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million. The Kansas City Business Journal reportesd that the PrairieVillage Shops, the Corinth Square shoppingy center in Prairie Village and the Fairway Shopes in Fairway were under contract to investord led by Lane4, a Kansas City-basefd commercial real estate brokerage and developmen t firm. Highwoods (NYSE: HIW), based in N.C., disclosed the sale price in a Thursday The three shopping centers have a combinedx 2009 appraised value ofaboutf $64 million, according to figurea from the Johnson County Appraiser’s Office. The three shoppingb centers contain 416,000 square feet combined and were, on 94.5 percent leased and 55 years old, Highwoodzs said.
The properties generate a combined annuall cash net operating income ofabout $5.4 The new owners plan no “immediate major to the shopping centers, Jeff Berg, seniofr vice president and principal of said in a separate releas Thursday. “We intend to enhance and upgrade the centera as opportunities arise over but these improvements will not changr theirbasic character,” Lane34 President Owen Buckley said in the “We look forward to taking good care of them and feel they represengt an excellent opportunity to invest in our community.” Kansaws City developer Jesse Clyde Nichols built the grocery-anchored shopping centersz in the mid-1900s, and the JC Nicholes Co.
sold them to Highwoods in 1998.
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