KANSAS CITY—As reported in GlobeSt earlier this week, Taubman Centers, Inc. and The Macerich Co. purchased the iconic Country Club Plaza in Kansas City from Highwoods Properties, Inc. for $660 million in cash. The mammoth mixed-use retail and office property has been a mainstay of this city for decades, and its sale could be a sign that investors are taking closer looks at high-performing properties in this region.

The 1.3 million square foot property includes 804,000 square feet of gross leasable area. The 468,000 square foot office portion of the property contains the ten-story Valencia tower, where the Lockton Cos. has its world headquarters, and additional office space located above the ground-level retail.

GlobeSt.com spoke with Robert S. Taubman, chairman, president, and chief executive officer of Bloomfield Hills, MI-based Taubman, to find out more about the transaction.

What are some of the reasons the company feels Country Club has strong growth prospects?

"Country Club Plaza is an extremely high quality asset with strong sales productivity coming from in-demand retailers, including great names like Apple, Lululemmon, Anthropologie, Michael Kors, Tesla and Warby Parker. The center's occupancy cost level provides a significant opportunity for income growth as leases turn. Additionally, both Macerich and Taubman believe there are significant medium and longer term redevelopment and expansion opportunities."

Does the metro region in general have solid prospects, or is it more Country Club Plaza specifically?

"Country Club Plaza is a terrific, iconic asset, consistent with our strategy to own high quality, dominant assets in great markets. Kansas City is a solid market. Both population and retail sales have grown at about the same rate as the nation overall since 2000. The job market has been strong, with an unemployment rate consistently below the US average since 2010. Kansas City central locations has made it a strong trade and transportation hub and nearly 20 well-known companies have KC headquarters, including AMC, Hallmark, Sprint, Garmin, H&R Block, YRC Worldwide and Payless ShoeSource."

How do Macerich and Taubman the companies plan to expand the market reach of Country Club Plaza?

"The center enjoys nearly 50 unique to market tenants, an amazing array of food and dining options, and traditions such as the Christmas lighting event and the art fair which are unique to the broader market. Collectively these tenants and events provide a true destination. We are committed to continuing the traditions of the center and to expanding the unique to market retailers which encourage customers far beyond normal drive times, in fact to neighboring states."