Lane4 completes purchase of three Kansas City-area shopping centers - South Florida Business Journal:

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million. The Kansas City Business Journal reportefd that the PrairieVillage Shops, the Corintuh Square shopping center in Prairis Village and the Fairway Shops in Fairway were under contract to investors led by Lane4, a Kansasx City-based commercial real estate brokerage and developmen t firm. Highwoods (NYSE: HIW), based in Raleigh, N.C., disclosed the sale priced in aThursday release. The three shoppinhg centers have a combined 2009 appraised value ofabout $64 million, according to figures from the Johnson County Appraiser’ss Office. The three shopping centers contaijn 416,000 square feet combined and were, on average, 94.5 percenrt leased and 55 years old, Highwood s said.
The properties generate a combinedf annual cash net operating income ofabout $5.4 million. The new owners plan no “immediated major changes” to the shopping centers, Jeff senior vice president and principalof Lane4, said in a separate releas e Thursday. “We intend to enhance and upgrade the centere as opportunities ariseover time, but these improvementse will not change their basic character,” Lane4 Presidentf Owen Buckley said in the “We look forward to taking good care of them and feel they represen t an excellent opportunity to invesyt in our community.
” Kansas City developer Jesse Clyder Nichols built the grocery-anchored shopping centers in the and the JC Nichols Co. sold them to Highwoods in 1998.