Highwoods Properties, Inc., announced Monday it has agreed to sell its Country Club Plaza assets for $660 million.
A news release from Highwoods Properties states the buyer is Country Club Plaza KC Partners LLC, a joint venture between Taubman Centers, Inc., and The Macerich Company.
Taubman Centers is a real estate investment trust (REIT) that owns, manages and/or leases outlet shopping centers throughout the U.S. and Asia. Macerich is also an REIT, and it focuses on acquiring, leasing, managing and developing regional malls throughout the U.S.
Highwoods Properties announced its plans to sell the Plaza assets in September.
The sale is subject to customary closing conditions and is scheduled to close on Feb. 1, 2016, according to the release.
Doug Stone is a Real Estate Development Attorney in Kansas City. Stone says although the sale has been approved, he doesn't think much will change on the Country Club Plaza ground.
"I would imagine there won't be much change in what we see on the ground here at the Plaza. It's an existing asset, it's being purchased as an asset and it will be managed, I would imagine, much the same way it's been managed up to now," said Stone.
But some business owners on the Plaza don't feel as reassured.
"It was different then. Nichols Company started the Plaza and they brought a lot of independent type operations," said John Meyer, owner of The Classic Cup. "It worries me a little because that's another large company now coming in."
41 Action News caught up with some local shoppers on the Plaza who also don't want to see things change.
"I hope they don't change a thing. It's beautiful the way it is. We always come out during the lighting because we just love to see the lights," said Kevin and Deann Wright.
Glenn Stephenson, Vice President and Division Manager of Highwoods Properties in Kansas City, released the following statement:
“We are pleased with the outcome of this process. We received tremendous interest from an eclectic group of credible prospective buyers. After careful consideration, we have selected a joint venture between Taubman Centers and The Macerich Company as the buyer of the Plaza. We are confident that this partnership between two heralded companies will carry the torch for the Country Club Plaza, and will continue to serve this great community wholeheartedly as stewards of our city’s crown jewel.”
The Plaza, which is 95 percent leased according to the news release, consists of 18 properties encompassing 804,000 square feet of retail space and 468,000 square feet of office space.
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