P&H Properties Acquires Land in Broken Arrow for Retail Development
By Gabriel Circiog, Associate Editor
The Broken Arrow city council recently approved the $3 million sale of a 6.2 acres site on Tiger Hill to P&H Properties L..L.C.
Tulsa World reports that the Tiger Hill site had been included in a tax-increment financing district around three years ago and city officials had been anticipating a development that would feature three or four restaurants. However efforts since 2012 to lease the land have failed, as local and national retailers expressed a preference to buy rather than lease the site.
The city has spent about $1 million to prepare the northern base of Tiger Hill for development and city councilors agreed in December to look into the possibility of selling the land. Local officials teamed up with six real estate brokers to find potential buyers but according to a memo to city councilors only P&H Properties expressed interest in acquiring the land.
P&H Properties also purchased, about a year and a half ago, Hillside Crossings. According to Rob Phillips of P&H Properties, the close proximity of the Hillside Crossings and Tiger Hill sites will help to market the properties together.
In other local real estate news, the Tulsa World reports the historic Sinclair Building, located at 6 East Fifth Street in downtown Tulsa, could soon be up for auction. According to court documents, the building’s owner, C.J. Morony, owes more than $272,000 in fees, taxes and penalties to two creditors. Tulsa County District Judge Carlos Chappelle issued a final judgment last week against Morony, authorizing the city of Tulsa and the Central Park Owners Association Inc. to proceed with the sale of the property at a sheriff’s auction.Tags: Acquisitions/Dispositions, Brokers, Commercial, Developers, Development, economy, Finance/Investment, Financiers, Hillside Crossings, Investors, leasing, Local, Managers, Municipal, National, Office, Owners, P&H Properties LLC, Policy, Professional, property management, Property Type, Regional, Residential, retail, Sinclair Building, Tiger Hill, Tulsa-Oklahoma City Lead Story