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A prominent Norman retail hub that supplies a meaningful share of the city’s sales tax revenue has been bought by a consortium of local investors, shifting control from an out-of-state owner to hometown management. University Town Center, a 416,766-square-foot open-air shopping complex along Interstate 35, changed hands Monday in a deal that could preserve stability for national tenants and the center’s steady stream of visitors.
Deal specifics and ownership
The property at 1400 24th Ave. NW sold for $82.25 million to a group led by local real estate operators, including Fred and Phillip Mazaheri, along with Champ and Shirish Patel. Management will be handled by Mazaheri Properties under the operating name UTC Partners, LLC. The buyer group completed the acquisition from Dallas-based Rainier Companies; Disney Investment Group represented the seller.
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Rainier acquired the center in 2019 for about $63 million and has been active in the area’s broader retail and entertainment development, most notably the ongoing University North Park project near I‑35 and Rock Creek Road.
- Size: 416,766 square feet
- Sale price: $82.25 million
- Location: 1400 24th Ave. NW, Norman
- Occupancy: ~99% (two small vacancies remain)
- Anchors and major tenants: Crest, SuperTarget, Academy, Michael’s, HomeGoods, Kohl’s, TJ Maxx, Ulta Beauty
- Visitor traffic: Reported at roughly 10 million visits per year; ranked among the busiest open-air centers in the region
- Local impact: Accounts for about 7.5% of Norman’s sales tax revenue, according to city finance data
Why local buyers matter
For city officials and merchants, local ownership can mean quicker decision-making on tenant needs and property upkeep. The new owners say they focus on high-visibility, high-traffic retail intersections — a strategy they believe aligns with the center’s strengths.
With occupancy nearly full and only two vacant spaces of 2,000 and 1,600 square feet, the new owners expect demand to be strong for backfilling those units. Foot traffic analytics cited by the buyers indicate University Town Center outperforms many comparable shopping centers in Oklahoma and ranks favorably on a national scale for visits.
The buyer group described this acquisition as their latest syndicated purchase, part of a pattern of investing in Class A retail assets that deliver consistent customer flow.
What comes next
Under the UTC Partners banner, Mazaheri Properties will assume day-to-day operations and leasing. Observers will be watching how local management approaches tenant retention, small-space leasing and any incremental updates to the center that could affect shoppers and nearby businesses.
Shifts in ownership rarely produce immediate upheaval at stabilized centers, but a return to local stewardship is notable for a property that contributes materially to municipal revenues and draws millions of annual visits.
