NORMAN — Mazaheri Properties and Champion Hotels have acquired University Town Center, a Class A retail power center in Norman, for $82.25 million, adding the state’s top-ranked shopping center to a growing Oklahoma portfolio.

The transaction closed May 11, with a buyer group including Fred Mazaheri, Champ Patel, Shirish Patel and Phillip Mazaheri purchasing the property from Rainier Companies. Phillip Mazaheri, a retail investment advisor with Price Edwards and Company, represented the buyers. David Disney of Disney Investment Group represented the seller.

University Town Center sits on nearly 53 acres at the corner of West Robinson Street and Interstate 35 in Norman, comprising 416,766 square feet and operating at 99% occupancy. Built in 2009, the center is shadow anchored by the highest-grossing Super Target in Oklahoma and Crest Foods, with national tenants including Academy Sports, Kohl’s, Ulta Beauty, TJ Maxx, HomeGoods, Michaels, DSW Shoes, Petco and Office Depot.

The numbers behind the property are striking. According to Placer.ai, University Town Center draws more than 12 million visits per year and ranks first among 398 shopping centers in Oklahoma. Nationally, it sits at 108th out of 42,453 centers, placing it in the top 1% in the country.

The acquisition marks the fifth tenant-in-common ownership group assembled by Mazaheri and Patel, with a shared focus on Class A retail power centers with stable cash flow. Including University Town Center, the partnership has acquired more than 1.2 million square feet of retail space over the past three years, totaling more than $257 million in investments across the Oklahoma City metro and Dallas-Fort Worth markets.

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