Oklahoma City-based real estate investment firm Mazaheri Properties led a group of buyers behind the acquisition of a sprawling shopping center in a $38 million deal, executing a 1031 exchange and closing on the purchase of the power center within a 45-day window. The deal earned a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market
The deal closed in mid-July after Phillip Mazaheri, who represented Mazaheri Properties, reviewed about 40 different properties in which to invest about $30 million in 1031 exchange funds. In competing against national real estate investors and real estate investment trusts, Mazaheri Properties put down $1 million of hard money on 240 Penn Park before closing on the property within 45 days. This acquisition saved the buyer $4 million in capital gains tax by utilizing the 1031 exchange and keeps an Oklahoma City retail property locally owned.
About the property: The 241,831-square-foot retail center, which was built in 2006, is more than 99% leased to tenants including Marshalls, Ross Dress for Less, Michaels, PetSmart, Best Buy, Saltgrass, Lane Bryant, Five Below, Charleston’s Restaurant and GNC.
What the judges said: Given the "size of the project" and the "speed of the transaction," this deal represents the importance of retail space on the south side of Oklahoma City, said Eric Long, a research economist with the Greater Oklahoma City Chamber of Commerce.
They made it happen: Phillip Mazaheri of Price Edwards & Co. represented the buyer, Mazaheri Properties. Ryan Shore, Chris Gerard, Greyson Fewin and Pauli Kerr of JLL represented the sellers, RCG Ventures and DRA Advisors.