Cohen & Steers REIT and Sterling Acquire Bay Area Shopping Center for $127 Million
By Staff
Cohen & Steers Income Opportunities REIT, Inc., a perpetual-life, non-listed real estate investment trust sponsored by investment management firm Cohen & Steers (NYSE: CNS), announced its acquisition of Bridgepointe Shopping Center, an open-air community shopping center in San Mateo, California. The property was purchased for $127 million, subject to closing costs and customary prorations.
The acquisition was made through a programmatic joint venture with real estate investment firm Sterling Organization. This is the REIT’s third acquisition with Sterling Organization and the fourth open-air shopping center acquisition in the portfolio. The REIT reported that it funded the acquisition with proceeds from its private offering, public offering and third-party mortgage financing.
As reported by The DI Wire, the purchase agreement for the property was previously disclosed earlier this year.
“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,” said James S. Corl, chief executive officer of the REIT and head of the private real estate group at Cohen & Steers. “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.”
According to the REIT, Bridgepointe Shopping Center is a 231,700-square-foot, fully leased power center located at 3010 Bridgepointe Parkway in San Mateo, California. The property is 100% leased to 18 tenants, including Total Wine & More, Nordstrom Rack, Ross Dress for Less and Marshalls, to name a few. The center is also shadow-anchored by a Target and a Home Depot. The REIT reported that Bridgepointe Shopping Center is the only large-format community center in San Mateo, and it attracts 8.58 million visits annually.
San Mateo County is an affluent suburban market located in Silicon Valley, 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, including Alphabet, Apple, Gilead Sciences, META, Nvidia, Salesforce and more.
2024 has been a busy year for the REIT. In September, it purchased a shopping center in Georgia for $37 million, and, in January, it made its first acquisition – a shopping center in Dallas.
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. The REIT is externally managed by Cohen & Steers Capital Management Inc., a subsidiary of Cohen & Steers Inc.
Cohen & Steers, founded in 1986, 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. The firm is headquartered in New York City with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
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