant shopping center totaling 62,474 square feet, originally constructed on a 5.1-acre lot in 1972. The center is dual-anchored by United Supermarkets, a 50+ year tenant, and Harbor Freight Tools, a strong national retailer that recently signed a new 10-year lease. Suites boast glass storefronts, prominent tenant signage, and unique entry points along a covered sidewalk.
Discover how Westgate Shopping Center’s incredible location sets it apart from the competition. Positioned with direct frontage to US Route 412, this site receives exposure to almost 19,000 vehicles daily. This vital artery serves as Woodward’s primary commercial and commuter corridor, home to the city’s most popular shopping and dining establishments, drawing strong additional traffic to the center. The property is equipped to handle this elevated traffic, with easy points of ingress/egress and 218 surface parking spaces.
Woodward is the principal center of trade for Northwest Oklahoma and a 10-county region, including counties in Kansas and Texas. The city will benefit from a $250 million four-lane highway project connecting it to Interstate 40. This project will allow direct access to Oklahoma City and provide additional infrastructure to support Woodward's businesses.
This performing investment is a true rarity in the market. Contact the Colliers team today to schedule a tour and learn more about this incredible opportunity.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Title and Insurance
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Retail
Property Subtype
Building Size
62,474 SF
Building Class
B
Year Built
1972
Percent Leased
82%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.35
Lot Size
4.08 AC
Zoning
C - Commercial
Parking
218 Spaces (3.49 Spaces per 1,000 SF Leased)
Amenities
- Freeway Visibility
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Former Mail It store. Interior would need slight modifications. Plenty of storage room in the back of suite. Contiguous with the 9,000 square foot vacancy.
Former Okla. Dept. of Human Services office.
| Space | Size | Space Use | Position | Available |
| 1st Floor | 2,125 SF | Retail | In-Line | Now |
| 1st Floor | 9,000 SF | Office/Retail | - | Now |
1st Floor
| Size |
| 2,125 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
1st Floor
| Size |
| 9,000 SF |
| Space Use |
| Office/Retail |
| Position |
| - |
| Available |
| Now |
1st Floor
| Size | 2,125 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | Now |
Former Mail It store. Interior would need slight modifications. Plenty of storage room in the back of suite. Contiguous with the 9,000 square foot vacancy.
1st Floor
| Size | 9,000 SF |
| Space Use | Office/Retail |
| Position | - |
| Available | Now |
Former Okla. Dept. of Human Services office.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
5,159
13,776
15,062
2020 Population
4,976
13,353
14,726
2029 Population
5,072
13,533
14,771
2024-2029 Projected Population Growth
-1.7%
-1.8%
-1.9%
Daytime Employees
4,322
8,318
8,653
Total Businesses
648
1,204
1,250
Average Household Income
$56,849
$69,727
$71,384
Median Household Income
$46,102
$51,611
$53,302
Total Consumer Spending
$52.4M
$149.8M
$165.9M
Median Age
37.1
37.9
38.1
2024 Households
2,066
5,419
5,898
Percent College Degree or Above
10%
13%
13%
Average Home Value
$144,376
$179,302
$186,670
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 0001-00-069-001-0-000-00 | Improvements Assessment | $163,147 |
| Land Assessment | $40,353 | Total Assessment | $203,500 |
PROPERTY TAXES
Parcel Number
0001-00-069-001-0-000-00
Land Assessment
$40,353
Improvements Assessment
$163,147
Total Assessment
$203,500
Sale Advisors
Sale Advisors
Eric Carlton,
Executive Vice President
(949) 903-3399
Contact
Eric Carlton serves as Executive Vice President within the Retail Capital Markets Group of Greater Los Angeles, Partner of the Colliers NNN Group, and Co-Founder of the Snyder/Carlton Team for Colliers International nationwide. The Colliers Retail Services Group is an integrated team of professionals with specialties in representing landlords and tenants with leasing needs, managing the acquisitions and dispositions of retail properties, enhancing values through asset management and assisting in debt solutions. Colliers NNN Group is a national investment team specializing in the acquisition and disposition of net lease investments throughout the United States. Eric is currently a Principal of the Snyder/Carlton Team, one of the top Net Lease teams in Colliers International, focused on relationships with qualified institutional and private investors to enable them to strategically match buyers with sellers and achieve the best possible match for their clients. In addition to being a certified financial planner, Eric holds the Series 65 and 66, Series 7 Brokerage, Series 9 and 10 Brokerage Supervisor and Series 3 Brokerage Option Supervisor Licenses, giving him a broader prospective and competitive edge when advising clients. Eric is currently pursuing a master’s degree in international relations after graduating summa cum laude from the University of California, Los Angeles, where he earned a bachelor’s degree in political science with a concentration in international relations. Prior to joining Colliers International, Eric served as advisor for Sperry Van Ness, where he specialized in shopping centers for the Retail Asset Group. He was also Vice President for the Sperry Van Ness Asset Recovery Team, a national group created to work with banks, lenders and special servicers for distressed and REO assets. Previously, Eric was Vice President for Seidler Investments, sister company of UBS Investments, a world leader in investment products and services. In this role, Eric managed multimillion dollar portfolios for high-net-worth individuals, researched investment markets and leveraged new opportunities as a part of long-term investment strategies. Before transitioning to Seidler, Eric served as Vice President for UBS Paine Webber, where he expanded sales and commissions by more than 200 percent, building a multimillion-dollar portfolio.
Jereme Snyder, Executive Vice President
(949) 724-5552
Contact
Jereme S. Snyder is an Executive Vice President within the Retail Services Group in Greater Los Angeles and a Director of Colliers NNN Group for Colliers International nationwide. The Colliers Retail Services Team is an integrated team of professionals with specialties in representing landlords and tenants with leasing needs, managing the acquisitions and dispositions of retail properties, enhancing values through asset management, and assisting in debt solutions. Colliers NNN Group is a national investment team specializing in the acquisition and disposition of net lease investments throughout the United States. The Teams relationships with qualified institutional and private investors enable them to strategically match buyers with sellers to achieve the best possible match for their clients.
Jeremy Foraker,
President and Managing Broker
(405) 229-7917
Contact
Jeremy W. Foraker is President and Managing Broker of Foraker Company. Mr. Foraker has over 10 years of experience in commercial real estate and has experience in brokerage, development, construction and property management. Since 2003, Mr. Foraker has negotiated and closed more than 100 investment transactions and 250 lease transactions. He has played key roles in acquiring, developing and repositioning over 1 million square feet of property and growing a property management portfolio to exceed 1 million square feet. Mr. Foraker holds a Bachelor of Business Administration from the University of Central Oklahoma and a Masters of Business Administration from Oklahoma City University. Mr. Foraker’s expertise includes lease negotiation, project management, financial analysis, development strategy and risk mitigation. A native Oklahoman, Mr. Foraker is a married father of two and an active member of the International Council of Shopping Centers (ICSC) and a Certified Commercial Investment Member (CCIM) member.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Sophy Cardenas
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 149227
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Grocery-Anchored High-Yield Value-Add Retail | Westgate Center
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