Investment Highlights
Best-in-Class Anchors with Recent Long-term Lease Extensions and Rent Increases.
At 95% leased, Memorial Crossing is a ‘Class A’ community center featuring 70,376 square feet with national credit anchor tenants including HomeGoods, PetSmart and Ulta. HomeGoods and PetSmart recently extended their leases for ten (10) years, and all three anchors have rent increases during the first twelve months of the property’s cash flow model.
Shadow Anchored by Highly Trafficked Costco Store and HomeGoods #1 Ranked Store.
Serving the bustling South Tulsa submarket, Memorial Crossing is shadow-anchored by one of two Costco Wholesale stores in Tulsa. Approximately 3 million annual customer visits occur at Memorial Crossing and Costco combined according to Placer.ai data. HomeGoods is the top ranked store in its chain for foot traffic in the state of Oklahoma according to Placer.ai.
Attractive NOI Growth with Significant Mark-to-Market Opportunities; 20 Year Roof Warranty
Memorial Crossing features in-place, below-market rents averaging only $17.41/square foot. All but one shop tenant has no fixed renewal options allowing for strong rent growth reflecting a CAGR of 3.9% over a 5-year hold period. In 2023, the ownership installed a new roof which includes a 20-year warranty with approximately 17 years remaining.
Highly Affluent Demographic Profile with Rapid Income Growth
Income levels within the 1-mile and 3-mile radii surrounding Memorial Crossing are very attractive and growing rapidly. Average household incomes in 2026 exceed $159,046 and $161,986, respectively, with projected 2031 average household incomes exceeding $175,413 and $179,010. Total population within a 3-mile radius exceeds 79,538 people with more than 175,000 residents within a 5-mile radius of the shopping center. Current 1-mile population exceeds 9,827 residents.
Excellent Visibility and Access in a Thriving Submarket
Memorial Crossing is strategically positioned at the signalized, southwest corner of South Memorial Drive and East 101st Street in Tulsa’s thriving retail corridor. Memorial Crossing maintains high visibility and convenient access from both thoroughfares with more than 76,600 cars passing by the center each day with an additional 52,985 vehicles passing just north of the shopping center via Creek Turnpike (SH-364).
Very Favorable Anchor Co-Tenancy Language
Memorial Crossing’s anchor tenants have benign co-tenancy language in their leases. Ulta and HomeGoods have zero ongoing co-tenancy requirements.
Unencumbered Asset.
Memorial Crossing is being offered free and clear of any existing debt.
Site Plan
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Demographics
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Location
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