{"id":1004138383,"date":"2016-03-03T02:05:59","date_gmt":"2016-03-03T10:05:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004138383"},"modified":"2020-04-13T22:12:21","modified_gmt":"2020-04-14T06:12:21","slug":"k-c-plaza-portfolio-sells-for-660m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/k-c-plaza-portfolio-sells-for-660m\/","title":{"rendered":"K.C. Plaza Portfolio Sells for $660M"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<div id=\"attachment_1004138384\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/ks.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004138384\" data-attachment-id=\"1004138384\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/k-c-plaza-portfolio-sells-for-660m\/ks\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/ks.jpg\" data-orig-size=\"705,384\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"ks\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/ks.jpg?w=705\" class=\"wp-image-1004138384 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/ks.jpg\" alt=\"Country Club Plaza, Kansas City\" width=\"300\" height=\"163\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/ks.jpg 705w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/ks.jpg?resize=300,163 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004138384\" class=\"wp-caption-text\">Country Club Plaza, Kansas City, Mo.<\/p><\/div>\n<p><strong>Kansas City, Mo.<\/strong>\u2014A joint venture between <a href=\"https:\/\/www.taubman.com\/\" target=\"_blank\" rel=\"nofollow\">Taubman Centers Inc<\/a>., and <a href=\"https:\/\/www.macerich.com\/#overview\" target=\"_blank\" rel=\"nofollow\">The Macerich Co.<\/a> has acquired Country Club Plaza, a portfolio of office and retail space in Kansas City, Mo., for $660 million from <a href=\"https:\/\/www.highwoods.com\/\" target=\"_blank\" rel=\"nofollow\">Highwoods Properties<\/a>.<\/p>\n<p>\u201cTaubman and\u00a0Macerich\u00a0are bringing our collective expertise together to continue to ensure the long-term growth and success of the iconic\u00a0Country Club Plaza,\u201d Robert Taubman, Taubman Centers chairman, president &amp; CEO\u00a0said in a company release. \u201cThis purchase is consistent with our strategy to own high quality, dominant assets in great markets.\u201d<\/p>\n<p>Originally constructed in 1922,\u00a0Country Club Plaza\u00a0is an iconic, 15-block, 1.3 million-square-foot mixed-use retail and office property. The retail segment of the property includes 804,000 square feet of gross leasable area (GLA)\u00a0featuring 45 unique-to-market tenants, with a roster that includes Apple, H&amp;M, Tesla and Lululemon. The 468,000-square-foot office portion is comprised of the 10-story\u00a0Valencia\u00a0tower, which serves as the worldwide headquarters of Lockton Cos., and additional office space located above ground-level retail.<\/p>\n<p>\u201cThis investment represents the latest example of Macerich\u2019s continuing strategy of recycling capital out of slower-growth assets, including\u00a0Panorama Mall\u00a0which we recently sold for\u00a0$100 million, into truly irreplaceable, market-dominant centers with stronger growth prospects,\u201d Arthur Coppola, Macerich chairman &amp; CEO, said. \u201cTogether with Taubman, we see opportunities to expand the market reach of the Plaza as well as the potential for further retail densification of this timeless asset.\u201d<\/p>\n<p>Highwoods Properties&#8217; remaining assets in Kansas City consist of two wholly-owned office buildings totaling 149,000 square feet, a 50 percent interest in Plaza Colonnade LLC, a 12.5 percent interest in 4600 Madison Associates LP, and a 26.5 percent interest in Kessinger\/Hunter &amp; Company LC.<\/p>\n<p>In recent years, Highwoods has become more focused on expanding its portfolio with trophy properties located in cities of the Southeast and East Coast, including Atlanta, Nashville, Raleigh and Pittsburgh.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highwoods Properties completed the sale of an iconic office and retail portfolio in Kansas City, Mo.<\/p>\n","protected":false},"author":451,"featured_media":1004138384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1592,13,21752,21742,21747,21749],"tags":[],"class_list":["post-1004138383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-kansas-city","category-midwest","category-mixed-use","category-latest","category-office","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>K.C. 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