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.
About CNSREIT. Cohen & Steers Income Opportunities
REIT, Inc. is a perpetual-life, non-listed REIT formed to invest
primarily in high quality, income-focused, stabilized properties
within the United States. CNSREIT
is externally managed by Cohen & Steers Capital Management,
Inc., a subsidiary of Cohen & Steers, Inc. Further information
can be found at www.cnsreit.com.
About Cohen & Steers. Cohen & Steers is a leading
global investment manager specializing in real assets and
alternative income, including real estate, preferred securities,
infrastructure, resource equities, commodities, as well as
multi-strategy solutions. Founded in 1986, the firm is
headquartered in New York City,
with offices in London,
Dublin, Hong Kong, Tokyo and Singapore.
About Sterling Organization. Sterling Organization is a
vertically integrated private equity real estate firm whose
national platform is focused on investing in retail, LAST HOUR®
consumer fulfillment and distribution real estate assets across the
risk spectrum in major markets within the
United States. The firm has approximately $2.0B of assets under management across the
U.S., including more than 12 million square feet of primarily
retail real estate. Sterling Organization, with offices across the
nation, is headquartered in West Palm
Beach, FL.
Forward-Looking Statements
This press release contains
forward looking statements within the meaning of the federal
securities laws. These forward-looking statements can be identified
by the use of forward-looking terminology such as "may," "will,"
"expect," "intend," "anticipate," "estimate," "believe,"
"continue," "identified" or other similar words or the negatives
thereof. These may include CNSREIT's financial projections and
estimates and their underlying assumptions, statements about plans,
objectives and expectations with respect to future operations,
statements with respect to acquisitions, statements regarding
future performance and statements regarding identified but not yet
closed acquisitions. Such forward-looking statements are inherently
uncertain and there are or may be important factors that could
cause actual outcomes or results to differ materially from those
indicated in such statements. CNSREIT believes these factors also
include but are not limited to those described under the section
entitled "Risk Factors" in the prospectus, as amended and
supplemented from time to time, filed with the Securities and
Exchange Commission (the "SEC"), which is accessible on the SEC's
website at www.sec.gov. These factors should not be construed as
exhaustive and should be read in conjunction with the other
cautionary statements that are included in this document. Except as
otherwise required by federal securities laws, CNSREIT undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
developments or otherwise.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities.
Website: https://www.cnsreit.com/
Symbol: NYSE: CNS
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SOURCE Cohen & Steers Income Opportunities REIT, Inc.