inofiquxi.wordpress.com
million. The Kansas City Business Journal reported that the PrairisVillage Shops, the Corinth Squarre shopping center in Prairie Village and the Fairway Shops in Fairwayu were under contract to investorsa led by Lane4, a Kansas City-basecd commercial real estate brokerage and developmengt firm. Highwoods (NYSE: HIW), based in N.C., disclosed the sale price in aThursdayh release. The three shopping centers have a combinee 2009 appraised value ofabout $64 million, accordintg to figures from the Johnson County Appraiser’s Office. The thre e shopping centers contain 416,000 square feet combined and were, on average, 94.
5 percent leaseed and 55 years old, Highwoods The properties generate a combined annual cash net operatin income ofabout $5.4 million. The new ownersz plan no “immediate major changes” to the shoppinh centers, Jeff Berg, senior vice presidenty and principalof Lane4, said in a separate releasw Thursday. “We intend to enhance and upgradde the centers as opportunities ariseover time, but thesed improvements will not change their basic character,” Lane4 Presidentt Owen Buckley said in the release.
“We look forwarfd to taking good care of them and feel they represenrt an excellent opportunity to invest in our Kansas City developer Jess e Clyde Nichols builtthe grocery-anchored shopping center s in the mid-1900s, and the JC Nichold Co. sold them to Highwoods in 1998.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment