KANSAS CITY—TaubmanCenters, Inc. and The Macerich Co. havejust agreed to purchase the iconic Country ClubPlaza in Kansas City from Highwoods Properties,Inc. for $660 million in cash. The 15-block mixed-useretail and office property was originally built in 1922 and hasbecome the center of a vibrant submarket here. Its sale is another signthat certain markets in the central region have now caughtthe attention of national investors after years in which coastalmarkets garnered the most notice.
Taubman and Macerich will each have a 50% interest in thecenter, which the companies will jointly manage. Company officialsexpect that, concurrent with or shortly after closing, to get along-term, fixed-rate loan for 50-60% of the purchase price.
"Taubman and Macerich are bringing our collective expertisetogether to continue to ensure the long-term growth and success ofthe iconic Country Club Plaza," says Robert S.Taubman, chairman, president, and chief executive officerof Bloomfield Hills, MI-based Taubman. "This purchase is consistentwith our strategy to own high quality, dominant assets in greatmarkets."
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
