Alta Mesa Plaza | Edmond, OK
Year of Construction: 1970s
Year of Remodel: 2007
Traffic Increase: 500%
Location: Bryant and 2nd St.
In the fall of 2006, JAH acquired the 33,000 sq. ft. Ashling Square at the corner of 2nd and Bryant in Edmond, Okla. This shopping center is located at the hard corner in front of a Super Target and Lowe’s anchored power center. At the time, the center was a deteriorating and outdated office park that still had its original 1970s architecture. During the due diligence process the construction team determined that the existing structure could be modified and upgraded into the modern shopping center it is today.
After working through several issues related to existing leases, cross access with the adjacent Walgreens, and signage requirements from the City of Edmond, the JAH leasing and development team developed a renovation strategy with the assistance of local architect Pascal Aughtry. In September 2007, JAH broke ground on their ambitious endeavor to remodel and re-tenant the newly renamed Alta Mesa Plaza. Utilizing a Mediterranean theme including clay tile roofs and warm earth-tone facades, the JAH team began work on a phased construction project. Crucial to the redevelopment was the demolition of approximately 3,000 sq. ft. of one of the buildings, as this removal led to enhanced visibility and created room for additional parking. Construction was further complicated by the need to temporarily relocate several tenants in order to renovate key portions of the three building complex. However, by spring 2008, the leasing team had secured several key tenants including Qdoba, Panda Express, Edmond Regional Hospital and At The Beach. The first tenants opened for business in August 2008.
The post re-development NOI at Alta Mesa was increased by approximately 500 percent over the previous operation and has generated pro-forma returns in excess of 18 percent since stabilization in 2009.