Florida-based real estate corporation acquires Zona Rosa shopping center for $63.3M

KANSAS CITY, Mo. — Florida-based CTO Realty Growth Inc. recently acquired the Zona Rosa shopping center in Platte County for $63.3 million.

The publicly traded real estate investment trust “owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States,” according to CTO’s website.

CTO purchased the 768,000-square-foot open-air, mixed-use shopping area for $82 per square foot, which the company said is well below replacement cost.

CTO plans to revitalize the property through multiple phases, eyeing future opportunity with 10 acres of entitled development land and about 100,000 square feet of underutilized space.

Currently, Zona Rosa is 67% leased. Tenants include various shops, restaurants, beauty services, fitness studios and more.

CTO noted Zona Rosa was an attractive property due to its proximity to the Kansas City International Airport, fast-growing neighborhoods and its position in the Northland, where there is “no comparable center within a 20-minute drive.”

Other CTO properties are located from the Southeast to the Southwest in Arizona, New Mexico, Texas, Georgia, Florida, North Carolina and Virginia.

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