WICHITA, Kan. (KSNW) – Wichita’s Towne West Square has been sold. The mall is located at 4600 West Kellogg and has 899,285 square feet of space.
Kohan Retail Investment Group purchased the mall for $14 million dollars. The group has 27 other mall properties listed on their website.
According to the website, Kohan says malls are evolving and no longer just a tent to stores and chains, but home to more local and medium-sized businesses of all kinds.
“By getting expenses under control and getting the income increased by a realistic percentage, I think the mall is going to be stabilized,” said Kohan.
Shoppers said they’re excited to see the new face lift.
“I think it needs more stores here so people could actually enjoy coming here and shopping,” said Tiona Toles, shopper.
City leaders are also on board.
“I think there’s still a lot of great opportunities there,” said Jeff Blubaugh, vice mayor of Wichita City Council. “If you look at the location, the improvements that the city, the state and the county have put in almost $400 million into the interchange there at I-235 and Kellogg. Logistically, there’s a lot of cars going by there every day.”
In 2014, Sears vacated 122,736 square feet it had leased at the property. Then years later, Dillard’s, which owned two anchor stores, downsized and converted a location into a clearance outlet.
JCPenney, Dillard’s Clearance, Dick’s Sporting Goods still anchor the mall. Convergys and Bosley Tires moved into part of the old Sears location.
Last August, Wells Fargo Bank filed a lawsuit against the former owner after they failed to pay a loan. The mall was put on the market months later.
Kohan said he knows it can’t happen over night, but shoppers should start seeing changes in the mall in the next few months.
For more information about Towne West Square, click here.