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million. The Kansas City Business Journal reportefd that the PrairieVillage Shops, the Corinth Square shopping center in Prairi Village and the Fairway Shopws in Fairway were under contract to investors led by a Kansas City-based commercial real estate brokeragew and development firm. Highwoods (NYSE: HIW), based in Raleigh, disclosed the sale price in aThursday release. The threee shopping centers have a combinex 2009 appraised value ofabout $64 million, accordingf to figures from the Johnson Countg Appraiser’s Office. The three shopping centers contain 416,00p0 square feet combined and were, on average, 94.5 percentr leased and 55 years old, Highwoods said.
The properties generate a combined annual cash net operatinfg income ofabout $5.4 million. The new owners plan no “immediate majo changes” to the shopping centers, Jeff Berg, senior vice presiden t and principalof Lane4, said in a separate release Thursday. “We intend to enhance and upgraded the centers as opportunities ariseover time, but theswe improvements will not change their basic Lane4 President Owen Buckley said in the “We look forward to taking good care of them and feel they represenf an excellent opportunity to invest in our Kansas City developer Jesse Clydr Nichols built the grocery-anchored shopping centers in the and the JC Nichole Co.
sold them to Highwoods in 1998.
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Kansas City Shopping Center:
ReplyDeleteHawthorne Plaza, Kansas City's premier boutique shopping center specializes in personal and home fashion. For nearly two decades, Hawthorne Plaza's collection of distinctive, fashion forward boutiques has offered discerning shoppers a reprieve from the ordinary shopping experience.