Marcus & Millichap is pleased to offer the opportunity to acquire a 87,477-square-foot, multi-tenant retail center located in Hugo, Oklahoma. The subject property is 100 percent leased, and the majority of the leases are on gross terms providing significant upside potential. The center is anchored by Tractor Supply, occupying 47 percent of the leasable area and having triple-net terms. Ollie’s Bargain Outlet will be occupying the 25,217-square-foot suite on a new eight-year term. Other tenants are a complementary mix of service-oriented businesses and retailers, including Sun Loan Company, Hugo Tag Agency, Vape Shop, Sharpe’s Department Store, and a ground lease to Twice The Ice Kiosk. Originally constructed in 1975, the property is situated on two acres totaling 7.93 acres with ample concrete parking.
Choctaw Plaza is located on East Jackson Street with multiple ingress and egress points. Traffic counts in front of the property exceed 8,726 vehicles per day. Shadow-anchored by Walmart Supercenter, the subject property is near other national and regional retailers including Dollar General, Taco Bell, Dollar Tree, McDonald’s, Pruett’s Food, KFC, US Cellular, Sonic Drive-In, Cricket Wireless, O’Reilly Auto Parts, Subway, and many more. The 10-mile population is approximately 10,059 residents having an average household income of $55,443.
- 87,477-Square-Foot, Multi-Tenant Retail Center | Shadow-Anchored by Walmart Supercenter
- Anchored by Tractor Supply (47% of the GLA) | Approximately Eight Years Remaining on the Primary Term
- 29% of the GLA is a New Eight-Year Lease with Ollie’s Bargain Outlet
- 53% of the GLA has Gross Terms | Future Upside Potential in Converting to Triple-Net
- Current Average Rents are Below Market
- Priced at $43 per Square Foot | Well Below Replacement Cost
- Consists of Two Multi-Tenant Buildings Situated on Two Lots Totaling 7.93 Acres
- Property is Located on East Jackson Street | Easily Accessible from Multiple Ingress and Egress Points
- Adjacent Pad Sites Include Dollar General, McDonald’s, and Jiffy Lube
- Nearby National and Regional Retailers Include Dollar Tree, Pruett’s Food, US Cellular, Sonic Drive-In, Cricket Wireless, O’Reilly’s Auto Parts, Subway, and More
- Average Household Income is $48,447 within a Three-Mile Radius; $50,410 within a Five-Mile Radius; and $55,443 within a Ten-Mile Radius
- Close Proximity to Stan Stampler Municipal Airport | Supports Medical Air Ambulance Operations and Scheduled Cargo Operations for all of Southeastern Oklahoma
- Hugo is the County Seat of Choctaw County in Southeastern Oklahoma | Nine Miles North of the Texas State Line
