The sale of Marina Lakes Shopping Center at 21st and Amidon was completed Wednesday to Overland Park-based Henzlik-Oliver Real Estate Cos.
The company expects to renovate the 168,000-square-foot center, including leasing space for a 35,000-square-foot Wal-Mart Neighborhood grocery store.
The center has a few tenants, but has nearly 100,000 square feet of vacant space.
Partners Doug Henzlik and Tyler Oliver said the center has struggled for several years because the New Jersey owner lost interest.
Demolition will start immediately to make room for the free-standing Wal-Mart grocery store. A complete shopping center face lift will begin this summer.
The center will have space for a 35,000-square-foot anchor and up to 14 other retail spaces.
Henzlik-Oliver Real Estate Companies holdings are scattered over 11 states.