New development at Penn Crossing
It's funny how this strip mall is moving forward, but Shepherd Mall couldn't ever make it!
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"Turning a corner: Penn Crossing will soon be home to Wal-Mart and Westlake Ace Hardware
Posted: Tuesday, December 21, 2004
Turning a corner: Penn Crossing will soon be home to Wal-Mart and Westlake Ace Hardware
By Jody Noerdlinger
writers@okcbusiness.com
The long-struggling northwest corner of Pennsylvania Avenue and N.W. 23rd Street is undergoing an extensive revitalization, with new tenants planned for Penn Crossing shopping center and the acreage between the center and Shepherd Mall.
Wal-Mart recently broke ground on their latest project in the metro area — a 40,000 square foot Neighborhood Market on 4.38 acres. The grocery store will replace the vacated Grandy’s restaurant and the empty parking lot of the former Sears store.
In addition, Sooner Investment, which sold the property to Wal-Mart, will soon begin construction on 7,700 square feet of retail space.
Approximately four units will be available, as well as half of the existing space, formerly occupied by a Baker’s grocer, said Stuart Graham of Trammell Crow, the listing agent for the new property
The building’s other half is under contract to Westlake Ace Hardware. Set to open in the spring of 2005, this location will be the company’s ninth in the metro area.
“Twenty-third and Penn is a great location,” Graham said. “The new space is prime retail. Wal-Mart obviously strengthens that property a good deal. Anyone is hesitant to go into an unanchored shopping center. Now that we’ve got an anchor, the dynamic changes considerably. As a result, we’ve had a lot of interest in the area.”
Terry Haynes, vice president at Speer McCaleb in Oklahoma City, has managed the construction of over 300 Wal-Mart projects in Nebraska, New Mexico, Arkansas, Texas, and Oklahoma.
“Every Neighborhood Market that Wal-Mart has built has been successful,” Haynes said. “The name implies a reach into the community.”
Haynes said he thinks this store will provide residents with a pleasant and convenient shopping experience. Visually, the property will be attractive, he said, because Wal-Mart has chosen to increase landscaping.
“We’ve met the requirements of the Urban Design group, and the building has been designed to blend with the existing shops,” he said.
Wal-Mart had sales of $259 billion for FY 2004, ranking it as the world’s largest retailer. For FY 2005, Wal-Mart plans to add 310 new stores and 30 new Sam’s Clubs to its stable of 3,625 locations. Wal-Mart is also the largest private employer in the United States with more than 1.2 million workers.
The privately held Westlake Hardware had a sales volume of $210 million in 2003. The company currently employs 1,700 sales associates and is Ace Hardware’s largest dealer/owner. "
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