NEW
YORK, Oct. 29, 2024 /PRNewswire/ -- Cohen &
Steers (NYSE: CNS) announced today that funds managed by the
Private Real Estate Group of Cohen & Steers and the Investment
Management business of Acadia Realty Trust (NYSE: AKR – "Acadia"),
a publicly traded owner and operator of retail properties in the
U.S., have entered into a joint venture to own The Walk at
Highwoods, an open-air community shopping center in Tampa, Florida.
The Walk at Highwoods is a 141,000 square foot power center
located approximately 20 miles northeast of downtown Tampa in a high-growth suburban area. The
center is fully occupied by national and local retailers and
tenants including HomeGoods, Michael's, Dunkin', F45 Training, and
European Wax Center. The center sits in close proximity to I-75 and
additional retail properties, including a Walmart Supercenter,
Publix, and Home Depot, that drive significant traffic to the
center and altogether create a strong retail hub in the
Tampa metropolitan area.
Tampa's favorable tax
environment and growing technology and financial sectors have
contributed to its strong economic growth over the last decade and
have made it an attractive market for corporate relocations and
expansions. As a result, Tampa has
seen considerable population and employment growth over the last
five years, significantly outperforming the average of the top 50
U.S. metros according to CoStar Group. Northeast Tampa has experienced retail rent
growth of 6.4% over the last 12 months and a low vacancy rate of
2.3%, indicating the submarket's appeal to retail businesses and
consumers alike.
James S. Corl, Head of the
Private Real Estate Group at Cohen & Steers,
said:
"We are pleased to partner with Acadia, whom we
have known since their IPO in 1994 and who share a similar view
with us that open-air shopping centers are well-positioned entering
a new economic cycle given robust demand and limited new retail
construction. The Walk at Highwoods should continue to benefit
from Tampa's growth and Acadia's
retail real estate operating expertise. We look forward to
partnering with Acadia to drive long-term value in this shopping
center for our investors."
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 Acadia Realty Trust. Acadia Realty Trust is an
equity real estate investment trust focused on delivering
long-term, profitable growth. Acadia owns and operates a
high-quality core real estate portfolio ("Core" or "Core
Portfolio") of street and open-air retail properties in the
nation's most dynamic retail corridors, along with an investment
management platform that targets opportunistic and value-add
investments through its institutional co-investment vehicles
("Investment Management"). For further information, please
visit www.acadiarealty.com.
Website: https://www.cohenandsteers.com
Symbol: NYSE: CNS
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SOURCE Cohen & Steers, Inc.