Heritage Park's new owner plans to renovate aging mall

By Richard Mize
The Oklahoman

MIDWEST CITY - A local investor has bought struggling Heritage Park Mall from Indiana-based Simon Property Group and plans extensive improvements to the regional retail center.
Heritage Park Mall LLC, a wholly owned subsidiary of DDDD Corp., owned by Dan Dill, paid $4.1 million for the 590,167-square-foot mall -- less than half the property's assessed market value.

The Oklahoma County Assessor's Office shows the mall, built in 1978, with a value of $8.8 million.

Gary Gregory and Jason Little of Sperry Van Ness Commercial Real Estate Advisors represented the buyer. Tom Salanty of New York-based Cushman & Wakefield represented the seller. Bank of Union arranged financing and Interstate Title Services Inc. closed the transaction.

The mall at 6801 E Reno Ave. has 374,219 square feet of space owned and operated by national department store anchors, including Dillard's and Sears, and 215,948 square feet leased to smaller retailers, including Bath & Body Works, Finish Line, General Nutrition Centers and Foot Locker.

The transaction was unrelated to the previous sale at auction of the former Wards store adjacent to the mall in October.

The Wards store at 6777 E Reno, vacant since Wards closed all of its stores nationwide and sought bankruptcy protection in 2001, sold for $880,000 to an undisclosed buyer. The present owners are Bahreini Ahmad and Shakiba Nasser, according to county property records.

Little said Sperry Van Ness will handle leasing of space in Heritage Park Mall for Dill and develop two outparcels.

TAParchitecture has been called on to lead renovations of the interior and redesign of the exterior, he said.

"The new owner is planning a significant redevelopment effort to reposition Heritage Park Mall by improving exterior store front access and visibility and by adding new landscaping, lighting, signage and interior decor," Little said.

Sperry Van Ness, with offices in Bank One Center, 100 N Broadway, Suite 2525, is an Irvine, Calif.-based commercial real estate investment firm that expanded to Oklahoma City last spring. Gary Gregory, a multifamily specialist, and Tim Strange, an office and industrial specialist, are the two senior advisers. Little is retail specialist.