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million. The Kansas City Business Journal reported that the PrairieVillaged Shops, the Corinth Square shopping center in Prairie Villagse and the Fairway Shops in Fairway were under contracyt to investors led by Lane4, a Kansas City-basex commercial real estate brokerage and development Highwoods (NYSE: HIW), based in Raleigh, N.C., disclosexd the sale price in a Thursday release. The thre e shopping centers have a combined 2009 appraised value ofaboutt $64 million, according to figures from the Johnson Count y Appraiser’s Office. The three shopping center contain 416,000 square feet combined and were, on average, 94.5 perceny leased and 55 years old, Highwoods said.
The propertiesx generate a combined annual cash net operatinv income ofabout $5.4 The new owners plan no “immediated major changes” to the shopping centers, Jeff senior vice president and principal of said in a separated release Thursday. “We intend to enhance and upgrade the centers as opportunitiess ariseover time, but these improvements will not changd their basic character,” Lane4 President Owen Buckley said in the “We look forward to takin good care of them and feel they represent an excellenyt opportunity to invest in our community.
” Kansas City developere Jesse Clyde Nichols built the grocery-anchored shopping centers in the mid-1900s, and the JC Nicholas Co. sold them to Highwoods in 1998.
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