The Riverview office building in downtown Wichita has sold, according to a news release issued Monday morning.
“After 30 some years, The Law Company, the original builder and owner of 345 Riverview, closed on an exchange of their property last Wednesday (July 29),” stated the release, sent by Utter Commercial Real Estate Inc. “Riverview Building LLC, a party to the exchange headed by Don Dean, indicated that its partners made the investment for a long-term return. They stated they had confidence in the downtown market and its continuing redevelopment and expansion.”
Terms of the transaction were not disclosed in the release, though the building had a listed value of just over $4 million as of Jan. 1, said Sedgwick County Appraiser Michael Borchard.
The seven-story glass building, located at 345 Riverview, changed hands in two separate transactions last week, with ownership eventually landing with the LLC, of which developer Len Marotte is a registered agent, according to Secretary of State records.
When reached by phone on Friday, Marotte declined to comment on the sale. The Law Co. has leased space in the building under a long-term agreement, according to the release. Tony Utter of Utter Commercial Real Estate said additional information will likely be released at a later date.
According to two special warranty deed documents officially filed with the Sedgwick County Register of Deeds office on Thursday, ownership of the building was transferred from Law Company Building Associates to a trust fund in the names of Colby and Genevieve Sandlian before settling with the Riverview Building LLC group.
The building was erected in 1982, according to county records, and features close to 90,000 square feet of space while sitting on 2.8 acres. Fourteen businesses or organizations are listed on signage outside the building.
Appraised value: $4,012,200
Square feet: 90,000
Sale price: N/A