- Press -

Denver-based global real estate investment firm has purchased Utica Square shopping center, Tulsa’s first “suburban” retail center, built at a time when most still shopped downtown.

Tulsa-based Helmerich & Payne Inc. sold the 370,755-square-foot property at the southeast corner of East 21st Street and South Utica Avenue to Northwood Investors LLC for an undisclosed price, according to a press release announcing the sale.

Opened in May 1952, the open-air shopping center has been owned by H&P since 1964.

What is now being called a “lifestyle center” had been on the market since May 2025, when H&P announced it was seeking to explore a partnership or sale of the property.

“Utica Square has been an important part of our company’s history and of the Tulsa community for many years,” said Hans Helmerich, chairman of the board at H&P. “We are grateful for the generations of tenants, employees and visitors who helped make Utica Square the special place it is today.

“As we considered the future of the property, it was important to us to find a buyer with the experience and long-term perspective to continue its legacy. We believe Northwood is well positioned to serve as an excellent steward of Utica Square and support its continued success in the Tulsa community.”

Existing employees supporting Utica Square operations are expected to continue in their roles, according to the press release.

Ward Kampf, president of Northwood Retail LLC, commented on the sale:

“We feel very fortunate that the Helmerich family chose Northwood to carry on the legacy for what we feel is one of the most unique and idyllic retail assets in the United States. With a portfolio spanning coast to coast, we have a nationwide lens, and in Utica Square, we identified a rare opportunity to own a true Tulsa landmark with history, prestige, and deep community roots.

“We recognize the property’s special personality, driven by local operators, a garden-like atmosphere, longstanding traditions and signature events. We plan to further enhance the project with improvements that honor the original architecture and mirror what the Helmerich family has created, while delivering new retailers that meet market needs and align with the neighborhood’s sought-after demographics. As a proud Oklahoman, I couldn’t be more pleased to step in as the next steward of Utica Square.”

The Tulsa County Assessor’s Office values the 27.47-acre property, which includes land and improvements, at $57,277,000.

Local businesses at the shopping center include Polo Grill, Stonehorse Cafe, Queenies and Margos. National brands at the shopping center include Sephora, Anthropologie and Restoration Hardware. Saks Fifth Avenue announced earlier that it was closing its Utica Square location by the end of this month.

Meanwhile, the sale follows a nearly year-long search for a buyer.

The announcement in May that the company was seeking to sell the shopping center followed H&P’s $2 billion purchase just months earlier of Scotland-based KCA Dentag drilling.

The purchase enlarged the publicly traded company’s presence in the Middle East and across the globe. The purchase of more than 70 drilling rigs was the largest in the company’s 106-year history, “that for the first time added some significant debt to our balance sheet,” Helmerich said Thursday in an exclusive interview with the Tulsa World.

Helmerich said it is also can be a challenge for some H&P shareholders to understand “why are you putting a new roof on a retail store in Utica Square.”

“It just becomes trying to focus on our story and what we do best and how do we add shareholder value,” Helmerich said.

He said it has been a busy few months since it was announced the property was up for sale.

“We had 25 real bidders in the process from all over the country because they realize … Tulsa is an exciting mid-market community,” Helmerich said. “I think people involved were kind of surprised at how many folks were willing to put real money on the table.”

Helmerich said “handing the baton off to the next owner was an important part of our decision.”

“We considered price, but we spent a lot of time … being engaged in the selection process.” Helmerich said. “Who do we hand the keys to? Who becomes the new owner?

“We want that to end up being better for Tulsa, better for the Square, better for everybody three to five years from now,” Helmerich said.

Kampf, who is from Oklahoma City, said a lot of people outside Tulsa are aware of Utica Square.

“Utica is Tulsa,” Kampf said of the first Oklahoma property to be owned by Northwood Investors.

Northwood is a privately owned, employee-held registered investment advisor founded in 2006 by John Z. Kukral, former president and chief executive officer of Blackstone Real Estate Advisors.

“They have something that is timeless,” Kampf said. “It is classic. The architecture. It’s what people want. I don’t think there are 30 of these in the country that are this special and unique and they really focus on the community.”

He pledged that the company would be good stewards for the community.

“As an outsider group, you know we are never going to have the good will automatically … we are going to have to earn that,” Kampf said. “It is important to us to try to do the right thing.”

Regarding the closing of Saks, Helmerich said the business had struggled in recent years.

“I think that corner has great potential,” Helmerich said. “Having control of that space and that building we are going to see exciting things happen there, too.”

Utica Square, the city’s first “suburban” outdoor shopping center, opened in 1952 at a time when most major retailers were downtown. The center featured clothing stores, a grocery store and a tire store among others at the outset with a bowling alley and “slenderizing salon” planned to open later that fall 1952.

After purchasing the center in 1964, the late Walter Helmerich III made it a goal to keep 30% of the tenants local merchants.

“It’s worked well for us,” Helmerich said in a 2008 interview with John Erling for the “Voices of Oklahoma” series.

Through the years the center has played an iconic role in the community, hosting a traditional “Lights On” ceremony marking the start of the holiday season and the annual outdoor summer concert series, Summer’s Fifth Night among other community events.

Helmerich said people have asked him if the sale of the property was bittersweet.

“Yes, in the sense that you watch your kids and grandkids grow up,” Helmerich said, “but, no in the sense that just the confidence we have in Northwood and their plans and ability to execute on keeping this a great place and really a better place.”