NEW
YORK, June 3, 2024 /PRNewswire/ -- Cohen &
Steers, Inc. (NYSE: CNS) announced today that an affiliate of
Cohen & Steers Capital Management, Inc. ("Cohen & Steers")
and DLC Management ("DLC"), an owner and operator of open-air
shopping centers in the U.S., have jointly acquired a two-property
open-air shopping center complex in Fayetteville, Arkansas.
The acquisition is comprised of two centers, Spring Creek Centre
and Steele Crossing, and encompasses 403,000 square feet of owned
retail space. The centers are 95% occupied by tenants including: TJ
Maxx, Ulta, Best Buy, Old Navy, PetSmart and Kohl's. The presence
of tenant-owned anchors Walmart, Home Depot and Target, as well as
the proximity to three major highways in the region, help drive
significant traffic to the centers.
The shopping centers also benefit from the growth of the
Northwest Arkansas corridor, which
is the fastest growing metro area in Arkansas. Over the last five years, the
region's population has grown at 4.5 times the U.S. average,
according to CoStar Group, as its appeal as a regional business and
transportation hub and its lower cost of living foster further
economic growth. The Milken Institute named Fayetteville the 7th Best
Performing City in the U.S. in its "Best Performing Cities 2024"
report based on the region's economic and employment growth as well
as its access to economic opportunities.
James S. Corl, Head of the
Private Real Estate Group at Cohen & Steers,
said:
"Northwest
Arkansas has displayed strong growth in recent years and is
home to three Fortune 500 Companies and the University of Arkansas. Similar to many Sunbelt
cities, Fayetteville is benefiting
from national migration trends as people move to more affordable
and economically attractive residential areas across the country.
We believe the shopping centers are well-positioned in a dominant
location to benefit from these tailwinds and we are excited to
partner with DLC."
DLC has over three decades of extensive expertise in shopping
centers with a focus on open-air centers. The company has a
national footprint of more than 70 shopping centers and has managed
Spring Creek Centre and Steele Crossing for over a decade, bringing
deep knowledge of the centers and the surrounding market.
Open-air shopping centers are at their highest occupancy level
of the past 16 years at 95.7% nationally, according to CoStar
Group. As such, the sector is displaying strong fundamentals
characterized by robust demand and limited new supply.
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
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SOURCE Cohen & Steers, Inc.