Real Estate News

South City retail center headed to online auction later this month

The South City Retail center near 47th and Broadway is going up for an online auction on Jan. 20. (Jan. 9, 2015)
The South City Retail center near 47th and Broadway is going up for an online auction on Jan. 20. (Jan. 9, 2015) The Wichita Eagle

A large retail center on the city’s south side that was foreclosed on about four years ago will be going up for auction later this month.

South City Center, comprising two, detached buildings totaling 132,000 square feet near the southeast corner of 47th and Broadway, will be auctioned online beginning Jan. 20.

The property will be up for auction until noon Central time Jan. 22 on auction.com.

The center is 90 percent occupied and its tenants include Carlos O’Kelley’s, Dollar Tree, Radio Shack and Godfather’s Pizza.

A Kmart occupies the center’s other building.

The center, whose addresses range from 4830 to 4858 S. Broadway, has net operating income of nearly $425,000, the auction.com listing said.

The auction will open with a bid of $1.3 million.

According to an earlier story in The Eagle, Bank of America foreclosed on the center in 2010 from a California investor who didn’t make payments on a $5.44 million note.

Another, earlier Eagle story said the investor paid $6.8 million for the center in 2007.

Doug McFadden, a broker with CBRE in Kansas City who is the center’s agent, said Friday that the current owner of the center is an out-of-state commercial loan servicer, not Bank of America.

The center was built in 1976 and was once home to a Dillons store, which relocated to a larger building at 4747 S. Broadway.

Reach Jerry Siebenmark at 316-268-6576 or jsiebenmark@wichitaeagle.com. Follow him on Twitter: @jsiebenmark.

  Comments