Parkway Plaza, the large retail development on Ed Noble Parkway, will soon have new owners. The 5 building, 256,000 rentable square foot, 25.8 acre site will be put up for auction starting April 1. The starting bid will be $3,800,000.
Gemini Real Estate acquired the property through 37 different LLCs in 2007 for just over $29,000,000. LNR Partners LLC began foreclosing on the property in 2016 with a judgement against Gemini in excess of $27,500,000. They won back the property at a sheriff sale in early 2018.
At the time the foreclosure process began, the property was valued at $21,680,000. The most recent valuation by LNR valued the property at just $12,930,000.
Built in 1996, Parkway Plaza was a retail destination in Norman for many years. In recent years, Parkway Plaza has been hit hard with stores and restaurants closing or moving to other parts of Norman.
Parkway Plaza is currently home to Lumber Liquidators, Leslie’s Pool & Spa, Petsmart, Ross, Boot Barn, Hallmark, Barnes & Noble, Bed Bath & Beyond, Missal and the Paul Mitchell Salon School.
The Woodmont Company based in Dallas has managed Parkway Plaza since before, during and after the foreclosure process. LNR documents from June 2016 state the occupancy was at 72%. According to information on Woodmont’s website, occupancy has dropped to just 41%.
LNR documents also note that Cost Plus World Market, Party City and Bed Bath & Beyond are all negotiating new leases with Barnes & Noble negotiating a lease renewal.
Denny’s opened in the former Applebee’s in 2018 but that parcel was under a separate ownership.
