Top KC Retail Asset Goes for $660M

KANSAS CITY—Taubman Centers, Inc. and The Macerich Co. have just agreed to purchase the iconic Country Club Plaza in Kansas City from Highwoods Properties, Inc. for $660 million in cash. The 15-block mixed-use retail and office property was originally built in 1922 and has become the center of a vibrant submarket here. Its sale is another sign that certain markets in the central region have now caught the attention of national investors after years in which coastal markets garnered the most notice.

Taubman and Macerich will each have a 50% interest in the center, which the companies will jointly manage. Company officials expect that, concurrent with or shortly after closing, to get a long-term, fixed-rate loan for 50-60% of the purchase price.