The Glen Oaks Shopping Center was one of JAH Realty’s original
acquisitions in the Oklahoma City market. JAH Realty purchased this
former grocery-anchored center from a national grocery store operator
in 1985. JAH Realty saw the opportunity to develop the surplus land in
the shopping center, along with the chance to re-tenant the project as
the upside to this asset. At the time of acquisition, the project was
60% vacant with no anchor tenant. In 1987, Westlake Hardware leased the
anchor space (a former grocery store box). In 1996, the Company
embarked on a plan to develop the surplus property. Two pad sites were
developed for a restaurant and dry cleaners. The original shopping
center was expanded by approximately 3,000 s.f. to accommodate a new
Blockbuster Video. Other cosmetic changes to the fascia, parking,
landscaping and lighting were added at the same time. Other national
tenants were added to the tenant mix. As result of the renovation and
development of the excess land, this project has tripled in value and
continues to be an outstanding investment property.