The largest retail outlet center in Oklahoma now has new ownership.
New York-based Lightstone announced earlier this week that it had completed the $80 million acquisition of OKC Outlets, a 394,280-square-foot open-air outlet center at 7646 W Reno Ave. in Oklahoma City.
The transaction values the property at about $203 per square foot, which is roughly 13% below comparable sales identified by Lightstone and 37% lower than the company's internally estimated replacement cost, according to the company website, which also projects a going-in capitalization rate of 10.1%. The acquisition adds OKC Outlets to a growing Lightstone retail portfolio to five Class A outlet properties totaling approximately 2.4 million square feet.
OKC Outlets, situated at the northeast corner of Interstate 40 and Council Road along one of the major east-west corridors in the country, gives the center strong visibility and easy access for both local shoppers and travelers passing through the region, Lightstone leadership says.
Additionally, it's the only outlet center within a 100-plus-mile trade area of Oklahoma City. The company says that position has helped drive 2.6 million annual visits to the property.
As of July 2026, Lightstone reported the center was 97.5% occupied. According to Creek Price Edwards, the broader Oklahoma City retail market carries a vacancy rate of just above 9%, making OKC Outlets a standout asset in the region. Lightstone's website states the center has held an average occupancy of 92% since 2018 and has remained at or above 87%, even during the COVID-19 pandemic.
"OKC Outlets is a compelling addition to our retail portfolio and reflects our continued focus on acquiring well-located assets with strong fundamentals and long-term potential," said Mitchell Hochberg, president of Lightstone. "The property's notable tenant mix, high occupancy and significant annual visitation speak to the strength of the center and its position within the Oklahoma City market."
Primary goals for Lightstone as the new owners, according to a release, are capturing percentage rent and contractual rent escalations already built into existing leases, installing digital highway signage along the interstate and potentially selling the BJ's outparcel on the property.
The center is home to 94 national and regional tenants, with no single one representing more than 4% of revenue, according to Lightstone. Anchor tenants include Nike, Coach, Polo Ralph Lauren, Michael Kors, The North Face, Gap and Adidas.
Lightstone's acquisition marks the second change of hands for the outlet center, which opened in 2011.
This article originally appeared on Oklahoman: OKC Outlets sells for $80M to NY-based firm, signaling confidence in retail center