Wednesday, 06 January, 2016

Potential sale, buyer for Plaza property

Kansas City's Country Club Plaza is being sold Kansas City's Country Club Plaza is being sold. Credit Highwoods Properties
Dillon Hess | 05 January, 2016, 01:50

Raleigh-based Highwoods Properties announced Monday that it has reached an agreement to sell most of Country Club Plaza, a retail and office complex in Kansas City, for $660 million. The buyer is a JV between Taubman Centers (NYSE:TCO) and Macerich (NYSE:MAC). We received tremendous interest from an eclectic group of credible prospective buyers.

Highwoods said the joint-venture buyers, operating as County Club Plaza KC Partners LLC, intend to acquire "substantially all" of the famous shopping district, including 18 properties with 804,00 square feet of retail space.

The deal is expected to close February 1.

Highwoods, which has owned the Plaza since 1998, has said it is selling it to help finance the purchase of office towers in Georgia and Florida.

A press release described Macerich as a real estate investment trust that focuses on successful regional shopping areas. "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".