Three Downtown Wichita Buildings Sold At Auction

By: Wichita Business Journal Email
By: Wichita Business Journal Email

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January 11, 2013

A Canadian doctor was the winning bidder on the Landmark Square and Farmers & Bankers buildings downtown during an auction today, and a subsidiary of Fidelity Bank picked up the former Hubris Building.

The unnamed doctor, who bid by phone from vacation in the Caribbean, bid $290,000 for the Landmark building and $235,000 for Farmers & Bankers. With the addition of a 10 percent buyer’s premium, the final sales prices were $319,000 and $258,500, respectively.

Crest Ridge LLC, a subsidiary of Fidelity, bid $66,500 on the Hubris and, with the 10 percent markup, got it for $73,150.

Real Development Corp. used AmeriBid of Tulsa to sell the three properties in an absolute auction held in the Farmers & Bankers lobby. About 75 people appeared to be crowded into the lobby for the event.

“It’s going to be a very good thing for these two properties,” Whitey Mason of AmeriBid, who represented the doctor in the bidding, said after the auction.

Mason said the doctor, who has other commercial properties in the United States, plans to retain the buildings’ management company and make the facilities attractive to current and prospective tenants.

“It’s going to be such a good thing for everybody involved,” Mason said.

The buyer also assumes $360,000 in assessments and taxes on the Landmark building and another $170,000 for Farmers & Bankers, Mason said.

The buyer and another bidder by phone, in Washington, D.C., went back and forth on the two buildings, with bidding on the biggest property, the Landmark building, starting at $50,000 before settling at the final price of $290,000.

Landmark, at 212 N. Market St., is 71,741 square feet; Farmers & Bankers, at 200 E. First St., is 33,160 square feet; and Hubris, at 216 S. Market, is 6,735 square feet. The two large buildings house myriad tenants and the Hubris’ tenant is Mosaic church.

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