Newspaper article THE JOURNAL RECORD

Judge Approves Mid-Continent Tower Sale in Tulsa

Newspaper article THE JOURNAL RECORD

Judge Approves Mid-Continent Tower Sale in Tulsa

Article excerpt

Tulsa County Associate District Court Judge Dana L. Kuehn approved the $24.1 million brokered sale of downtown's iconic Mid- Continent Tower on Monday, opening the door for attorneys to finally put its 17-year foreclosure to rest.

The deal departed from the sheriff sale format traditionally used with foreclosed properties, applying instead a commercial market listing and bid procedure overseen by CB Richard Ellis of Oklahoma's Tulsa office market broker Mary Martin.

Through that two-month process - completed July 19, its results filed in the Tulsa County Courthouse Aug. 1 - the Tulsa firm 2011 Mid-Con Acquisition LLC, led by John Bumgarner, placed the high bid for the 36-story structure, its 400-slot parking garage across the street, its art collection and other associated assets.

Having paid 5 percent down with his bid, Bumgarner now has 30 days to complete the transaction. Representatives for trustee Bank of America will then distribute the proceeds to close the foreclosure case.

Once completed, Mid-Continent will give Bumgarner control of three of the four corners at Fourth Street and Boston Avenue. Besides the 331,240-square-foot Mid-Continent, he owns the block- long 320 S. Boston Building and the 165,202-square-foot Kennedy Building.

The acquisition strengthens the other two by adding a covered parking component through the Mid-Continent Auto Park. Pedestrian tunnels link all four sites.

Bumgarner also owns two of Midtown Tulsa's Class-A office complexes, the 10-story Utica Place as well as Utica Plaza. He developed both properties.

Terry Argue of Argue Properties, who has served as receiver of the building throughout its long foreclosure, told Kuehn they chose CBRE to market and sell the property in order to maximize its sales value.

Both Martin and Argue testified Monday about the many procedures used to inform potential buyers about the site. …

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