Cohen & Steers REIT Purchases Shopping Center in Georgia for $37 Million
As a joint venture, Cohen & Steers Income Opportunities REIT Inc. and The Sterling Organization LLC completed the purchase of the Village on Pooler Parkway from West Plaza RE Holdings LLC, an unaffiliated third party. The total purchase price was $37.025 million, subject to closing costs, customary prorations and escrow arrangements.
Cohen & Steers REIT is a non-traded real estate investment trust sponsored by investment management firm Cohen & Steers (NYSE: CNS). Sterling Organization is a real estate investment firm with extensive expertise in shopping centers in the United States.
The Village on Pooler Parkway is an approximately 142,000-square-foot, fully leased open-air community shopping center in Pooler, Ga., built in 2014. The property’s tenants include retailers and restaurants such as TJ Maxx, Ross Dress for Less, Michael’s, PetSmart, Panera Bread, Buffalo Wild Wings, and Jersey Mike’s.
Cohen & Steers REIT funded the acquisition using proceeds from the financing of the Marketplace at Highland Village – an open-air community shopping center located in Dallas which the REIT also acquired as a joint venture with Sterling – and the property-level indebtedness on Village on Pooler Parkway.
The Marketplace at Highland Village acquisition in January 2024 had been the first investment by the REIT, which launched an offering in February 2023 that seeks to raise up to $3 billion.
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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