Lakeview Pointe Shopping Center in Stillwater just changed hands for $22.5 million, marking a sizeable play in the city’s retail real estate scene. Hanley Investment Group arranged the sale of the 207,406-square-foot power center on Feb. 23. The property is anchored by Best Buy, Ross Dress for Less, Belk, Five Below and Petco, and sits about two miles north of Oklahoma State University, with roughly 95 percent occupancy that keeps foot traffic flowing in this college-driven market, as reported by Hanley Investment Group.
In a press release from Hanley Investment Group, the firm said executives Jeff Lefko and Bill Asher represented seller Rubenstein Real Estate Co. The buyer is a private family-office investor from Overland Park, Kansas, represented by Scott Taubin of The R.H. Johnson Company. Hanley noted that it drew multiple offers in the first weeks of marketing and ultimately chose a repeat Midwest buyer that was comfortable with a short escrow.
Property and tenancy
The center sits on about 24.77 acres, was built in 2006 and totals roughly 207,406 rentable square feet, according to CREXi. Rubenstein Real Estate reports that the property is 95 percent occupied, that Ross and Belk are original tenants and that Best Buy has been at the center since 2010. Offering materials also list three new shop leases in the past year and brand-new roofs installed in 2024 with transferable warranties, details that help support short-term operational stability.
Stillwater market context
Lakeview Pointe draws an estimated 2.3 million visits annually and benefits from a signalized corner at Perkins Road and Lakeview Road, which sees more than 33,400 vehicles per day. LoopNet lists the center among Oklahoma’s stronger retail performers, helped by its proximity to Oklahoma State University and the steady demand that comes with a large campus population. City officials have also pointed to large projects such as Google’s planned data center campus in Stillwater as a broader economic tailwind for the area, according to the City of Stillwater.
Why buyers are paying up
Private buyers and family offices have been particularly active in the junior-box and power-center segment, a trend that Hanley Investment Group highlighted in connection with the sale. The firm said private capital is prioritizing stabilized retail assets in secondary markets, especially where there is tenant upside and recent capital improvements already in place. For shoppers and tenants, the new ownership is expected to keep the existing co-tenancy intact while focusing on incremental leasing and maintenance moves that could bolster value over time, according to CREXi.
