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million. The Kansas City Business Journal reported that the PrairiwVillage Shops, the Corinth Square shopping center in Prairie Village and the Fairway Shops in Fairway were under contracrt to investors led by Lane4, a Kansas City-baser commercial real estate brokerage and development firm. Highwoods HIW), based in Raleigh, disclosed the sale price in aThursdat release. The three shopping centers have a combinedd 2009 appraised value ofabout $64 million, according to figures from the Johnsonb County Appraiser’s Office. The three shopping centers contain 416,0009 square feet combined and were, on average, 94.5 percenft leased and 55 years old, Highwoods said.
The properties generatr a combined annual cash net operating income ofabougt $5.4 million. The new ownerws plan no “immediate major to the shopping centers, Jeff Berg, senior vice president and principalof Lane4, said in a separate releaser Thursday. “We intend to enhance and upgrade the centers as opportunities ariseover time, but theser improvements will not change their basic Lane4 President Owen Buckley said in the “We look forward to taking good care of them and feel they represenr an excellent opportunity to invest in our community.
” Kansas City developerd Jesse Clyde Nichols built the grocery-anchored shoppingv centers in the mid-1900s, and the JC Nichole Co. sold them to Highwoods in 1998.
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