Highwoods to sell Kansas City’s Country Club Plaza for $660 million

The holiday shopping season is over, but Highwoods Properties on Monday announced a major retail sale — Kansas City’s Country Club Plaza.

Raleigh, N.C.-based Highwoods said in a news release it will sell the upscale retail and restaurant district for $660 million to Country Club Plaza KC Partners LLC, a joint venture between Taubman Centers, Inc. and The Macerich Company.

Taubman, a real estate investment trust (REIT) based in Bloomfield Hills, Mich., operates outlet malls and other shopping centers.

Macerich, a REIT based in Santa Monica, Calif., has shopping center properties and in the western U.S. and other major cities across the country.

The announcement of a sale has been imminent since Highwoods, which has owned the Plaza since 1998, announced in September that it would sell the property to help pay for office building acquisitions in other markets.

The Plaza, which is known for its Spanish architecture and annual holiday lights display, debuted in 1923 as the country’s first shopping center designed to accommodate patrons arriving by car.

Today, it consists of 18 properties encompassing 804,000 square feet of retail space and 468,000 square feet of office space, according to Highwoods. The company reported cash and net operating income of $31 million for the property in 2015.

The deal is scheduled to close Feb. 1.

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