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

Redevelopment of the property will change the dynamic of retail business in Warr Acres and the rest of the northwest Oklahoma City submarket, said Jim Parrack, senior vice president and retail property specialist with Price Edwards & Co.

Retail vacancy in the approximately 100-square-mile area increased from 16 to 18.4 percent since the first of the year, according to a Price Edwards report.

The firm brackets the submarket by Lake Hefner Parkway east, Morgan Road west, NW 178 north and State Highway 66 south.

If West Park Mall were redeveloped into a single owner-occupied property, such as a supermarket, it would drop the vacancy rate by erasing 124,955 square feet of leased space from the property rolls, Parrack said.

The area could use the boost, judging from commentary in Price Edwards' just-released midyear retail market summary.

“Most of the retail is established neighborhood shopping centers with little new product. For many retailers, this market is their second or third choice,” the Price Edwards report said.

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


Trending Now


AROUND THE WEB

  1. 1
    Report: Wes Welker suspended four games
  2. 2
    Report: Cowboys to bring in Michael Sam for physical
  3. 3
    Broken Arrow couple jailed on homicide, abuse complaints after death of foster child
  4. 4
    Grantland.com compares OSU's Tyreek Hill to 'celestial being'
  5. 5
    Family of Oklahoma teenager killed by off-duty cop files protective order against key witness
+ show more