The Northland’s regional shopping center, Zona Rosa, is for sale.
In a statement, Andrea Olshan, chief executive officer of Olshan Properties, the New York-based owners of Zona Rosa, said the company “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 12 years, but, in keeping with our disciplined investment approach, we have decided to take the property to market.”
Olshan Properties — formerly MPI or Mall Properties Inc. — said it has owned the center since its development in 2004. Steiner + Associates was retained by Olshan Properties in 2004 through 2010 to support development and management of the property. In 2011, Olshan Properties assumed all operations and management of Zona Rosa.
The asking price was not released, but Eastdil Secured is the listing agent.The company also was the listing agent for the Country Club Plaza during its recent sale for $660 million, a deal that closed in February.
Zona Rosa, at the northwest corner of Interstate 29 and Barry Road, has more than 1 million square feet of retail, restaurant, residential and office space.
Named after a neighborhood in Mexico City, the $200 million first phase opened in May 2004 under the trendy “New Urbanism” design — a modern-day version of the Country Club Plaza.
Unlike enclosed malls or big box retail centers with vast parking lots, Zona Rosa has a pedestrian-oriented setting with tree-shaded sidewalks and parking spaces in front of storefronts — including Dick’s Sporting Goods, Barnes & Noble, Bravo Cucina Italiana, Old Navy and Victoria’s Secret. There’s also a “town square” that serves as a gathering space for special events like art festivals and concerts.
Upper floors house lofts and offices. A second phase opened in November 2008 that included Dillard’s.
In the statement, Olshan said: “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.”