Red Carpet property sells for record price

In what may be the highest price ever paid per square foot of land in Oklahoma City, the developers of OAK at NW Expressway and Penn have purchased the Red Carpet carwash property on the southeast corner of that same intersection.

The sales price was $2.2 million for under a half acre which equates to over $5.5 million per acre and $127 per square foot.

The new owners plan a commercial development on the corner to complement their broader OAK project.

Red Carpet will continue to operate for the foreseeable future so please continue to give them your business; there is no timetable for future development.

The intersection has become the hottest retail area in the state, as Penn Square continues to thrive with near complete occupancy and large crowds.

OAK has announced plans for Capital Grill, a 3-level Restoration Hardware and a large Arhaus as well as more retail and restaurants to come. A large luxury apartment complex and upscale hotel are also currently under construction.

Repost from okctalk.