Highwoods sells Midwest mixed-use portfolio for $660m
Highwoods Properties has sold its wholly owned Country Club Plaza portfolio in Kansas City, Mo., for $660 million. The buyer is Country Club Plaza KC Partners, a 50-50 joint venture between Taubman Centers and The Macerich Co.
Robert Taubman, CEO of Taubman Centers, said the Country Club Plaza purchase is “consistent with our strategy to own high-quality, dominant assets in great markets.”
The Country Club Plaza portfolio, which is currently 95 percent leased in the aggregate, consists of 18 properties encompassing 804,000 square feet of retail space and 468,000 square feet of office space. The Country Club Plaza portfolio generated cash and net operating income of $31 million in 2015. When the sale is completed it would be the largest in the Kansas City market, according to Real Capital Analytics.
The sale of the 55-acre Country Club Plaza portfolio is scheduled to close on Feb. 1.
The sale is part Highwoods’ efforts to enh