REITs join to buy Country Club Plaza in KC for $660M

Highwoods Properties Inc. (NYSE: HIW) reached a deal to sell the Country Club Plaza in Kansas City to a partnership involving two real estate investment trusts for $660 million.

The buying joint venture, Country Club Plaza KC Partners LLC, was created by Taubman Centers Inc. (NYSE: TCO) and The Macerich Co. (NYSE: MAC).

The Country Club Plaza is 95 percent leased. It comprises 18 properties encompassing 804,000 square feet of retail space and 468,000 square feet of office space, including the 10-story Valencia Tower and 205,000 square feet of second-story-over-retail offices. The Plaza portfolio generated cash and net operating income of $31 million in 2015, according to the Kansas City Business Journal.

Read more from the Kansas City Business Journal.