Moore Shopping Center
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Listing Highlights
- •Fully leased two-tenant retail center
- •Triple-net leases with scheduled rent increases
- •Shadow-anchored by The Home Depot
- •Priced at $186 per square foot
- •Located in a prime retail corridor with high traffic and proximity to national retailers
Philip Levy
Levy Retail Group
Investment Highlights
- Fully leased two-tenant retail center with 100% occupancy
- Triple-net leases with scheduled rent increases providing income growth
- Shadow-anchored by The Home Depot, providing consistent customer traffic
- Attractive pricing at $186 per square foot, below replacement cost
- Long-term leases (10+ years) providing stable cash flow
- Prime retail corridor location with high traffic visibility
Risk Factors
- Tenant concentration risk with only two tenants occupying the property
- Limited tenant diversification heightens risk if a tenant were to default
- Kids Empire lease doesn't commence until 2025, creating potential income gap
- Oklahoma market may have less liquidity than primary coastal markets
- Both tenants are non-credit, creating potential credit risk
Feature Tags
Underwriting Insights
The property is being offered at a 7.57% cap rate based on in-place NOI of $680,800. This represents a fair market value for a stabilized retail asset in this submarket. The triple-net lease structure transfers most operational costs to the tenants, creating a relatively passive investment. While both tenants are non-credit, they occupy complementary retail niches (boutique retail and children's entertainment) that should be resilient to e-commerce disruption.
Analyst Notes
This property represents a strong stabilized retail investment opportunity with minimal management requirements. The lease commencement timing for Kids Empire (July 2025) should be carefully noted in cash flow projections. The property benefits from complementary tenant mix that should drive cross-traffic between the boutique retail and family entertainment uses. Investors should be comfortable with the tenant credit profile and concentration risk. The 7.57% cap rate provides an attractive spread over current debt costs, creating potential for positive leverage.