#United States #Cohen & Steers #Keene #DLC #West Street Shopping Center

Cohen & Steers and DLC Acquire West Street Shopping Center

Cohen & Steers, a renowned investment manager, has announced a significant acquisition of the West Street Shopping Center located in Keene, New Hampshire. The deal was facilitated through a strategic joint venture with DLC, a company that specializes in owning and managing open-air shopping centers. This acquisition reflects both companies' commitment to strengthening their portfolios with income-generating properties.

Strategic Investment

The West Street Shopping Center is not just any retail space; it is anchored by the highly performing Hannaford grocery store, which serves as a core attraction for shoppers. The center features a diverse selection of necessity-based retailers, including well-known stores like Hobby Lobby, Maurices, UPS, Spectrum, and AAA. This assortment not only caters to local residents but also draws shoppers from neighboring regions due to its unique value propositions.

According to James S. Corl, who leads the Private Real Estate Group at Cohen & Steers, the attributes of the West Street Shopping Center are particularly compelling. Keene is strategically positioned as a regional hub, with major highways radiating outward in eight different directions. This connectivity ensures that a broad demographic is able to access the shopping center easily, thereby expanding its potential customer base.

Tax Incentives Driving Traffic

Adding to the shopping center’s attractiveness is its proximity to the Massachusetts state border, where a state sales tax of 6.25% exists compared to New Hampshire's zero sales tax. This difference serves as a significant incentive for shoppers from Massachusetts to make the short trip into Keene, boosting patronage at the West Street center. The exceptional sales generated by Hannaford serve as a testament to the center's ability to attract a considerable amount of foot traffic.

The growing demand for retail space in Keene presents an outstanding opportunity for national retailers looking to establish a strong presence in an underrepresented market. Many recognized names have been seeking avenues to enter this marketplace, fortified by valuable insights and the favorable sales environment created by local demographics and tax structures.

Community Impact

The center is situated in a stable and vibrant regional market, approximately 90 miles northwest of Boston, where the median household income for a three-mile radius is reported at $85,000. This economic backdrop positions the West Street Shopping Center as a critical commercial hub for southwestern New Hampshire, further reinforcing its role in the local economy.

The interaction between local amenities and the community reflects a growing trend in retail, where necessity-based shopping is prioritized. As individuals continue to seek convenience and access to essential goods and services, shopping centers that meet these needs will thrive, making this acquisition a forward-thinking move by Cohen & Steers and DLC.

About Cohen & Steers

Founded in 1986, Cohen & Steers operates globally, focusing on real assets and alternative income strategies including private and listed real estate. With multiple offices across key international cities, the firm has established itself as a leader in investment management, adept at navigating diverse markets and providing valuable insights to its clients.

About DLC

DLC's operations span over 90 properties across the United States, boasting more than $4.3 billion in assets under management. From their headquarters in Elmsford, NY, they utilize a unique owner-operator model, offering a fully integrated approach that encompasses construction and design services, which allows them to maintain high-quality standards across their properties. Guided by a people-first culture, DLC is committed to delivering innovative retail solutions.

This strategic acquisition of the West Street Shopping Center underscores the growing importance of understanding market dynamics and recognizing the potential for investment in key locations. As Cohen & Steers and DLC continue to grow their real estate footprint, the West Street Shopping Center will play a pivotal role in shaping both entities’ futures in the retail sector.