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The , the shopping center in Prairie Village and the in Fairway are under contract to investors ledby , a Kansasw City-based commercial real estate brokeraged and development firm. The three shopping centere have a combined 2009 appraiser value ofabout $64 million, accordinvg to figures from the . Owen Buckley, president of and Tabitha Zane, a spokeswoman at corporate headquartersin Raleigh, N.C., said compang policies precluded discussion of property transactionsx that have not closed. However, several tenantse in the three northeast Johnsoh County shopping centers confirmed that they had been apprisedc of the pending sale by eithe Highwoods orLane4 representatives.
For a partner in the proposes $1 billion redevelopment of the where retail commitments are proving hard to come by durintthe recession, the deal would mean about 550,009 square feet of retail space that is closw to fully occupied. For Highwoods Properties HIW), a real estate investment the sale would mean a further retreart from theretail sector, though Highwoods’ retailo holdings in this area have remained strongb despite the economy. “Our center is one of the few they have acrossdthe country,” said Kitty McKelvey, owned of the in Corintb Square. “It’s not their niche.” As of Dec.
31, Highwoodsz owned 311 office, industrial and retail properties encompassingabout 27.4 million square feet. The retail propertie s accountedfor 1.35 million square feet, or 4.9 of the total. Highwoods, which merged with the Plaza’ s developer, , in 1998, sold its 112,000-square-foott Brookside shopping center and anadjacent 7,800-square-footr office building in Kansas City for $15.245 million in 2004. The Plaza’s market value was estimated at morethan $1 billiob last year before the recession The development has roughly 700,000 square feet of officde space and 930,000 square feet of retail said Gayle Terry, the Plaza’s marketing director.
Aftet the recent signings of sixnew leases, she said, the Plaza’ss occupancy rate is about 93 percent. McKelvey said Highwoodws had been a good landlord to her bird store inCorinth Square. “But I’km fine with not having a giantcorporated owner,” she said. “I prefedr local businesses.” Mary Rimann, owner of Rimann Liquors in the PrairieVillage Shops, said tenants in that cented did not expect theif rents to change after the anticipatedd sale. “I think it’as all positive,” said Rimann, who said she was lookinhg forward tolocal ownership, too.
If the Lane4r deal closes, the transaction will fall in line with a loca retail investment trend reported on last month by inWalnug Creek, Calif. “Investors in the Kansas City metroi began to focus on the suburbs last year as redevelopmen t efforts Downtown have been slow togain traction,” said Gary Marcus & Millichap’s Kansas City regional manager. “Local buyerz who can handle management-intensive assets will likeluy target older properties in Johnson andPlatte counties, wherwe retail sales are forecast to grow and space demanc is still fairly strong.
” The Kansas City retaikl market as a whole, however, won’t fare so well this according to Marcus & Millichap’s National Retail Research It states that developers are projectedf to complete 2.3 million square feet of new retaill space in the Kansas City area this year, a 2.7 percenyt inventory addition that follows the additiohn of 2 million square feet in 2008. The elevatexd construction and decreased tenangt demand are projected to drivethe area’e retail vacancy rate up by 2.9 percentag points to 13.2 percent in 2009. Asking rentx are expected to recede 5.1 percenty to an average of $13.35 a squars foot this year, while effective rents drop 5.
9 percenr to an average of $11.31 a square the report said.
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