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

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million. The Kansas City Business Journap reported that the PrairieVillage Shops, the Corintgh Square shopping center in Prairie Village and the Fairwayh Shops in Fairway were under contract to investore led by Lane4, a Kansas City-bases commercial real estate brokeragde and development firm. Highwoods (NYSE: based in Raleigh, N.C., disclosed the sale prices in aThursday release. The three shoppingy centers have a combined 2009 appraisede value ofabout $64 million, according to figures from the Johnsojn County Appraiser’s Office. The three shopping centers contain 416,000 square feet combined and on average, 94.5 percent leased and 55 years old, Highwoodsz said.
The properties generate a combined annualk cash net operating income ofabout $5.4 million. The new owners plan no “immediatde major changes” to the shopping Jeff Berg, senior vice president and principaklof Lane4, said in a separate release Thursday. “We intend to enhance and upgrade the centers as opportunities arise over time, but these improvements will not changre their basic character,” Lane4 President Owen Buckley said in the “We look forward to takinf good care of them and feel they represent an excelleny opportunity to invest in our community.
” Kansas City developer Jess Clyde Nichols built the grocery-anchored shopping centerz in the mid-1900s, and the JC Nicholx Co. sold them to Highwoods in 1998.