Holidays Bring Tenants to Vacant Stores

By Colleen Chen, NEWS 9

OKLAHOMA CITY -- The economy has had a negative impact on the commercial real estate market, but the holidays are bringing temporary relief.

Circuit City closed the doors in Oklahoma City nine months ago, and Bob Sullivan of NAI Sullivan Group's job has tried to find a permanent tenant.

"It's a tough market. We're making hundreds of phone calls, but it's slow. These are huge spaces that need filling," Sullivan said.

The building has sat empty since the doors were shuttered by the electronic store's bankruptcy move, but now comes Halloween Superstore by Oklahoma City based Party Galaxy. It's not a permanent tenant like NAI Sullivan would prefer, but brokers are thankful for businesses like it.

"These days, they are crucial. Some money is better than no money," Sullivan said.

In years past, brokers would hold on to big retail spaces hoping a long term tenant would sign on.

However, now they are willing to let seasonal businesses in early. That's made setting up shop easier for the owners of Party Galaxy who open up their Halloween Superstores every year.

Party Galaxy said in the 20 plus years of their business, the Circuit City location on NW Expressway is the largest they've gotten into, and the process was easier and faster.

It's the same story for the empty Linens N' Things at Belle Isle. It's now the home of Ultimate Terrors, a haunted house.

Once Halloween is over, winter holiday stores will likely fill the place.

It all means seasonal stores are helping to buy more time for brokers to try and get permanent tenants to sign a lease. Sullivan said he has a few solid leads for the Circuit City location and remains optimistic.