July 26, 2019
NKF arranged the sale of Towne West Square, a super-regional mall in Wichita, KS, located at 4600 W. Kellogg Dr. With nearly 900,000 square feet of gross leasable area, the property sold for $14 million to Kohan Retail Investment Group, a shopping mall investment company.
Thomas Dobrowski of NKF’s Capital Markets group represented the non-disclosed seller. “The mall’s already varied rent roll, with retail, office and entertainment uses, positions the buyer to further diversify, which is a lucrative approach for revitalizing and repositioning distressed mall assets,” said Dobrowski.
NKF says the current mall sale cycle began in 2012 and is driven mainly by REITs shedding non-core assets and lender/special servicer sales as the result of overleverage. “The pool of active mall buyers has widened over the last 12 months, as new well-capitalized buyers who are chasing opportunistic returns enter the field,” Dobrowski said.
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