Rent-A-Center’s one-time headquarters near the northeast corner of 37th and Rock Road has sold.
Dallas-based CIP Investment Properties has sold it to an out-of-state investment group for an undisclosed amount.
“We plan on . . . immediately addressing some of the existing infrastructure deficiencies in the building,” says Mike Belew of CBC Real Estate Group, an adviser to the unnamed buyer.
He says the buyer plans “multiple millions of dollars” in renovations and additions.
“We’ll look at a total remodel of all the lobbies (and) common spaces,” Belew says. There will be “quite a bit of capital improvements to the overall campus.”
The campus includes two buildings connected by a walkway that total about 150,000 square feet.
Rent-A-Center built in two phases in the late 1980s and early 1990s at 8200 and 8300 East Thorn Drive.
The building came to be known as the Thorn Americas building after that company purchased Rent-A-Center. It eventually left the market.
Ascension Via Christi is now the largest tenant in the building, which Belew says was part of the attraction.
“We recognize the strength of that tenant.”
CBC has what he calls a working background in the greater Wichita area, in part as the developer of Rock Regional Hospital in Derby.
Belew says the buyer likes the demographics of the east side.
The group plans new food service options, more common meeting areas and a new fitness facility.
Also, there will be new landscaping and outdoor seating.
“We’ve got drawings done, and we’re going to the market right now to get accurate pricing,” Belew says.
He says designs and permitting will happen in the next 60 days with “actual improvements started this summer.”
“We’re excited about the opportunity,” Belew says. “We look at this as a great asset that just needs a lot of time and attention.”