NEW
YORK, July 25, 2024 /PRNewswire/ -- Cohen &
Steers Income Opportunities REIT, Inc. ("CNSREIT") announced
today its acquisition of Des Peres Corners, a grocery-anchored
shopping center in Des Peres,
Missouri with Phillips Edison
& Company, Inc. ("PECO"). The acquisition was made through a
programmatic joint venture targeting $300
million in equity and owned 80% by CNSREIT and 20% by PECO.
The joint venture will focus on acquiring open-air,
grocery-anchored shopping centers and will leverage PECO's deep
sector expertise.
Des Peres Corners is an approximately 121,000 square foot
grocery-anchored, open-air shopping center built in 2009, located
at one of the most prominent intersections in Des Peres, a growing suburb of St. Louis. The property is 90% occupied and is
anchored by an approximately 74,000 square foot Schnucks grocer
along with an array of national and local necessity-based retailers
across the medical, beauty and personal care and food industries.
Schnucks is the grocery market share leader in the St. Louis metro area with more than 100 stores
throughout the Midwest.
Des Peres is recognized as a top suburban market for its
proximity to high-profile employers in the area, 30 colleges and
universities and a highly-rated local school system. The affluent
submarket boasts strong five-year average occupancy rates for
retail properties, consistently outperforming neighboring
submarkets and the U.S. average, with local retail vacancy at
all-time lows.
James S. Corl, Chief Executive Officer of CNSREIT and
Head of the Private Real Estate Group at Cohen & Steers,
said:
"We are excited to launch our programmatic joint
venture with Phillips Edison &
Company through this first acquisition. PECO is one of the
largest publicly traded owners of grocery-anchored shopping centers
in the U.S., and we have watched them operate skillfully for many
years in this property segment. We believe their expertise will
drive value in this joint venture. More broadly, we believe CNSREIT
shareholders will continue to benefit from the superior operating
capabilities and access to superior deal flow that our
best-in-class partners bring to our investment program."
Jeff Edison, Chairman and
Chief Executive Officer of Phillips
Edison & Company, added:
"We are pleased to
partner with CNSREIT on this joint venture and first acquisition.
This joint venture increases PECO's access to growth capital and
increases the acquisition universe available to us. We believe this
joint venture will generate attractive returns for both
partners."
CNSREIT is acquiring high quality properties that generate
attractive income potential across the U.S. alongside best-in-class
operators. The vehicle's initial investment focus includes
well-anchored, necessity-driven shopping centers. Open-air shopping
centers are at their highest occupancy level of the past 16 years
at 95.7%, according to real estate analytics provider CoStar
Group.
About CNSREIT. Cohen & Steers Income
Opportunities REIT, Inc. is a perpetual-life, non-listed REIT
formed to invest primarily in high quality, income-focused,
stabilized properties within the United
States. CNSREIT is externally managed by Cohen & Steers
Capital Management, Inc., a subsidiary of Cohen & Steers, Inc.
Further information can be found at www.cnsreit.com.
About Cohen & Steers. Cohen & Steers is a
leading global investment manager specializing in real assets and
alternative income, including 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 Phillips Edison &
Company. Phillips Edison
& Company, Inc. ("PECO") is one of the nation's largest owners
and operators of omni-channel grocery-anchored shopping centers.
Founded in 1991, PECO has generated strong results through its
vertically-integrated operating platform and national footprint of
well-occupied shopping centers. PECO's centers feature a mix of
national and regional retailers providing necessity-based goods and
services in fundamentally strong markets throughout the United States. PECO's top grocery anchors
include Kroger, Publix, Albertsons and Ahold Delhaize. As of
March 31, 2024, PECO managed 304
shopping centers, including 284 wholly-owned centers comprising
32.4 million square feet across 31 states and 20 shopping centers
owned in one institutional joint venture. PECO is focused on
creating great omni-channel, grocery-anchored shopping experiences
and improving communities, one neighborhood shopping center at a
time.
PECO uses, and intends to continue to use, its Investors
website, which can be found at
https://investors.phillipsedison.com, as a means of disclosing
material nonpublic information and for complying with its
disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release
contains forward looking statements within the meaning of the
federal securities laws. These forward-looking statements can be
identified by the use of forward-looking terminology such as "may,"
"will," "expect," "intend," "anticipate," "estimate," "believe,"
"continue," "identified" or other similar words or the negatives
thereof. These may include CNSREIT's financial projections and
estimates and their underlying assumptions, statements about plans,
objectives and expectations with respect to future operations,
statements with respect to acquisitions, statements regarding
future performance and statements regarding identified but not yet
closed acquisitions. Such forward-looking statements are inherently
uncertain and there are or may be important factors that could
cause actual outcomes or results to differ materially from those
indicated in such statements. CNSREIT believes these factors also
include but are not limited to those described under the section
entitled "Risk Factors" in the prospectus, as amended and
supplemented from time to time, filed with the Securities and
Exchange Commission (the "SEC"), which is accessible on the SEC's
website at www.sec.gov. These factors should not be construed as
exhaustive and should be read in conjunction with the other
cautionary statements that are included in this document. Except as
otherwise required by federal securities laws, CNSREIT undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
developments or otherwise.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities.
Website: https://www.cnsreit.com/
View original
content:https://www.prnewswire.com/news-releases/cohen--steers-income-opportunities-reit-inc-acquires-grocery-anchored-shopping-center-in-partnership-with-phillips-edison--company-302207013.html
SOURCE Cohen & Steers Income Opportunities REIT, Inc.