Tulsa Hills properties sold
BY ROBERT EVATT World Staff Writer
Wednesday, May 02, 2012
5/02/12 at 4:48 AM
The owners of most of Tulsa Hills shopping center have purchased another 12-acre chunk from the original developers.
Inland American Real Estate Trust Inc. of Oak Brook, Ill., spent $10.6 million to buy the land from Tulsa Hills LLC, a partnership between Collett & Associates of Charlotte, N.C., and Oklahoma City-based Sooner Investment, the groups that originally built much of the center, Tulsa County land records show.
The retail properties involved in the transaction include Staples, Dick's Sporting Goods, Panera Bread and Freebirds World Burrito.
The sale includes the buildings on the property; each of the retailers continues to operate.
The land has an assessed value of $8.8 million.
Land records show Tulsa Hills LLC continues to own five lots totaling 7.35 acres scattered throughout the project.
Tulsa Hills began as a $60 million, 695,000-square-foot project that was Tulsa's largest retail development since Woodland Hills Mall opened in 1976.
Stores began opening at Tulsa Hills in 2008, and while the main buildings were finished that year, stores big and small have continued to be constructed on separate pad sites along Olympia Avenue over the past few years, with recent openings including Freebirds World Burrito and Hideaway Pizza.
Inland American purchased the majority of Tulsa Hills from Tulsa Hills LLC in May 2010 for $54.05 million.
At the time of the purchase, Matthew Tice, then-vice president of Inland Real Estate Acquisitions Inc., the purchasing arm of the Inland Real Estate Group of Cos. Inc., said via email that the organization moved to purchase Tulsa Hills because it is a financially attractive property.
Operations at the shopping center did not change after Inland's purchase.
Original Print Headline: Tulsa Hills properties sold
Robert Evatt 918-581-8447
The owners of much of Tulsa Hills shopping center have purchased additional acres from the original developers of the project. Retailers occupying the land include Staples, Dick's Sporting Goods, Panera Bread and Freebirds World Burrito. JAMES GIBBARD/Tulsa World