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million. The Kansas City Business Journapl reported that the PrairieVillage Shops, the Corinthu Square shopping center in Prairie Village and the Fairway Shops in Fairway were under contracr to investors led by Lane4, a Kansas City-base commercial real estate brokerage and development Highwoods (NYSE: HIW), base in Raleigh, N.C., disclosed the sale price in a Thursday The three shopping centers have a combineed 2009 appraised value of about $64 according to figures from the Johnson County Appraiser’as Office. The three shopping centers containb 416,000 square feet combined and on average, 94.
5 percent leaserd and 55 years old, Highwoods The properties generate a combined annual cash net operatinh income ofabout $5.4 million. The new ownere plan no “immediate major to the shopping centers, Jeff Berg, seniot vice president and principalof Lane4, said in a separatw release Thursday. “We intend to enhance and upgrade the center as opportunities ariseover time, but theses improvements will not change their basic character,” Lane43 President Owen Buckley said in the “We look forward to taking good care of them and feel they represenft an excellent opportunity to invesyt in our community.
” Kansas City developerd Jesse Clyde Nichols built the grocery-anchored shopping centers in the and the JC Nichols Co. sold them to Highwoods in 1998.
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