Firm that includes Lawrence executive strikes deal to buy Country Club Plaza for $660 million

Taubman Centers, Inc. and The Macerich Company announced on Monday they have reached a deal to purchase the Country Club Plaza for 60 million. Lawrence resident Dana Anderson has long served as a leader of The Macerich Company.
Kansas City’s iconic Country Club Plaza soon will have new owners, and a Lawrence resident will have a bird’s-eye view of the $660 million deal.
The Macerich Company — an S&P 500 firm that Lawrence resident Dana Anderson has long served as a leader of — and Taubman Centers announced on Monday that they reached a $660 million deal to buy the Country Club Plaza in Kansas City, Mo., from Highwood Properties Inc.
“I certainly gave an enthusiastic thumbs up when it was brought up at the board level,” said Anderson, who earlier this year went to emeritus status as the vice chairman of Macerich, but previously had served as vice chair of the board since 1994. “It is unique and iconic and one of the very few shopping centers in the United States that is in that category. It has had a tremendous impact on shopping center development in the U.S.”

Dana Anderson sits courtside before the Kansas University men's basketball game Monday at Allen Fieldhouse.
Macerich, which is the third largest owner of shopping centers in the country, has formed a 50-50 partnership with Taubman to own the center. Anderson — who noted he is not an official spokesman for Macerich but still is active on the company’s board — said he expected a few changes to be made at the Plaza, but none that will create any concern among its loyal fans.
“There will be some polishing and changes, but fundamentally it will remain the iconic, unique retail center that it has been for years,” Anderson said. “We are well aware of that history.”
The Plaza, which is about 10 minutes south of downtown Kansas City, Mo., was constructed in 1922. It is generally considered to be the country’s first suburban shopping district designed to accommodate shoppers arriving by automobile. It features a distinctive Spanish-style architecture, a multitude of fountains and outdoor artwork, and plays host to the metro’s most prominent holiday light display.
Anderson, 81, has been a fan of the Plaza for decades. He grew up in Abilene and Salina before coming to Kansas University, where he received a business degree in 1959. He joined Macerich in 1966 after helping the company build a Richman Gordmans store in Topeka. He went on to play a key leadership role in launching Macerich as a publicly traded company. Anderson has been back in Lawrence as a full-time resident for about a year and a half.
“We recognize how important the Plaza is to the metropolitan area,” Anderson said.
Anderson said the company is bullish on the Kansas City retail market as well.
“The price alone indicates we had a pretty high opinion of it,” Anderson said.
Arthur Coppola, chairman and chief executive officer of Macerich, said in a press release that the deal for the Plaza continues a trend of Macerich to invest in “truly irreplaceable, market-dominant centers with stronger growth prospects.”
“Together with Taubman, we see opportunities to expand the market reach of the Plaza as well as the potential for further retail densification of this timeless asset,” he said
Robert S. Taubman, chairman, president and CEO of Taubman Centers, said in a release that his firm and Macerich are well positioned to ensure long-term growth of the Plaza.
“This purchase is consistent with our strategy to own high-quality, dominant assets in great markets,” Taubman said.
The board of directors of both firms have approved the transaction. The deal is subject to close in the first quarter of 2016. The deal includes “substantially all” of the 15-block, 1.3 million square feet of retail and office space that makes up the Country Club Plaza district.







