Yahoo Finance Cohen & Steers and DLC Management Acquire Open-Air Shopping Center Complex in Fayetteville, Arkansas
NEW YORK, June 3, 2024 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) announced today that an affiliate of Cohen & Steers Capital Management, Inc. ("Cohen & Steers") and DLC Management ("DLC"), an owner and operator of open-air shopping centers in the U.S., have jointly acquired a two-property open-air shopping center complex in Fayetteville, Arkansas.
The acquisition is comprised of two centers, Spring Creek Centre and Steele Crossing, and encompasses 403,000 square feet of owned retail space. The centers are 95% occupied by tenants including: TJ Maxx, Ulta, Best Buy, Old Navy, PetSmart and Kohl's. The presence of tenant-owned anchors Walmart, Home Depot and Target, as well as the proximity to three major highways in the region, help drive significant traffic to the centers.
The shopping centers also benefit from the growth of the Northwest Arkansas corridor, which is the fastest growing metro area in Arkansas. Over the last five years, the region's population has grown at 4.5 times the U.S. average, according to CoStar Group, as its appeal as a regional business and transportation hub and its lower cost of living foster further economic growth. The Milken Institute named Fayetteville the 7th Best Performing City in the U.S. in its "Best Performing Cities 2024" report based on the region's economic and employment growth as well as its access to economic opportunities.
James S. Corl, Head of the Private Real Estate Group at Cohen & Steers, said:
"Northwest Arkansas has displayed strong growth in recent years and is home to three Fortune 500 Companies and the University of Arkansas. Similar to many Sunbelt cities, Fayetteville is benefiting from national migration trends as people move to more affordable and economically attractive residential areas across the country. We believe the shopping centers are well-positioned in a dominant location to benefit from these tailwinds and we are excited to partner with DLC."
DLC has over three decades of extensive expertise in shopping centers with a focus on open-air centers. The company has a national footprint of more than 70 shopping centers and has managed Spring Creek Centre and Steele Crossing for over a decade, bringing deep knowledge of the centers and the surrounding market.
Open-air shopping centers are at their highest occupancy level of the past 16 years at 95.7% nationally, according to CoStar Group. As such, the sector is displaying strong fundamentals characterized by robust demand and limited new supply.
About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private 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 DLC. DLC is one of the nation's preeminent private retail real estate companies, with expertise in acquisitions, development, architecture, leasing, and management. Headquartered in Metro New York, DLC has regional operations in Atlanta, Buffalo, Chicago, Dallas, and Washington, DC. For additional information about DLC and its portfolio, please visit www.dlcmgmt.com.
Website: https://www.cohenandsteers.com
Symbol: NYSE: CNS
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SOURCE Cohen & Steers, Inc.
