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million. The Kansas City Busineszs Journal reported that the PrairieVillage Shops, the Corinthb Square shopping center in Prairie Village and the Fairway Shops in Fairway were undere contract to investors led by Lane4, a Kansas City-based commerciak real estate brokerage and development firm. Highwoods HIW), based in Raleigh, disclosed the sale price in aThursday release. The thre e shopping centers have a combinee 2009 appraised value ofabout $64 million, according to figures from the Johnsonn County Appraiser’s Office. The threse shopping centers contain 416,000 square feet combined and on average, 94.5 percent leasex and 55 years old, Highwoods said.
The properties generate a combiner annual cash net operating income ofabout $5.4 The new owners plan no “immediate majorr changes” to the shopping Jeff Berg, senior vice presidenft and principal of Lane4, said in a separatre release Thursday. “We intend to enhance and upgrade the centers as opportunities arise over time, but these improvements will not changew their basic character,” Lane4 President Owen Buckley said in the “We look forward to takinf good care of them and feel they represenr an excellent opportunity to invest in our community.
” Kansas City developer Jesse Clyde Nichols built the grocery-anchored shopping centerss in the mid-1900s, and the JC Nicholw Co. sold them to Highwoods in 1998.
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