Wichita-based Timsah Group is days away from finalizing a lease for the former Wal-Mart Neighborhood Market building at the northwest corner of 13th and Oliver.
The commercial investment company, which also manages its own properties, purchased the 38,640-square-foot property in Providence Square in late December without having a tenant for the space. A week later, a national retailer expressed interest in it and made an offer.
It’s not a general merchandise store. Instead, the retailer focuses on one type of specific hard goods. There should be more information on the store within a week.
Timsah Group also recently purchased several other properties, including some large ones.
They include the 30,000-square-foot former Heritage College space at 2800 S. Rock Road. There’s a potential tenant for that space, though the deal isn’t nearly as far along as the one for the former Wal-Mart space.
The company also purchased the center at the southeast corner of Douglas and Oliver where Ferguson Phillips and Il Vicino are. There are two vacant spaces there, including the 3,000-square-foot former Gessler Drug Co. space and another 2,500-square-foot space.
Down the road at Douglas and Grove, the company bought the 20,000-square-foot mixed-use building at 2324 E. Douglas with plans to remodel the building and create 12 apartments where today there are eight units. The idea behind the remodeling is to bring the building more in line with other updating along the Douglas Design District.
American Family Insurance soon will be joining other commercial tenants there on the first floor.
Timsah Group also recently purchased the Senseney Music building at 2300 E. Lincoln and signed that company to a new seven-year lease.
Finally, in Kansas City, Timsah Group recently sold 11 buildings on five contiguous acres in Westport to Opus Development.
The Minnesota-based Opus, which paid $5.3 million for the properties, plans a mixed-use development that will have 256 apartments with 10,000 square feet of commercial space on the first floor, including a grocery. There also will be an underground parking garage.
There’s already 44,000 square feet of retail on the five acres that Opus will keep and redevelop.
Timsah Group has several other deals in the works. Look for news of those and the deal for the Wal-Mart space shortly.