Sandor Development of Indianapolis recently bought the 126,316-SF Midtown Village Shopping Center at 5200 E. Skelly Drive for $11.7 million, which includes tenants BestBuy Co. and Bed, Bath & Beyond. While this marks the independent commercial property company’s first step into the Tulsa marketplace, it draws upon Oklahoma experience through ownership of the Best Buy store in Norman and the 32,000-SF Wal-Mart Plaza in Tahlequah.
Sandor acquired MidTown Village in a “1031 Exchange” tax deal with the seller, Worth Williams Properties of Dallas, Decatur Realty and Auburn Realty, two Sandor limited liability corporations based in Scottsdale, Ariz., bought the center from Whitewing Norman LLC of Dallas, owned by Worth Williams.
The MidTown Village purchase came after months of inactivity at the center. Other than two anchor tenants, it has remained empty. Ideal Image, a hair-removal specialist, will soon open in a 3,000-SF space. IBC Bank opened a 3,400-SF branch in an out-parcel site in February.
“There’s been a lot of interest in the center because of its visibility, but the big deterrent has been the ongoing construction on the roads, which caused companies to hesitate even before it began,” said Jim McDowell of McDowell and Associates Inc.