TOPEKA, KS-A private investor from California has purchased the Topeka Commons Shopping Center, a 124,859-sf retail center, here from St. Louis-based Topeka Commons LLC, an affiliate of Walpert Properties. The center, at 2040 Topeka Blvd. near Highway 24 and Interstate 70, sold for $5.3 million.
The property is was built in 1972 and sits on 14 acres, says Jason Little, a senior investment advisor from Sperry Van Ness. He and Michael Roberts from the company represented Walpert. Joseph French and Neil Golub from the company represented the buyer.
The center is nearly 100% occupied, and includes tenants such as Westlake ACE Hardware, Dollar Tree, Maximus Fitness and Dollar General. There is no main anchor, Little says. "There had been a grocery store as the anchor, but after they left their space was divided up," Little says.
He tells GlobeSt.com that the Topeka retail submarket is pretty strong right now. "When we did the valuation, we couldn't find any comparable properties that had any vacancy. From the time we were working on this deal, we closed two vacant spaces," he says.
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