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Landmark Real Estate News

Minnesota Guys Out of Deal for Market Centre

Sunday, October 29 2006 12:00 AM
Plans are off for the Minnesota guys to part with Triple Net Properties to sell business condominiums at Market Centre, but look for increased activity at the 155 N. Market address soon.

“It’s a beautiful building, and it’s been overlooked a lot in the last couple of years,” says Darryll Goodman of Triple Net, which owns the building.

Each floor of the former Lassen Hotel has its own tax identification number, which was part of the attraction of doing condos there.

“It seemed like a perfect fit for us,” Goodman says. “It just didn’t pan out.”

He may one day pursue it again.

“It’s a class building,” says the Las Vegas-based Goodman, adding, “We like what’s happening downtown.”

The occupancy rate is about 70 percent right now, but it’ll drop to less than 50 percent when Stelbar Oil Corp and the Adams & Jones Chartered law firm make their planned moves east to the Waterfront, at 13th and Webb Road.

“Those are pretty big tenants that are moving out,” says Brad Saville, president of Landmark Commercial Real Estate Inc.

Saville is a Market Centre tenant and is handling leasing at the building.

An open house is scheduled for Nov. 16 for the owners to kick off a push to reinvigorate the building.

“We’re enthused that they’re willing to be realist and are going to be deal makers over the next few months,” Saville says.

That includes dropping the rental rates, refurbishing the building and offering higher commissions to real estate agents to show the space.

“One of the big pushes is to get a restaurant back in there…just to have that amenity,” Saville says.

He says it’s another area in which the owners are ready to deal, especially on the lease rate.

“It could be a very good opportunity for somebody.”

Carrie Rengers
The Wichita Eagle

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