Heritage Park Mall sold again

[Patrick]

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. "

[windowphobe]

I'm starting to think it's doomed. All the new retail development in Midwest City is at least a mile and a half away from there.

[Patrick]

Look for the place to remain vacant for several years. I'm surprised Dillards and Sears stay there.

[BricktownGuy]

Former Montgomery Ward Retail Building is for sale for $4,500,000.

Anyone have updates to Heritage Park itself?

[Lauri101]

Dillard's is NOT there any longer - they closed this past spring.
I can't believe the reporter didn't check her facts.

As windowphobe pointed out, all the new construction is on 29th St between Air Depot and Midwest Blvd. With new businesses opening every month, I think Heritage is doomed.

Heritage has become a hangout for gangs and teens, and even some of them are steering clear.

Too bad - it used to be a decent place to shop.

[BricktownGuy]

Dillard's is NOT there any longer - they closed this past spring.
I can't believe the reporter didn't check her facts.

The original article is dated 06-03-2005.. not recently.

[Kerry]

Maybe they will tear it down and build a new outdoor mall. If the anchor building are owned by the retailers then they can tear down the rest of mall and turn it into a realy nice regional super center. Clearwater mall here in Florida did something very similar - unfortunately I can't find much on the internet about it.

[Lauri101]

The original article is dated 06-03-2005.. not recently.

oops!

thanks for setting me straight, BG - it's been a long day!

[BricktownGuy]

Former Montgomery Ward Retail Building is for sale NOW for $5,000,000. Price went up September 11th.

[BricktownGuy]

Maybe the price on Spet 11th, was a typo in the listing.

it now reads for sale for $2,500,000.

[ChristianConservative]

Now, why would anyone pay 2.5 million for that dump?

[BricktownGuy]

Look for a Californian to purchase it.

[ChristianConservative]

Look for a Californian to purchase it.

Californians are smarter than that.

[puppyluvr]

I remember when Shepards Mall was a hot place to go!

Geesh!

[BricktownGuy]

we all shall wait and see what happens.

[BricktownGuy]

Sorry, my mistake. I cannot now go back and change it, so i will do it here.

Former Dillard's Building is going for $2,500,000.

Former Montgomery Ward Retail Building isn't listed for sale now.

[ChristianConservative]

Someone buy it and put a mega-size Christie's toy box in it. Kidding!

[mranderson]

Someone buy it and put a mega-size Christie's toy box in it. Kidding!

That works since I deliver magazines to Christi's. More coin in my pocket. (lol)

[Amelapa]

Heritage has become a hangout for gangs and teens, and even some of them are steering clear.

Since when? That has always been the typical "rumor" about that mall. That mall has never had a gang problem. The City of Midwest City had a gang problem towards the northside of the city years ago. But that does not mean that every business in Midwest City had a gang problem.

It's still a nice place to shop. I hate searching for parking spaces in crowded areas. This mall is much more my speed, in my opinion.

[Patrick]

It's hard to shop at Heritage Park when there aren't any stores left open. With the exception of Sears. The place is dead!