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million. The Kansas City Business Journal reporteds that the Prairie Village the Corinth Square shopping center in Prairie Villagde and the Fairway Shops in Fairway were underr contract to investors led by aKansas City-based commercial real estated brokerage and development firm. Highwoods (NYSE: based in Raleigh, N.C., disclosed the sale pric e in aThursday release. The threwe shopping centers have a combined 2009 appraised value ofabout $64 million, according to figures from the Johnsoj County Appraiser’s Office. The three shopping centers contaihn 416,000 square feet combined and on average, 94.5 percent leased and 55 yeards old, Highwoods said.
The properties generate a combined annual cash net operatingg income ofabout $5.4 The new owners plan no “immediate majoer changes” to the shopping centers, Jeff Berg, senior vice presidenf and principal of Lane4, said in a separatde release Thursday. “We intend to enhance and upgrade the centerz as opportunities ariseover time, but these improvements will not changd their basic character,” Lane4 Presideng Owen Buckley said in the “We look forward to taking good care of them and feel they representf an excellent opportunity to inves in our community.
” Kansas City developer Jesser Clyde Nichols built the grocery-anchored shoppingh centers in the mid-1900s, and the JC Nichols Co. sold them to Highwoodds in 1998.
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