Boulevard Square

Asset type: Neighborhood Center · Location: Edmond, Oklahoma City, Oklahoma

GoodLife Housing Partners (" GLHP ") is pleased to introduce its latest investment opportunity, Boulevard Square ( the "Project"), an approximately 16,000 SF neighborhood shopping center located in the growing, affluent metropolitan city of Edmond, just north of Oklahoma City. The asset is being purchased off-market from a local bank.The retail landscape in Edmond is diverse, with a mix of national chains, local boutiques, and service-oriented businesses. High-traffic corridors like Broadway Extension, 2nd Street, and Danforth Road are hotspots for retail development, offering visibility and accessibility. This neighborhood convenience retail center is predominantly comprised of local tenants. Average rent at the center is $16.63 per square foot , with most of the leases set to expire in the next two years. Nearby retail is leased at $20 per square foot or more, establishing a good basis for rent increases during renewal negotiations. All existing lease agreements are on a triple net (NNN) basis, allowing us to mitigate operating expenses. By purchasing the Property at an attractive cap rate with some near-term lease expirations, we can easily take rents up 10%-20% without much issue in order to attain a higher stabilized revenue stream. In addition, the Project's annual cash-on-cash return of approximately 8.5 % over a five (5) year hold period provides investors with a steady income stream. The Project IRR for the 5-year investment hold period is targeted at approximately 26% .