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million. The Kansas City Businesss Journal reported that the PrairireVillage Shops, the Corinth Square shopping center in Prairies Village and the Fairway Shops in Fairwayy were under contract to investors led by Lane4, a Kansas City-basef commercial real estate brokerage and development firm. Highwoodws (NYSE: HIW), based in Raleigh, N.C., disclosed the sale pricde in aThursday release. The thre shopping centers have a combined 2009 appraise d value ofabout $64 million, according to figurees from the Johnson County Appraiser’s Office. The three shoppinbg centers contain 416,000 square feet combinedc and were, on average, 94.5 percent lease d and 55 years old, Highwoods said.
The properties generate a combinexd annual cash net operating income ofaboug $5.4 million. The new owners plan no “immediates major changes” to the shopping Jeff Berg, senior vice presidenyt and principalof Lane4, said in a separatr release Thursday. “We intene to enhance and upgrade the centers as opportunities ariserover time, but these improvements will not change their basic Lane4 President Owen Buckley said in the release. “We look forward to taking good care of them and feel they represent an excellent opportunity to invest in our Kansas City developer Jesse Clydwe Nichols builtthe grocery-anchored shoppingf centers in the mid-1900s, and the JC Nicholsz Co.
sold them to Highwoodas in 1998.
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