Share “Suburban Oklahoma City-area mall poised...”

Suburban Oklahoma City-area mall poised for redevelopment

Developer Jim Tapp's Warr Acres Holdings LLC paid $2 million for rundown West Park Mall, a 124,955-square-foot community shopping center on 11.2 acres built in 1974 on the northwest corner of NW 63 and MacArthur.
by Richard Mize Modified: July 26, 2012 at 10:22 pm •  Published: July 27, 2012

Developer Jim Tapp has bought nearly vacant West Park Mall with plans to redevelop it and revive retail at the busy corner of NW 63 and MacArthur Boulevard.

Tapp said he hopes to attract a neighborhood grocery store.

Talk of a Walmart Neighborhood Market surrounding the deal is premature. Tapp said he is focusing on working with the property's two tenants, which include a Family Dollar Store he wants to relocate.

Tapp's Warr Acres Holdings LLC paid $2 million for the rundown property, a 124,955-square-foot community shopping center on 11.2 acres built in 1974 on the northwest corner of NW 63 and MacArthur.

Tapp negotiated the transaction with Mark Inman, retail broker with CB Richard Ellis-Oklahoma, representing Saul Centers, a real estate investment trust related to B.F. Saul Co. in Bethesda, Md.

“This will be big for the city of Warr Acres. The property has sat (almost) vacant with little hope for years,” Inman said.

Any improvement to the property, whether renovating the structure or razing it and building new, would be well received in Warr Acres “no matter what goes in,” City Attorney Matthew Love said.

But new retail would make the biggest impact because of increased sales tax receipts, he said.

“For Oklahoma municipalities, their lifeblood is sales taxes,” Love said, with any increases soon felt by police and fire departments and other city services.

Continue reading this story on the...

by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
+ show more


AROUND THE WEB

  1. 1
    World's Best Restaurant winner is ...
  2. 2
    Adrian Peterson reports to Vikings camp: 'I'm a part of this football team'
  3. 3
    One industry expert offers his plan to help country radio: Fewer songs by women
  4. 4
    Run Warren Run Folds As Elizabeth Warren Spurns White House Bid
  5. 5
    Europe plots to stage an 'alternative World Cup' in place of Russia 2018
+ show more