#United States #Washington, D.C. #Cohen & Steers #Cityline #Lincoln Property

New Joint Venture Unveiled

Cohen & Steers (NYSE: CNS) has announced an exciting partnership with Lincoln Property Company, aimed at managing and growing the Cityline at Tenley retail center located in the vibrant Tenleytown area of Washington, D.C. This joint venture signals a robust commitment to enhancing retail investments within this affluent neighborhood, known for its favorable demographics and strategic location.

About Cityline at Tenley

Situated directly above the Tenleytown Metro Station, Cityline at Tenley is anchored by a highly successful Target store, which draws in a diverse customer base from the surrounding area. The wealth of the neighborhood is evident, as Tenleytown boasts an impressive median household income of $142,000 and a highly-educated population of around 207,000 within a three-mile radius. According to Greenstreet, a notable commercial real estate research firm, the area ranks remarkably high in terms of income and home value, placing it within the top 1% of zip codes for strip center attractiveness.

James S. Corl, Head of the Private Real Estate Group at Cohen & Steers, expressed enthusiasm about the acquisition, emphasizing the unique opportunity Cityline presents in a tightly held retail market, where the demand for retail space is significantly outpacing supply. “We are pleased to acquire Cityline at Tenley, an attractively located, Target-anchored shopping center in northwest D.C. As retail property has become fully leased across the U.S. with virtually no new net construction, we believe that a generational rent growth super-cycle is beginning,” Corl stated.

A Look Ahead

This joint venture comes at a time when the retail sector is experiencing a renaissance, spurred by high occupancy rates in shopping centers across the United States. With years of underdevelopment in the retail space, combined with renewed demand from revitalized retail operators, Cityline at Tenley stands to benefit immensely from the current market dynamics.

Investors and local community members alike can anticipate a reinvigorated focus on making Cityline a premier shopping destination in the D.C. area. For more insights into how Cohen & Steers envisions the evolution of retail investments, interested parties can refer to their recent whitepaper entitled The Retail Renaissance.

About the Companies Involved

Cohen & Steers is an established leader in global investment management, specializing in real assets and alternative income. Founded in 1986 and headquartered in New York City, Cohen & Steers has developed a robust portfolio that includes listed and private real estate, commodities, and more. The firm has offices in major cities worldwide, including London, Dublin, and Hong Kong.

On the other hand, Lincoln Property Company is recognized as one of the largest private real estate firms in the U.S., offering a comprehensive suite of services throughout the entire real estate lifecycle. Their impressive management portfolio encompasses over 680 million square feet of commercial space, including various asset types from retail to industrial properties.

As the venture unfolds, both companies are poised to capitalize on the strategic advantages that Cityline at Tenley offers, not just as a capable retail space but as a focal point for community engagement and economic growth in Washington, D.C.