Cohen & Steers and DLC Management Acquire Open-Air Shopping Center Complex in Fayetteville, Arkansas

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

SOURCE Cohen & Steers, Inc.

Originally published at https://www.prnewswire.com/news-releases/cohen–steers-and-dlc-management-acquire-open-air-shopping-center-complex-in-fayetteville-arkansas-302161172.html
Images courtesy of https://pixabay.com

business banners

Latest posts

Sotheby’s International Realty Once Again Tops RealTrends Verified + The Thousand Top Individual Sales Volume List

NEW YORK, May 31, 2024 /PRNewswire/ -- Sotheby's International Realty is pleased to announce that, for another consecutive year, it is the most represented...

COPA America comes to Our County

COPA America is coming to Miami-Dade County! Sixteen teams will battle it out for their shot as champions of COPA America 2024, the 48th...

Fertility Center & Applied Genetics of Florida’s Dr. Julio E. Pabon Receives Castle Connolly “Top Doctor” Award for 2024

Dr. Julio E. Pabon Honored with Castle Connolly's 2024 "Top Doctor" Award in Reproductive Endocrinology Our fertility clinic is special because...

Comfort Keepers of Fort Myers Celebrates 18 Years of Keeping Seniors Safe and Independent

Comfort Keepers of Fort Myers celebrates 18 years of providing compassionate in-home care for seniors since 2006. This year we are...

Local Children to Benefit from Year-Long Donation Drives; Arden Agrihood & Lennar to Partner with Hibiscus Children’s Center

June 7 Kick-OffPALM BEACH COUNTY, Fla., May 31, 2024 /PRNewswire/ -- Arden, an award-winning Agrihood community in South Florida, and homebuilder Lennar's Palm Atlantic...

INK: 75 Years of Print Comes to Fort Lauderdale

The Sun 4 “INK: 75 Years of Prints”, featuring Marc Chagall, Salvador Dali, Alex Katz, Joan Miro, Pablo Picasso, Ugo Rondinone,...

Senator Erin Grall Statement on Legislature’s Final Passage of Social Media Age Verification Legislation

Tallahassee — With the Legislature’s final passage of...
celebrity reality tv