Zona Rosa in Kansas City sold for $63.3 million, new owner plans revitalization
KANSAS CITY, Mo. —
A Kansas City shopping center has been purchased by a real estate investment trust out of Florida.
CTO Reality Growth, Inc. purchased Zona Rosa for $63.3 million, or $82 per square foot.
“With the addition of this new property, our year-to-date property acquisition volume now exceeds $200 million at a blended entry cash cap rate of 8.2%, and, with structured investments, activity totals $334 million at a blended initial cash yield of 9.5%,” CTO President and CEO John P. Albright said in announcing the acquisition. “Zona Rosa is a leading mixed-use center located in one of Kansas City’s fastest-growing neighborhoods.”
The nearly 768,000-square-foot facility, located near Interstate 29 and Barry Road, is currently 67% leased, according to the new owners.
In a news release announcing the purchase, CTO Reality Growth said it will use a long-term, multiphase effort to revitalize the property.
Zona Rosa attracts about 5.5 million visits annually, according to CTO.
Read More: Zona Rosa in Kansas City sold for $63.3M, revitalization planned