H&P Inc. Completes Sale of Utica Square

Today H&P Inc. announced it has completed the sale of Utica Square, the Tulsa retail center it has owned for more than six decades, to funds managed by Northwood Investors, LLC, a privately held real estate equity firm that owns and operates real estate across the United States. Utica Square has been part of the H&P portfolio since the 1960s and has long been recognized as one of Tulsa’s most distinctive retail destinations. Read the full press release.

“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. “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.”

H&P’s former CEO and president, Walt Helmerich III, purchased the shopping center in 1964, 12 years after it was constructed, when only four of the original 35 tenant spaces were occupied. Helmerich envisioned a premier shopping destination that blended upscale national retailers with local shops and everything in between. At the time, the open-air suburban shopping mall concept was considered a risky venture, with many believing Tulsa could not sustain a retail center of this size.

Along with his wife, philanthropist Peggy Helmerich, Helmerich traveled across the nation pitching Utica Square and Tulsa to national high-quality stores. They filled 90% of the tenant space this way. The Helmerich’s continued to hand-select future tenants, ensuring each store aligned with the square’s aesthetic, even rejecting proposals from retailers deemed too large. This careful curation preserved Utica Square’s trademark charm and beauty.

In a 2002 interview with Oklahoma Magazine, Helmerich said his goal was to create something Tulsa would treasure. After spending significant time away from the city leading H&P’s operations, he wanted a place that felt beautiful and fostered a strong sense of community when he returned home. More than a business venture, Utica Square was a passion project for Helmerich, and he continued to guide its growth long after retiring from H&P in 1989.

Helmerich could often be found walking the property, picking up litter or trimming foliage, keeping garden tools in his truck for just such occasions. He would often say no limbs were trimmed without his approval. The square’s landscaping and gardens became a defining feature of its appeal. Over a five-year period, 300 trees were planted across the property. He once famously rejected a business plan that called for removing an oak tree. At the time, H&P’s offices were located across the street, and many employees spent lunches and evenings at the square. Signature events such as Lights On and Summer’s Fifth Night remain beloved traditions for Tulsans.

The sale reflects continued progress on H&P’s debt reduction goals, with after-tax proceeds exceeding the previously communicated $100 million divestiture target and providing funding to largely retire the company’s remaining term loan balance. Upon the close of the transaction, Northwood assumed ownership and Northwood Retail LLC, an affiliate of Northwood, assumed management of the property.