Cohen & Steers Expands Portfolio with Recent Shopping Center Acquisition

Cohen & Steers Enhances Retail Investments

Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) has made a significant stride in its investment strategy by acquiring Village on Pooler Parkway, an open-air community shopping center. This acquisition marks CNSREIT's commitment to investing in quality, necessity-driven retail spaces across strategic locations.

Joint Venture with Sterling Organization

The acquisition was realized through a collaborative effort with Sterling Organization, a prominent real estate investment firm specializing in retail properties. This partnership exemplifies CNSREIT's focus on joining forces with established operators to enhance value for investors.

Details of the Newly Acquired Property

Village on Pooler Parkway spans approximately 142,000 square feet and is fully leased. Opened in 2014, this shopping center is strategically situated along busy I-95, near Savannah Hilton Head International Airport, attracting high daily traffic. Notable tenants, including TJ Maxx, Ross Dress for Less, and Panera Bread, contribute to a robust retail mix that appeals to both local residents and visitors.

Retail Performance Insights

Tenants have reported lucrative sales figures at this location, indicating that it serves as a strong revenue generator for retailers. As consumer preferences shift towards value-oriented shopping experiences, centers like Village on Pooler Parkway are positioned to thrive amid changing market dynamics.

Market Trends Favoring Savannah

The region surrounding Savannah continues to show impressive economic growth. With over 17 million tourists visiting annually and population growth outpacing national averages, it features a vibrant market ideal for retail ventures. Recent analysis suggests Savannah ranks among the top 15 markets for job and population growth as of the close of 2023.

Supportive Economic Factors

Critical economic drivers such as the Port of Savannah, recognized as the fastest-growing port in the United States, add to the momentum. Planned stimulus investments, including those linked to the Inflation Reduction Act and CHIPS and Science Act, are expected to bolster local job creation, further enhancing the appeal of the area.

Executive Insights on the Acquisition

James S. Corl, CEO of CNSREIT, shared his optimism regarding this acquisition, stating, "Savannah is a highly desirable market experiencing strong growth. The strategic position of Village on Pooler Parkway creates excellent opportunities for retail success, supported by a thriving demographic and tourism environment."

Investment Focus of CNSREIT

CNSREIT continues to target high-quality properties that promise strong income potential, focusing on well-anchored shopping centers. The surge in occupancy rates for open-air shopping centers, now at 95.7%, illustrates the viability of investing in such assets.

About CNSREIT

Cohen & Steers Income Opportunities REIT, Inc. operates as a non-listed perpetual-life REIT concentrating on high-quality and income-generating properties primarily in the U.S. It is managed externally by Cohen & Steers Capital Management, Inc., a notable subsidiary of Cohen & Steers, Inc.

About Cohen & Steers

Cohen & Steers has established itself as a leading global investment manager, focusing on real assets and alternative income sources including both private and publicly listed real estate, infrastructure, and resource equities. Since its inception in 1986, the firm has expanded significantly, maintaining a strong global presence with offices across major cities worldwide.

About Sterling Organization

Sterling Organization specializes in private equity real estate investments with a notable focus on retail assets. With management of approximately $2.2 billion across the U.S., Sterling is committed to enhancing the value of its investments through strategic acquisitions and operational efficiencies.

Frequently Asked Questions

What is Cohen & Steers Income Opportunities REIT's primary focus?

CNSREIT primarily invests in high-quality, income-focused properties, emphasizing necessity-driven shopping centers.

Who is Sterling Organization?

Sterling Organization is a private equity real estate firm with expertise in retail investments across major markets in the United States.

What is the significance of the Village on Pooler Parkway acquisition?

This acquisition is integral to CNSREIT's strategy of building a portfolio that includes high-quality, profitable retail locations.

How does Savannah's economic landscape benefit retailers?

Savannah's growing population and tourism enhance retail opportunities, making it an attractive market for businesses.

What does the current occupancy rate indicate about retail centers?

The high occupancy rate of 95.7% suggests robust demand for open-air shopping centers, signifying their appeal to tenants and investors alike.

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