UPDATED — Menards, the Wisconsin-based home improvement chain, has finalized its deal for a store near the southwest corner of East Patriot Avenue and Buckner Street in Derby.
“It’s been a long time coming,” says Grant Glasgow of Grubb & Ellis/Martens Commercial Group.
Glasgow and colleague Jeff Englert represented North Derby Investments, which sold 46.13 acres to Menards.
Marty Gilchrist and Grant Tidemann of J.P. Weigand & Sons represented Menards.
The deal, which was in the works for a couple of years, closed Sept. 28 for an undisclosed amount.
“We recently purchased 50.63 acres in Derby, KS and if everything goes as planned, we hope to build a new Menards store on this property some day,” Menards spokesman Jeff Abbott said through an e-mail. “We are still in the initial planning stages and no final decisions have been made just yet.”
The total number of acres includes a residential property Menards purchased as well.
Glasgow says he’s not sure when construction will start or when to expect the store to open.
“They weren’t able to share that with us yet.”
This makes the third Menards that will open in the greater Wichita area.
The retailer initially planned to come to Wichita several years ago. Then plans were postponed until spring 2010 when the chain announced stores would open near K-96 and Webb Road and in the Stonebridge development at the southeast corner of 37th and Maize Road as originally planned.
“Having another major retailer just gives people one more reason to come to Derby,” says economic director Allison Moeding.
She says Menards is evidence of the solid growth the city has had through the years.
“Derby has a long history of steady growth.”
In addition to building its own store, Menards will have several outparcels for other businesses to locate at its development as well.
North Derby Investments also owns at least another 40 acres adjacent to Kohl’s.
“We’ve been actively marketing that,” Glasgow says of trying to sell that property.
He says talks are ongoing with potential buyers. Glasgow says the Menards deal should help with that sale as well.
“We’re just excited to have the activity in the area and think it will attract future buyers and tenants.”