A highly-trafficked 416,766-square-foot retail power center in Norman is now under new ownership. 

University Town Center, a Class A premier shopping destination that accounts for 7.5% of Norman's sales tax revenue, according to city finance department data, was purchased by a group of local investors including Fred Mazaheri, Champ Patel, Shirish Patel and Phillip Mazaheri, among others. 

The group purchased the property at 1400 24th Ave. NW from Dallas, Texas-based Rainier Companies for $82.25 million on Monday. Rainier Companies, which purchased University Town Center in 2019 for $63 million, is the lead developer behind the entertainment district now underway at University North Park near Interstate 35 and Rock Creek Road. David Disney with Disney Investment Group represented the Seller.

Mazaheri Properties will operate and manage the property under the name UTC Partners, LLC.

University Town Center is anchored by Crest and SuperTarget. It also features a lineup of national credit tenants including Academy, Michael's, HomeGoods, Kohls, TJ Maxx and Ulta Beauty. It ranks as the top open-air shopping center in terms of foot traffic in Oklahoma, according to Rainier Companies.

Phillip Mazaheri said they moved into the power center space about three years ago, and their interest has always been in Main and Main shopping centers in their respective markets, referring to highly visible and trafficked intersections, and University Town Center has been on their radar for a while.

"We look for quality assets with tenants that have heavy foot traffic and that strong presence," Mazaheri said.

He said Placer.ai foot traffic data shows University Town Center is the top shopping center in Oklahoma. According to the center's website, it's in the top percentile of major shopping centers in the entire country for foot traffic with approximately ten million visits per year.

The property is 99% occupied with just two vacancies at 2,000 and 1,600 square feet, respectively, Mazaheri said.

Mazaheri said the center's strong foot traffic and location ensures interest in backfilling the available spaces will be strong, and the acquisition fits perfectly into their strategy of buying Class A retail.

"This is the fifth syndication we've put together with our common structure, and we feel like we have a good group together on pushing University Town Center forward," Mazaheri said.