Eastland Mall sold - again
By ROBERT EVATT World Staff Writer
8/30/2006
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Group pays $2.8 million for complex
Eastland Mall has been sold for the third time in nine months to another development group with plans to revive the once-busy shopping center.
Eastland Partners LLC purchased the struggling mall from the Kallay Group for $2.8 million.
Ed Kallay, head of the Kallay group, said he is involved with Eastland Partners, though the general partner is P&H Properties, a Tulsa-based developer.
The group will proceed with the previously-announced plan to convert the mall into a business center with retail space.
"We will, absolutely," he said. "The resolve to do it is stronger."
Officials at P&H Properties said they will announce details on the future of Eastland next week.
James Walker, the manager of Mickey's bowling alley, one of four mall businesses open early Tuesday afternoon, said he was encouraged by the deal.
"They're already starting to clean up things around here," he said, referring to the new owners.
Landscape workers were trimming grass and clearing debris in Eastland's parking lot Tuesday.
The interior of the mall, however, was almost empty. Mickey's and Dillard's, both of which have their own outside
entrances, had sealed off their doors to the mall. Eastland Cinema 6, located in the mall's lower level, did not open until 4 p.m.
The doors to the main portion of the mall were propped open Tuesday afternoon, allowing dead leaves to blow inside.
Despite the invitation, no customers, workers or mall walkers roamed the halls. The decorative plants were starting to wilt. Any sounds made by a visitor echoed off into the silence.
The only tenant open for business in the main portion of the mall was the Center of Professional Studies, a training center for security officers. Employees there declined to comment.
Four other businesses had signs posted saying they were temporarily closed due to a lack of air conditioning, and the interior was warm and stuffy. Walker said the air had apparently been off all summer.
Dillard's, Mickey's and the theater all have independent air conditioning. The Center of Professional Studies had a series of floor fans blowing.
Kallay said that the mall's previous owners, Indianapolis-based Simon Property Group Inc. and Haywood Whichard of Raleigh, N.C., chose not to address a leak in the air conditioning unit, and that funds to repair it were not available until the new partnership was formed.
The partnership's plans and new funding are a bright sign in Eastland's often troubled history. Eastland began development in 1969, but construction delays caused it to sit half-finished for over a decade.
Indianapolis-based Simon Properties purchased the structure in 1979, but spent several years signing anchor tenants before finishing construction by 1986.
The mall thrived for a time, attracting more than 100 tenants through the mid-'90s. But stores began to close in 2001, including J.C. Penney, The Gap, Old Navy and other national retailers.
The final blow came last year, when Mervyn's LLC announced it would close all three of its Tulsa locations, including the one in Eastland.
By ROBERT EVATT World Staff Writer
8/30/2006
View in Print (PDF) Format
Group pays $2.8 million for complex
Eastland Mall has been sold for the third time in nine months to another development group with plans to revive the once-busy shopping center.
Eastland Partners LLC purchased the struggling mall from the Kallay Group for $2.8 million.
Ed Kallay, head of the Kallay group, said he is involved with Eastland Partners, though the general partner is P&H Properties, a Tulsa-based developer.
The group will proceed with the previously-announced plan to convert the mall into a business center with retail space.
"We will, absolutely," he said. "The resolve to do it is stronger."
Officials at P&H Properties said they will announce details on the future of Eastland next week.
James Walker, the manager of Mickey's bowling alley, one of four mall businesses open early Tuesday afternoon, said he was encouraged by the deal.
"They're already starting to clean up things around here," he said, referring to the new owners.
Landscape workers were trimming grass and clearing debris in Eastland's parking lot Tuesday.
The interior of the mall, however, was almost empty. Mickey's and Dillard's, both of which have their own outside
entrances, had sealed off their doors to the mall. Eastland Cinema 6, located in the mall's lower level, did not open until 4 p.m.
The doors to the main portion of the mall were propped open Tuesday afternoon, allowing dead leaves to blow inside.
Despite the invitation, no customers, workers or mall walkers roamed the halls. The decorative plants were starting to wilt. Any sounds made by a visitor echoed off into the silence.
The only tenant open for business in the main portion of the mall was the Center of Professional Studies, a training center for security officers. Employees there declined to comment.
Four other businesses had signs posted saying they were temporarily closed due to a lack of air conditioning, and the interior was warm and stuffy. Walker said the air had apparently been off all summer.
Dillard's, Mickey's and the theater all have independent air conditioning. The Center of Professional Studies had a series of floor fans blowing.
Kallay said that the mall's previous owners, Indianapolis-based Simon Property Group Inc. and Haywood Whichard of Raleigh, N.C., chose not to address a leak in the air conditioning unit, and that funds to repair it were not available until the new partnership was formed.
The partnership's plans and new funding are a bright sign in Eastland's often troubled history. Eastland began development in 1969, but construction delays caused it to sit half-finished for over a decade.
Indianapolis-based Simon Properties purchased the structure in 1979, but spent several years signing anchor tenants before finishing construction by 1986.
The mall thrived for a time, attracting more than 100 tenants through the mid-'90s. But stores began to close in 2001, including J.C. Penney, The Gap, Old Navy and other national retailers.
The final blow came last year, when Mervyn's LLC announced it would close all three of its Tulsa locations, including the one in Eastland.
