The buildings are being offered by The Archon Group of Dallas.
Archon purchased City Center Square at 1100 Main St. in the summer of 1996 and the Jones Store, at 12th and Main streets, last year. An Archon spokesperson says the investment funds that the company advises prefers to sell its properties within five years. Archon is owned by the Wall Street firm of The Goldman Sachs Group Inc.
Archon purchased City Center Square for $18 million, or $28 per sf. The Jones Store was offered for $6.8 million, nearly $100 per sf, but was sold for less. An Archon spokesperson declined to disclose the amount.
A listing price for the buildings has not been set. The listing is being handled by CB Richard Ellis Inc. of Dallas and Kansas City. Dan Carr is the listing agent from the Kansas City office.
``This is a significant transaction,'' Carr said. ``Not that many sales take place downtown, maybe a couple a year and most are smaller sales. The downtown market here is controlled by a lot of local players.''
The buildings are being offered as a package. One possible solution would be to tear down the aging Jones Store and create a much needed parking structure for that area of downtown. Archon has been making improvements to City Center Square, a 30-story structure that was built in 1977.
Last fall, Archon asked for the city's approval to demolish the Jones Store and build a 750-space parking garage. City Center Square has only a 300-space parking garage.
City Center Square has nearly 650,000 sf of space and is about 80% occupied, according to Cohen-Esry Real Estate Services Inc., the building's leasing agent. Rental rates in the Class B building are currently $18.50 per sf.
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