Sollco Sells Retail Center Holdings in Tulsa for $27.7M

Article excerpt

After 19 years ownership, one of the pioneering developers along Tulsa's 71st street retail corridor has sold its interest in the resurgent Union Plaza shopping center for $27.7 million.

Tulsa County Courthouse records indicate BVCV Union Plaza LLC, an affiliate of Idaho's expanding Ball Ventures, acquired developer Sollco's interest in four lots of Union Plaza, which opened in 1993 at the northeast corner of 71st and Minco Road.

Sollco sold two of the Union Plaza lots outright, according to courthouse records. That includes one building with 110,936 square feet, anchored by leases to Hobby Lobby and Mardel, plus the corner 4,965 square feet that El Chico's leased since it opened in 1993.

Sollco also sold its 52.6 percent interest in two parcels owned in partnership with Tulsa's Sanditen Investments, one 32,200-square- foot building anchored by Guitar Center and a 196,668-square-foot monster anchored by Bed, Bath and Beyond and Dick's Sporting Goods.

Included in that was the center's last bit of new construction, the 2,464-square-foot pad built in 2009 and leased by Panda Express.

Courthouse records indicate BVCV is led by Cortney Liddiard, president of BV Management Services and chief executive of Ball Ventures, both of Idaho Falls, Idaho. Union Plaza marks the first Oklahoma acquisition for this privately held real estate investment, lending and development company, which claims more than 75 projects across 12 states.

With this deal, BVCV Union Plaza took a $21 million mortgage with U.S. Bank NA of Salt Lake City, Utah.

Officials with Ball Ventures could not be reached for comment.

Courthouse records indicate Sollco is now an arm of HPI-FW West Partners One LP, an affiliate of HPI Capital of Charlotte, NC. …