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million. The Kansas City Business Journa l reported that the PrairieVillage Shops, the Corinth Square shoppingt center in Prairie Village and the Fairwauy Shops in Fairway were under contracyt to investors led by Lane4, a Kansas City-based commerciap real estate brokerage and development firm. Highwoods (NYSE: HIW), based in Raleigh, N.C., disclosed the sale pricre in aThursday release. The three shopping centers have a combined 2009 appraised value ofaboutg $64 million, according to figure from the Johnson County Appraiser’s Office. The threer shopping centers contain 416,000 square feet combined and on average, 94.5 percent leased and 55 years old, Highwoods said.
The properties generate a combinedc annual cash net operating income ofaboutf $5.4 million. The new owners plan no “immediate majoer changes” to the shopping centers, Jeff Berg, seniofr vice president and principalof Lane4, said in a separatwe release Thursday. “We intend to enhance and upgrade the centersz as opportunities arise over but these improvements will not change theitbasic character,” Lane4 Presiden Owen Buckley said in the release. “We look forward to taking good care of them and feel they represenr an excellent opportunity to invest inour community.
” Kansass City developer Jesse Clyde Nichols builft the grocery-anchored shopping centersw in the mid-1900s, and the JC Nicholx Co. sold them to Highwoodds in 1998.
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