Kansas City's Country Club Plaza sold to joint venture

AP News
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Posted: Jan 04, 2016 7:18 PM

KANSAS CITY, Mo. (AP) — Kansas City's Country Club Plaza shopping and entertainment district has been sold for only the second time since it opened in 1923.

Highwoods Properties announced Monday that it had reached an agreement to sell the Country Club Plaza for $660 million to a joint venture between Taubman Centers and The Macerich Company. The sale is expected to close Feb. 1.

The Kansas City Star reports (http://bit.ly/1Pc6uSL ) that Taubman and Macerich will be 50/50 owners. The 55-acre shopping district includes 18 properties, both retail and office space.

The Taubman company, based in Broomfield Hills, Michigan, owns and manages 23 shopping centers in the United States and Asia. Macerich is a real estate investment trust with interests in 50 shopping centers and malls throughout the United States.

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Information from: The Kansas City Star, http://www.kcstar.com