NEW YORK, Oct. 30, 2024 /PRNewswire/ -- Cohen & Steers (NYSE: CNS) announced today that funds managed by the Private Real Estate Group of Cohen & Steers and DLC, an owner and operator of open-air shopping centers in the U.S., have jointly acquired Springfield Commons, an open-air community shopping center in Springfield, Virginia.
Springfield Commons is a 119,085 square foot shopping center located approximately 15 miles west of Washington, D.C. The center sits across from Springfield Town Center, a vibrant shopping destination that offers a mix of retail, entertainment, and dining options. This hub enhances the area's appeal as a strong retail node, attracting new housing and a hotel currently in development, which will further enhance the community. The property is shadow anchored by the most visited Home Depot in Virginia and is 78% occupied by tenants including Pure Gym, Old Navy, Pure Hockey, Staples and more. The property is expected to be 98% leased in the short-term.
As a suburb of Washington D.C., Springfield provides access to a major transit hub and strong employment prospects for its affluent population, as well as access to other notable suburbs including Alexandria and Arlington. The retail submarket is 96.9% occupied and has achieved 3.3% year-over-year rent growth, outperforming the national levels of 95.7% and 2.9% respectively1.
James S. Corl, Head of the Private Real Estate Group at Cohen & Steers, said:
"We believe that valuations in the open-air shopping center sector are attractive, and the market is revealing compelling investment opportunities. We're excited to expand our partnership with DLC and leverage their operating experience to drive long-term value in Springfield Commons."
Open-air shopping centers are at their highest occupancy level of the past 16 years at 95.7% nationally and are the most highly occupied of any major commercial property type in the U.S. according to CoStar Group. Open-air shopping centers were also the best performing private core real estate sector in 2023 according to NCREIF. To learn more about Cohen & Steers' open-air shopping center investment thesis, please read our whitepaper: The Retail Renaissance has arrived in private real estate investing.
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
1 Source: CoStar 2Q24 Data as of 7/30/24
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SOURCE Cohen & Steers, Inc.
