BEFORE
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AFTER
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| BEFORE - Rockwell Northwest |
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AFTER - Rockwell Northwest |
In 1972, JAH Realty purchased an 11-acre site at the southeast corner of NW Highway and N. Rockwell. Over the ensuing seven years, JAH patiently waited for the right development opportunity as the market in northwest Oklahoma City grew and matured. In 1979, JAH developed a free-standing building at the hard corner of the site for Hardee’s. In 1982, JAH Realty began discussions with Walmart to anchor a new 156,000 s.f. shopping center. In 1983, the Company broke ground on the development and later secured Handyman as the junior anchor. In the mid 1990s the project suffered as Walmart relocated and the junior anchor space was vacated. After a succession of grocery stores subleased from Walmart, the JAH Realty again regained control of the anchor space and began a redevelopment program. In 2000 JAH started the redevelopment of this asset by procuring Hobby Lobby to fill 67,000 s.f. of the former Walmart space. Later that same year, the original Hardee's building was expanded and renovated for Starbucks, Quizno’s and Cingular Wireless. In 2003, the Company started an ambitious project to re-tenant the remaining vacant space left over from the former Walmart. Additionally, JAH Realty facelifted the entire project adding expansive fascias, updated color schemes, and a clock tower. Simultaneously, the junior anchor space was sub-divided and leased to Hancock Fabricks, Dollar General, and a local restaurant. To this day, this project generates unleveraged cash returns in excess of 18% on investment. |
