NEW
YORK, Oct. 30, 2024 /PRNewswire/ -- Cohen &
Steers (NYSE: CNS) announced today that funds managed by the
Private Real Estate Group of Cohen & Steers and DLC, an owner
and operator of open-air shopping centers in the U.S., have jointly
acquired Springfield Commons, an open-air community shopping center
in Springfield, Virginia.
Springfield Commons is a 119,085 square foot shopping center
located approximately 15 miles west of Washington, D.C. The center sits across from
Springfield Town Center, a vibrant shopping destination that offers
a mix of retail, entertainment, and dining options. This hub
enhances the area's appeal as a strong retail node, attracting new
housing and a hotel currently in development, which will further
enhance the community. The property is shadow anchored by the most
visited Home Depot in Virginia and
is 78% occupied by tenants including Pure Gym, Old Navy, Pure
Hockey, Staples and more. The property is expected to be 98% leased
in the short-term.
As a suburb of Washington D.C.,
Springfield provides access to a
major transit hub and strong employment prospects for its affluent
population, as well as access to other notable suburbs including
Alexandria and Arlington. The retail submarket is 96.9%
occupied and has achieved 3.3% year-over-year rent growth,
outperforming the national levels of 95.7% and 2.9%
respectively1.
James S. Corl, Head of the
Private Real Estate Group at Cohen & Steers,
said:
"We believe that valuations in the open-air
shopping center sector are attractive, and the market is revealing
compelling investment opportunities. We're excited to expand our
partnership with DLC and leverage their operating experience to
drive long-term value in Springfield Commons."
Open-air shopping centers are at their highest occupancy level
of the past 16 years at 95.7% nationally and are the most highly
occupied of any major commercial property type in the U.S.
according to CoStar Group. Open-air shopping centers were also the
best performing private core real estate sector in 2023 according
to NCREIF. To learn more about Cohen & Steers' open-air
shopping center investment thesis, please read our whitepaper: The
Retail Renaissance has arrived in private real estate
investing.
About Cohen & Steers. Cohen & Steers is a leading
global investment manager specializing in real assets and
alternative income, including listed and private 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 DLC. DLC is one of the nation's preeminent private
retail real estate companies, with expertise in acquisitions,
development, architecture, leasing, and management. Headquartered
in Metro New York, DLC has regional operations in Atlanta, Buffalo, Chicago, Dallas, and Washington, DC. For additional information
about DLC and its portfolio, please visit www.dlcmgmt.com.
Website: https://www.cohenandsteers.com
Symbol: NYSE: CNS
1 Source: CoStar 2Q24 Data as of 7/30/24
View original
content:https://www.prnewswire.com/news-releases/cohen--steers-and-dlc-acquire-open-air-shopping-center-in-fairfax-county-va-302291691.html
SOURCE Cohen & Steers, Inc.