#United States #Cohen & Steers #Bonita Springs #ALDI #Springs Plaza

Cohen & Steers Income Opportunities REIT Expands Its Footprint with New Acquisition

Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) has announced its latest acquisition of Springs Plaza, a grocery-anchored open-air shopping center located in Bonita Springs, Florida. This property marks CNSREIT's fourth acquisition in partnership with Phillips Edison Company, an established player in the field of grocery-anchored neighborhood shopping centers across the United States.

Details of the Acquisition

Springs Plaza, encompassing a substantial 195,000 square feet, is strategically positioned along the coast of Southwest Florida. With an impressive occupancy rate of 99%, the center hosts prominent retailers including ALDI, Ross, Ollie's, and Athletica Health and Fitness. The location is particularly advantageous due to Bonita Springs' rapid growth—over 1,100 housing units are currently under development within a five-mile radius of the shopping center. forecasts suggest a population increase of 3.8% in the area over the next five years, creating a strong customer base for the center's tenants.

James S. Corl, the CEO of CNSREIT, highlighted that Springs Plaza is located at a prime intersection, serving as the northern gateway to the affluent Naples area. He noted that the area's retail spaces are almost fully occupied, with no new constructions planned. This environment presents a unique opportunity for CNSREIT to enhance cash flow and tenant quality in the long run.

The Strategy Behind the Acquisition

CNSREIT is on a mission to build a diversified portfolio of high-quality properties capable of generating attractive income potential. With a focus on well-anchored and necessity-driven shopping centers, the acquisition of Springs Plaza aligns perfectly with their investment strategy. The current landscape shows open-air shopping centers experiencing the highest occupancy rates in 16 years, with a figure of 95.7%, according to industry analytics from CoStar Group.

About CNSREIT and Its Partners

Founded in 1986 and headquartered in New York City, Cohen & Steers is a leading global investment manager that specializes in real assets and alternative income. CNSREIT is a non-listed REIT that seeks to invest primarily in high-quality, stabilized properties across the United States, targeting those that promise reliable returns.

Phillips Edison Company, CNSREIT's partner in this venture, is a major owner and operator of grocery-anchored shopping centers, boasting a portfolio of 328 shopping centers and focusing on creating engaging community spaces that meet essential retail needs.

This acquisition not only strengthens CNSREIT's position in the market but also reflects the growing trend of prioritizing essential retail spaces within thriving communities. As the retail landscape continues to evolve, both CNSREIT and Phillips Edison are committed to enhancing neighborhood experiences and meeting the needs of residents in high-growth areas.

As they continue to seek out well-located properties with strong potential for growth, this acquisition marks another significant step towards building a robust investment portfolio that benefits both the REIT and its investors.

Conclusion

The acquisition of Springs Plaza is a strategic move that underscores CNSREIT’s commitment to investing in high-quality properties. With solid occupancy rates, a strategic location, and a robust partner in Phillips Edison, this latest venture positions CNSREIT for continued success in the evolving retail landscape. Investors can look forward to seeing how this acquisition enhances the company’s income-generating capability moving forward.