Colliers brokers sale of former Sears building in Oklahoma City

OKLAHOMA CITY - June 6, 2023 - PRLog -- LSC Development, a real estate company that focuses on the acquisition, development and ownership of commercial and self-storage properties, has purchased a former Sears retail building in Oklahoma City. The 161,190-square-foot property, located at 4400 S. Western Ave., is ideal for an adaptive reuse project that will include retail outlets and a new state-of-the-art self-storage facility.

Michael Brewster and Drew Quinn of Colliers represented the seller in the transaction. Brad Peterson, El Warner, and Charley Simpson of Colliers were also involved in the transaction. The property was sold at auction and received multiple offers from qualified buyers.

"The amount of interest in this property speaks to the demand for real estate in suburban commercial trade areas that have benefitted from immense in-migration," said Michael Brewster, Vice President of Colliers. "Oklahoma was ranked eleventh in the nation for the most move-in search interest in 2022 according to the moving company, moveBudda, and that translates to more demand for retail, self-storage, and medical uses."

The property is located 1.5 miles south of the Wheeler District – a 2,000-home walkable, bikeable, connected community on the river – and sits across the street from INTEGRIS Southwest Medical Center, a 31-acre award-winning medical campus. The former Sears retail building is also adjacent to the top-performing Walmart Neighborhood Market in the state of Oklahoma and the fifth-most-visited gym, VASA Fitness.

"This is a very desirable adaptive reuse opportunity, given the strength of the location, frontage and the hospital as a trade area anchor," said Drew Quinn, Executive Vice President of Colliers. "The developer's plans for this space are yet another example of how big-box retail stores are being repositioned for the highest and best use."

Media Contact:
Kasey Brennan | True Blue Communications
(813) 625-0180 | kasey@truebluecommunications.com

About Colliers

Colliers is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com (about:blank), Twitter @Colliers (https://twitter.com/Colliers) or LinkedIn (https://ca.linkedin.com/company/colliers).