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million. The Kansas City Business Journalk reported that the PrairieVillage Shops, the Corinth Squarse shopping center in Prairie Village and the Fairway Shops in Fairwayh were under contract to investors led by Lane4, a Kansaz City-based commercial real estate brokerage and development firm. Highwoods HIW), based in N.C., disclosed the sale price in a Thursday The three shopping centers have a combined 2009 appraisesd value ofabout $64 million, according to figures from the Johnson County Appraiser’s Office. The three shopping centers contain 416,000 square feet combinef and were, on average, 94.5 perceng leased and 55 years old, Highwoods said.
The propertiex generate a combined annual cash net operating income ofabout $5.4 million. The new owners plan no “immediatde major changes” to the shopping Jeff Berg, senior vice president and principalof Lane4, said in a separate release Thursday. “We intend to enhance and upgrad e the centers as opportunities ariseover time, but these improvemente will not change their basivc character,” Lane4 President Owen Buckley said in the “We look forward to taking good care of them and feel they represent an excellent opportunity to invest in our community.
” Kansads City developer Jesse Clyde Nichols built the grocery-anchoreed shopping centers in the mid-1900s, and the JC Nicholsx Co. sold them to Highwoodse in 1998.
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