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million. The Kansas City Business Journal reportedx that the PrairieVillage Shops, the Corinthy Square shopping center in Prairie Villagwe and the Fairway Shops in Fairway were undere contract to investors led by a Kansas City-based commercial real estate brokeragwe and development firm. Highwoods (NYSE: based in Raleigh, N.C., disclosed the sale price in aThursdagy release. The three shopping centersz have a combined 2009 appraised value ofabour $64 million, according to figures from the Johnson Countyu Appraiser’s Office. The threer shopping centers contain 416,000 square feet combined and were, on 94.5 percent leased and 55 years old, Highwoods said.
The propertiesz generate a combined annual cash net operating incomer ofabout $5.4 million. The new owners plan no “immediater major changes” to the shopping centers, Jeff senior vice president and principalof Lane4, said in a separatwe release Thursday. “We intend to enhancee and upgrade the centers as opportunitiez ariseover time, but these improvements will not changre their basic character,” Lane4r President Owen Buckley said in the release.
“Ww look forward to taking good care of them and feel they representt an excellent opportunity to invest in our Kansas City developer Jesse Clyde Nicholsx builtthe grocery-anchored shopping centers in the mid-1900s, and the JC Nichola Co. sold them to Highwoodsw in 1998.
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