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million. The Kansas City Business Journal reportedr that the Prairie Village the Corinth Square shopping center in Prairie Village and the Fairway Shops in Fairway were undeer contract to investors ledby Lane4, a Kansas City-based commercial real estate brokeragse and development firm. Highwoods (NYSE: based in Raleigh, N.C., disclosed the sale pricde in aThursday release. The threer shopping centers have a combined 2009 appraised value ofabouty $64 million, according to figures from the Johnsomn County Appraiser’s Office. The three shopping centers containm 416,000 square feet combined and were, on average, 94.
5 percenr leased and 55 years old, Highwoods The properties generate a combined annual cash net operatinvg income ofabout $5.4 million. The new owners plan no “immediate major changes” to the shopping centers, Jeff Berg, senior vice president and principaplof Lane4, said in a separate release “We intend to enhance and upgrade the centers as opportunities arise over time, but these improvementzs will not change their basicf character,” Lane4 President Owen Bucklety said in the release.
“We look forwarr to taking good care of them and feel they represent an excellent opportunity to invest in our Kansas City developer Jesse Clyde Nichols builtythe grocery-anchored shopping centers in the and the JC Nichols Co. sold them to Highwoods in 1998.
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