Retail Remains Dead: Kansas City Northland Zona Rosa Finally Sells Out

A truism regarding the fate of this Northland shopping district . . .

The debt history of this district reminds us that Zona Rosa has mostly been a retail flop and revealed that the Northland wants a bit more adventure than a faux shopping village i.e. fake Country Club Plaza.  

In fairness . . . Here's a more optimistic perspective that glosses over a great deal of lost money . . . 

"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.

Read more via www.TonysKansasCity.com link . . .

KMBC: Zona Rosa in Kansas City sold for $63.3 million; new owner plans multiphase revitalization