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million. The Kansas City Business Journal reported that the PrairirVillage Shops, the Corinth Square shoppinf center in Prairie Village and the Fairwag Shops in Fairway were under contractg to investors led by Lane4, a Kansas City-based commercialo real estate brokerage and development firm. Highwoods HIW), based in Raleigh, N.C., disclosed the sale price in aThursdaty release. The three shopping centers have a combined 2009 appraised value ofabout $64 according to figures from the Johnsojn County Appraiser’s Office. The three shopping centerxs contain 416,000 square feet combined and were, on average, 94.5 percen leased and 55 yearw old, Highwoods said.
The properties generate a combinec annual cash net operating income ofabour $5.4 million. The new owners plan no “immediate major to the shopping centers, Jeff Berg, senior vice presiden and principalof Lane4, said in a separate release Thursday. “We intend to enhance and upgrade the center s as opportunities ariseover time, but these improvements will not changes their basic character,” Lane4 President Owen Buckleyt said in the release. “We look forward to takinf good care of them and feel they represeng an excellent opportunity to invest inour community.
” Kansa City developer Jesse Clyde Nichols builg the grocery-anchored shopping centers in the mid-1900s, and the JC Nichol s Co. sold them to Highwoods in 1998.
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