NEW
YORK, Dec. 23, 2024 /PRNewswire/ -- Cohen &
Steers Income Opportunities REIT, Inc. ("CNSREIT") announced
today its acquisition of Bridgepointe Shopping Center, an open-air
community shopping center in San Mateo,
California. The acquisition was made through a programmatic
joint venture with Sterling Organization ("Sterling"), a real
estate investment firm with extensive expertise in shopping centers
in the U.S. This is CNSREIT's third acquisition with Sterling
Organization and fourth open-air shopping center acquisition in the
portfolio.
Bridgepointe Shopping Center is a 231,700 square foot, fully
leased power center located in San Mateo,
California. The tenancy at the property includes Total Wine
& More, Nordstrom Rack,
Ross Dress for Less, Marshalls and
more. The center is also shadow anchored by a Target and a Home
Depot, which rank in the top 1% and top 3% most visited stores of
each chain nationwide, respectively1. Bridgepointe
Shopping Center is the only large format community center in
San Mateo and attracts 8.58
million visits annually2.
San Mateo County is an affluent
suburban market located in Silicon Valley and approximately 20
miles outside of San Francisco. As
a result, residents of San Mateo
County enjoy the fourth highest median household income in
the U.S and have access to high-profile life sciences and tech
employers that are based in the Bay Area including Alphabet, Apple,
Gilead Sciences, META, Nvidia, Salesforce and more. The area is
also expected to continue benefiting from employment trends around
life sciences and artificial intelligence, with San Mateo's employment growth projected to
grow at a 1.6% compound annual growth rate over the next 12
years3.
James S. Corl, Chief Executive
Officer of CNSREIT and Head of the Private Real Estate Group at
Cohen & Steers, said:
"Bridgepointe benefits
from being situated in a dense, high income suburban area that is
adjacent to the epicenter of global economic growth while still
maintaining low levels of retail space compared to the U.S.
average. As a result, Bridgepointe is a highly visited center where
tenants generate impressive sales numbers that are among the top in
their respective chains with the center maintaining historically
high occupancy and rents. We look forward to partnering with
Sterling on our third acquisition together and leveraging their
expertise as a vertically integrated operator of retail real estate
in driving value for investors."
CNSREIT is acquiring high quality properties that generate
attractive income potential alongside best-in-class operators and
has an initial focus on 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 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 Sterling Organization. Sterling Organization is a
vertically integrated private equity real estate firm whose
national platform is focused on investing in retail and
distribution real estate assets across the risk spectrum in major
markets within the United States.
The firm has over $2B of assets under
management across the U.S., including more than 12 million square
feet of primarily retail real estate. Sterling Organization, with
offices across the nation, is headquartered in West Palm Beach, FL.
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/
1 Source: Placer Labs, Inc.
2 Source: Creditntell
3 Source: Woods and Poole
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SOURCE Cohen & Steers Income Opportunities REIT, Inc.