Eastgate Shopping Center Sells to California Investor

Sperry Van Ness, a commercial real estate investment brokerage firm, has completed the sale of Eastgate Shopping Center, an 84,888 SF retail property anchored by Furniture Factory Outlet, Pep Boys and Dollar General, to the Albert and Jacklin Yamin Trust of Beverly Hills, Calif. for $3.05 million. The seller was Fen-Ridge LLC, owned by Mike Rizzo and Bob Walpert of Walpert Properties of St. Louis
The center is located at the Interstate 244/Gilcrease Expressway Interchange at 7800 E. Admiral Place in Tulsa.
Jason Little of Sperry Van Ness in Oklahoma City represented the seller, Fen-Ridge, LLC of St. Louis. Ian Schroeder and Mehran Foroughi of Sperry Van Ness in Irvine, Calif. represented the 1031 exchange buyer who was seeking an investment with strong cash on cash return.
The property sold at $36 per SF compared to the average price per SF of $271 in Los Angeles, making the out of state purchase attractive to the buyer.
Originally built in 1953, the center is situated on 6.17 acres and is 93.5 percent leased.

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