Cohen & Steers and Trademark Join Forces to Acquire Oak Hill Plaza in Austin

Cohen & Steers and Trademark Acquire Oak Hill Plaza Shopping Center

In a significant move within the real estate market, Cohen & Steers (NYSE: CNS) has announced its acquisition of Oak Hill Plaza, a well-known shopping center located in Austin, Texas. This acquisition is part of a joint venture with Trademark Property Company, a notable player in the development and management of retail spaces within the state.

The strategic purchase aligns perfectly with Cohen & Steers' focused investment strategy, which emphasizes the acquisition of well-performing shopping centers that generate consistent income and are anchored by necessity-based retailers. With a strong occupancy rate of 92.5%, Oak Hill Plaza boasts a diverse mix of tenants, including prominent names such as Wells Fargo, The Picklr, Pluckers, Dollar Tree, and Autozone.

James S. Corl, who heads the Private Real Estate Group at Cohen & Steers, elaborated on the significance of this acquisition. He highlighted the remarkable transformation of the area surrounding Oak Hill Plaza over the decades, noting that the location has evolved from a quiet country road to a crucial gateway connecting downtown Austin to its affluent suburbs.

The property had faced some challenges due to a decade-long infrastructure project that impacted visibility, parking, and access. However, with the recent completion of a new interchange right at the front of the property, there is now a promising opportunity to reimagine and redevelop the shopping center to cater to the affluent population that passes by daily.

Situated in a high-visibility region of southwest Austin at the intersection of US-290 and State Highway 71, Oak Hill Plaza is surrounded by an audience that would benefit from a quality retail experience. The local demographic boasts a population of approximately 60,000 people within a three-mile radius, with an impressive median household income of $120,000 and a median home value of $688,000.

This area is currently experiencing strong population growth, further enhancing the appeal of Oak Hill Plaza as a retail destination. In light of these factors, both Cohen & Steers and Trademark are keen to leverage this potential by enhancing the tenant mix and increasing the long-term value of the shopping center.

About Cohen & Steers

Founded in 1986 and headquartered in New York City, Cohen & Steers is a leading global investment manager with a specialized focus on real assets and alternative income. The firm has extensive expertise in areas such as listed and private real estate, preferred securities, infrastructure, resource equities, commodities, and multi-strategy solutions.

About Trademark Property Company

Trademark Property Company operates as a comprehensive real estate firm dedicated to investment, development, and management of retail, multifamily, office, and mixed-use properties. Based in Fort Worth, Texas, Trademark has a rich history of investing in, developing, or redeveloping over 24 million square feet of mixed-use and retail space, valued at approximately $5 billion. Currently, the firm is managing a portfolio that spans 19 properties, totaling over 10 million square feet.

This acquisition of Oak Hill Plaza marks a significant milestone for both firms, as they continue to navigate the evolving landscape of real estate and invest in properties that meet the demands of modern consumers.