REITs exchange Kansas City portfolio for $660m
Highwood Properties has closed on the sale of a Country Club Plaza portfolio in Kansas City, Mo., for $660 million. The buyer is the 50-50 joint venture between Taubman Centers and The Macerich Co.
The retail portfolio consists of 804,000 square feet of retail space and 468,000 square feet of office space.
Following completion of the sale of the portfolio, Highwood Properties’ remaining assets in Kansas City comprise two office buildings totaling 149,000 square feet, a 50 percent interest in a 292,000-square-foot office building, a 12.5 percent interest in a 262,000-square-foot office building and a 26.5 percent interest in brokerage firm Kessinger/Hunter & Co.
Kansas City is not a primary market for investor capital. According to Real Capital Analytics, the market had average quarterly sales volume of $313.5 million in 2015. The Country Club Plaza deal, however, will push first quarter 2016 volume well above the average. To date, eight offi