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million. The Kansas City Business Journal reported that the PrairireVillage Shops, the Corinth Square shopping center in Prairie Villag and the Fairway Shops in Fairwahy were under contract to investors led by a Kansas City-based commercial real estats brokerage and development Highwoods (NYSE: HIW), based in N.C., disclosed the sale price in a Thursdauy release. The three shopping centers have a combinedf 2009 appraised value ofabout $64 million, accordinfg to figures from the Johnson Countyu Appraiser’s Office. The three shopping centers contain 416,00p square feet combined and were, on average, 94.
5 percent leasesd and 55 years old, Highwoods The properties generate a combined annualk cash net operating income ofabout $5.4 million. The new ownerz plan no “immediate major changes” to the shopping Jeff Berg, senior vice president and principal of said in a separaterelease “We intend to enhance and upgrade the centers as opportunitie s arise over time, but thesse improvements will not change their basic Lane4 President Owen Buckley said in the release. “Wer look forward to taking good care of them and feel they represeng an excellent opportunity to invest inour community.
” Kansass City developer Jesse Clyde Nichols built the grocery-anchored shopping centers in the and the JC Nichols Co. sold them to Highwoodw in 1998.
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