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The inaugural acquisition was made through a joint venture partnership with Sterling Organization.
NEW YORK, Jan. 24, 2024 /PRNewswire/ -- Cohen & Steers Income Opportunities REIT, Inc. ("CNSREIT") announced today its acquisition of the Marketplace at Highland Village (the "property"), an open-air community shopping center located in Dallas, TX. The acquisition was made through a programmatic joint venture with Sterling Organization ("Sterling"), a real estate investment firm with extensive expertise in shopping centers in the U.S. The acquisition is the first investment for CNSREIT, which plans to acquire high quality properties that generate attractive income across the U.S. alongside best-in-class operators.
The Marketplace at Highland Village is an approximately 451,000 square foot open-air community shopping center built in 2006, that includes a Walmart-owned Supercenter. The acquired premises comprise nearly 207,000 square feet and are approximately 93% occupied by tenants including TJ Maxx, HomeGoods, LA Fitness, DSW and Petco. The highly visited retail property benefits from its rapidly growing high income sub-market, strong tenant lineup and cross-shopping traffic generated by the only Walmart Supercenter in the sub-market. Furthermore, the property was the most visited shopping center within a 10-mile radius in 2022, drawing 4.3 million visits, according to location analytics provider PlacerAI.
James S. Corl, Chief Executive Officer of CNSREIT and Head of the Private Real Estate Group at Cohen & Steers, said:
"Dallas Fort-Worth is expected to be the fastest growing U.S. metro over the next five years, making it an ideal example of a growing Sunbelt city that has benefited greatly from supportive economic policy leading to increased corporate and population growth. We believe the Marketplace at Highland Village represents an attractive investment opportunity given its dominant position at a critically important retail node serving a very desirable submarket. We are also excited to enter into a partnership with Sterling and believe they are the partner of choice for this type of center considering their national footprint, their 25-year track record and our team's long history of working together on shopping center investments."
The Marketplace at Highland Village is CNSREIT's first acquisition and highlights the investment vehicle's initial focus on well-anchored, necessity-driven shopping centers. Open-air shopping centers are at their highest occupancy level of the past 16 years at 95.8%, according to real estate analytics provider CoStar Group.
Posted In: CNS
