Raleigh-based Highwoods Properties announced Monday that it has reached an agreement to sell most of Country Club Plaza, a retail and office complex in Kansas City, for $660 million.
The buyer is a joint venture between Taubman Centers and The Macerich Company. The partnership is acquiring 804,000 square feet of retail space and 468,000 square feet of office space in the 15-block plaza. Highwoods has owned Country Club Plaza since 1998.
The deal is expected to close Feb. 1.
After the sale, Highwoods only wholly-owned assets in Kansas City will be two office buildings with 149,000 square feet of space. The real estate investment trust plans to close its Kansas City office after the sale.
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Highwoods is using the proceeds from the Country Club Plaza sale to finance the acquisitions of the Monarch Tower and Monarch Plaza in Atlanta and the SunTrust Financial Centre in Tampa.