Patrick
06-03-2005, 08:09 AM
Wow....this place keeps selling and reselling. Last I heard, a local investor bought it and had great plans for it. But, looks like he was offered nearly twice of what he paid for it, so he couldn't refuse selling it. Great investment on his part I suppose. I wonder if anything will happen at this mall. I highly doubt it. I'm surprised Sears and Dillards are still there.
This statement really hurts the new owners attempts to reviatalize the mall: "Dillards, Sears and space formerly occupied by Wards all are separately owned and managed, Little said."
Penn Square was smart there. They own all of their anchors and lease them out to the tenants. Quail and Crossroads also don't own many of their anchors though. Many are owned by the actual department stores.
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"Heritage Park Mall changes hands for 3rd time in 6 months
By Tricia Pemberton
The Oklahoman
MIDWEST CITY - Heritage Park Mall has been sold to a Southern California investment group for $7.8 million.
It's the third sale of the mall in six months. Local investor Dan Dill, owner of DDDD Corp., purchased the mall from Simon Property Group in December for $4.1 million -- less than half the property's assessed value.
Tax record show Dill sold the mall April 20 for $6.7 million to 110 A.M. LLC. April 25, the mall changed hands again for $7.8 million.
The new owner is listed as Sierra Garden LLC and Flower Investment Group LLC of Culver City, Calif.
Jason Little, with Sperry Van Ness Commercial Real Estate Advisors, explained the first transaction was an actual sale, the second was a capital restructuring to bring in an additional investor.
Little and Gary Gregory represented the seller and now are working with the new owners on redevelopment plans.
"The local investor had wanted to develop the property on his own, but he had an offer he couldn't refuse," Little said.
The 374,219-square-foot mall at 6801 E Reno Ave. is still under the same property management and still has the same array of stores, Little said.
After the original sale, Little said the mall would undergo a significant redevelopment, with improvements to the exterior and store-front access and visibility.
"The plans have only changed slightly and we are now working with the new owners," Little said.
Dillards, Sears and space formerly occupied by Wards all are separately owned and managed, Little said. "
This statement really hurts the new owners attempts to reviatalize the mall: "Dillards, Sears and space formerly occupied by Wards all are separately owned and managed, Little said."
Penn Square was smart there. They own all of their anchors and lease them out to the tenants. Quail and Crossroads also don't own many of their anchors though. Many are owned by the actual department stores.
-------------
"Heritage Park Mall changes hands for 3rd time in 6 months
By Tricia Pemberton
The Oklahoman
MIDWEST CITY - Heritage Park Mall has been sold to a Southern California investment group for $7.8 million.
It's the third sale of the mall in six months. Local investor Dan Dill, owner of DDDD Corp., purchased the mall from Simon Property Group in December for $4.1 million -- less than half the property's assessed value.
Tax record show Dill sold the mall April 20 for $6.7 million to 110 A.M. LLC. April 25, the mall changed hands again for $7.8 million.
The new owner is listed as Sierra Garden LLC and Flower Investment Group LLC of Culver City, Calif.
Jason Little, with Sperry Van Ness Commercial Real Estate Advisors, explained the first transaction was an actual sale, the second was a capital restructuring to bring in an additional investor.
Little and Gary Gregory represented the seller and now are working with the new owners on redevelopment plans.
"The local investor had wanted to develop the property on his own, but he had an offer he couldn't refuse," Little said.
The 374,219-square-foot mall at 6801 E Reno Ave. is still under the same property management and still has the same array of stores, Little said.
After the original sale, Little said the mall would undergo a significant redevelopment, with improvements to the exterior and store-front access and visibility.
"The plans have only changed slightly and we are now working with the new owners," Little said.
Dillards, Sears and space formerly occupied by Wards all are separately owned and managed, Little said. "