"In the evolution of our company, and where we are with our portfolio and services, it's a natural next step," ZRD president and CEO Ed Zifkin tells GlobeSt.com. "In terms of the market, one of the challenges as brokers that we've seen in last two years is dealing with owners who wish to sell properties that weren't properly managed."

ZRD, founded in 1998 and known for its work in retail property development, is planning to expand its property-type reach through the new company. To help lead that charge, Zifkin has bestowed 16-year asset management veteran Yvonne A. Jones with the new company's head position, executive vice president and principal. Jones has been a part of ZRD for the past three years as senior vice president, aiding in the expansion of ZRD's management, investment brokerage and leasing services.

Currently, Zifkin Realty Management has 450,000 sf of property under management. Jones tells GlobeSt.com that the company plans to increase its property management to two million sf during the next 12 to 18 months. Locally, the firm's retail assets under management include the Shops at Beverly, a retail center at 95th Street and Western Avenue, and Ogden 4, a 92,000-sf center in Westmont, which is anchored by Micro Center and Hobby Lobby.