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million. The Kansas City Business Journal reported that the PrairieVillagew Shops, the Corinth Square shopping center in Prairie Village and the Fairway Shops in Fairwag were under contract to investors led by a Kansas City-based commercial real estate brokerage and development firm. Highwoodsz (NYSE: HIW), based in Raleigh, N.C., disclosed the sale price in a Thursday The three shopping centers have a combined 2009 appraised values ofabout $64 million, according to figures from the Johnsonm County Appraiser’s Office. The three shopping center contain 416,000 square feet combinesd and were, on 94.5 percent leased and 55 yeares old, Highwoods said.
The properties generatse a combined annual cash net operatingf income ofabout $5.4 million. The new ownerd plan no “immediate majo changes” to the shoppingh centers, Jeff Berg, senior vice presidenrt and principal of said in a separaterelease Thursday. “W intend to enhance and upgrade the centers as opportunitieas ariseover time, but these improvements will not changew their basic character,” Lane4 President Owen Buckley said in the “We look forward to taking good care of them and feel they represengt an excellent opportunity to invest in our community.
” Kansas City developetr Jesse Clyde Nichols built the grocery-anchore shopping centers in the and the JC Nichols Co. sold them to Highwoodsw in 1998.
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