Denver-based Bow River Capital purchased three prominent Wichita properties in December, hired Landmark Commercial Real Estate to handle leasing at them and now has its first major tenant to announce.
Vasa Fitness, which opened last year at 1607 S. Georgetown just south of Harry, is opening its second Wichita gym at Brittany Center at 21st and Woodlawn where Xtreme Racing used to be.
According to its website, Bow River “invests in promising lower middle market companies and assets across the U.S. Rocky Mountains, Midwest, Southwest, and Canada.”
The 210,450-square-foot Brittany Center is the largest of the three properties Bow River purchased.
The company also bought the 96,087-square-foot Normandie Center at Central and Woodlawn and the 56,611-square-foot Comotara Center at 29th and Rock Road.
Troy Farha and Grant Glasgow of NAI Martens represented the seller.
The three centers had been in receivership for several years. Normandie and Brittany have particularly struggled with vacancies and maintenance issues.
“Bow River is a great partner for these properties,” Scott Harper, Landmark’s leasing director for the properties, said in a statement. “Together, we have the experience, knowledge, and resources to get these centers performing at their potential.”
In the same statement, Bow River’s Drew Lacey said that the company’s partnership with Landmark will “bring back the activity that these three centers once saw.”
Harper said Vasa “is a huge win for the Brittany Center.”
Vasa will take 55,000 square feet on Brittany’s north side. Many people know it as the one-time Hobby Lobby space.
The Utah fitness chain has 200,000 members at 36 centers. It’s known for low prices, which could be as low as a basic membership for $9.99 a month.
Vasa has free weights, exercise machines, group classes and other amenities.
Vasa rhymes with casa, the Spanish word for house.
Landmark president Brad Saville said Vasa’s opening date will be announced later.
“We are thrilled with the strategic partnership formed between Landmark and Bow River to bring new life to these centers,” Saville said in a statement.
Harper and Landmark broker Don Piros will handle leasing at the centers.
More deals are in the works, Harper said.
“As these properties continue to improve, northeast Wichita will continue to benefit from those improvements.”