Could the Northland’s Zona Rosa soon be under new ownership?
A recent issue of Commercial Mortgage Alert, an industry trade publication, said New York-based Apollo Global has agreed to purchase the center for a price in the neighborhood of $160 million and it is looking for a mortgage of up to $111 million.
Zona Rosa is a mixed-use urban town center at the northwest corner of Interstate 29 and Barry Road and has about one million square feet of retail, office and residential space. It was developed by Steiner & Associates of Columbus, Ohio. New York-based Olshan Properties has been the majority owner since it opened in 2004. It put the property up for sale in April 2016.
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At the time, Andrea Olshan, chief executive officer of Olshan Properties, issued this statement: “Olshan Properties constantly analyzes its entire portfolio to determine how best to maximize the value of the company's holdings. Zona Rosa has been a productive investment for us over the past twelve years, but, in keeping with our disciplined investment approach, we have decided to take the property to market. We believe this is a great opportunity for new ownership to build further upon the current success of the center. Until that time, Zona Rosa remains an important property in our portfolio, and we will continue operating it to our highest standards.”
Officials with Apollo Global and Oshlan Properties declined to comment on the Commercial Mortgage Alert story.
Zona Rosa tenants include Dick’s Sporting Goods and Dillard’s.
Marshalls and HomeGoods also are currently operating in the mall. But Tiffany Springs MarketCenter, just two miles to the east, said it has signed Marshalls to take part of the Sports Authority space. HomeGoods also plans to open in the redeveloped Liberty Commons, just about 15 miles from Zona Rosa. Marshalls officials declined to comment on the future status of their Zona Rosa locations.
More Northland updates
▪ Boutique Collective, a collective of locally owned boutiques including The Jeweled Gypsy and FitWear Boutique, opened Friday in The Village at Briarcliff. The collective took a 3,125-square-foot space at 4161 N. Mulberry Drive.
▪ Freddy’s Frozen Custard & Steakburgers plans a mid-March opening at 8071 N.W. Roanridge Road in the new Edgewood Farms development, now under construction at the southeast corner of Interstate 29 and Barry Road, just south of BarryWoods Crossing. Main Event Entertainment plans a May 9 opening in the development.
▪ The Northland’s long awaited Costco is scheduled to open at Missouri 152 and Platte Purchase Drive on June 1, according to city officials. Costco declined to comment on the opening date.
▪ Raising Cane’s Chicken Fingers is going through planning to put a location at the northeast corner of Missouri 152 and North Ambassador Drive.
▪ Planet Fitness opened its new Northland location, a 27,000-square-foot center at 2415 N.E. Vivion Road, in mid-January. The $5 million facility has more than 100 pieces of cardio equipment..