Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/654213
C E N T E R S T A G E Magic touch How an oklaHoma lawyer turned a run-down center into a tHriving gem By Spencer Rumsey B efore its acquisition by a personal-injury lawyer, the charter at May shopping center was in remarkably poor health — never mind that a physician hap- pened to own the place. "it was just a mess, it really was," said the lawyer, fred Boettcher, who has owned the oklahoma city center for 10 years now. "it wasn't being marketed very well, and it was just run down." Boettcher paid nearly $4 million for the 100,000-square-foot property — an amount he calls "a basement price" because its location on north May avenue, only an eighth of a mile from the turnpike exit, makes it visible from two major highways and a boule- vard. then he kicked in an additional $4 million for new facades, signs, light- ing, air conditioning, parking and land- scaping. Last year he was offered slightly less than $11 million for it, but he says he has no intention of selling. the previous owner "probably didn't know where it was," quipped Boettcher, who lives in Ponca city, about a hundred miles north of the shopping center, but whose eponymous law firm is in okla- homa city. "i'm there about three days a week in court, so it's easy for me to stop by." Keeping a personal connec- tion with his retailers is important to him. "it gives a certain degree of solace to the tenants to know that they can pick up the phone and say: 'fred, this damn light just keeps burning out; i think you've got a short in the line.'" to be sure, Boettcher endured some sleepless nights at first. "i woke up several mornings wondering what the hell i was doing," he acknowledged. But he is sleeping better these days. "real estate was kind of my secondary love," said Boettcher, who is 77. "it's been an exciting second life." second life indeed — he confesses that the avocation does tend to compete with his law practice, at which he says he is already putting in about 60 hours per week. nevertheless, he insists that he wants to keep operating charter at May for as long as he is able. Boettcher was no newcomer to real es- tate when he acquired the center. He got his start by buying and restoring about a dozen vacant buildings in his hometown, by means of which he has helped revital- ize a historic downtown district. now, by every measure, he has also helped turn charter at May around — making it into a destination for patrons interested in interior decorating and remodeling. the bustling shopping center has become known for its home-decor stores. "What i've tried to do is create a theme," he said. With 24 tenants, the shopping center has only three vacancies left. "one of them we're deliberately holding onto because it's the best location," Boettcher said. "i'm trying to stick to my theme and not just take anything." among the offerings: architectural Hardware Design, Mill creek carpet & tile and the shower Door source, plus a Bank of america branch, an oklahoma Pain & injury center, a beauty salon, and a women's clothing store that Boettcher appreciates for the foot traffic it generates. Boettcher is pleased that customers have remarked on how clean his shop- ping center is, and he has tried to get the retailers to realize the importance of keeping their own stores tidy. He has met with the tenants to share retailing ideas and to encourage them to pro- mote one another. "it's amazing how hard that is to get across sometimes," Boettcher said, "but it only makes sense, because then you become a destination." one of the popular tenants is tues- day Morning, a regional chain that offers discounted designer and name-brand home furnishings, housewares and more. "it's a busy store," said christy atkinson, the store's general manager. on one hectic friday afternoon, the store manager had her hands full. "ev- erybody's gotten paid, and everybody's hitting the store," she said, though she asked not to be named. "We have good turnover. a lot of the people who come in are interior decorators." next door to tuesday Morning is a Luby's restaurant, which Boettcher says routinely serves 1,200 lunches per day. "after they get out of lunch," said the store manager, "nine times out of ten they just come right on over here." Boettcher fairly beams with pride. "it's Luby's number-one restaurant in the whole region," he said. "they're doing real well." SCT 6 S C T / a p r i l 2 0 1 6