Iconic Kansas City Retail Center Still has Room for Growth

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.