Cohen & Steers and DLC Acquire Open-Air Shopping Center in Fairfax County, VA
Cohen & Steers (NYSE: CNS) and DLC have jointly acquired Springfield Commons, a 119,085 square foot open-air shopping center in Springfield, Virginia. Located 15 miles west of Washington, D.C., the property is currently 78% occupied by tenants including Pure Gym, Old Navy, Pure Hockey, and Staples, with expectations to reach 98% occupancy short-term. The center is shadow anchored by Virginia's most visited Home Depot.
The retail submarket shows strong performance with 96.9% occupancy and 3.3% year-over-year rent growth, exceeding national averages of 95.7% and 2.9%. Open-air shopping centers currently maintain their highest occupancy level in 16 years and were the best performing private core real estate sector in 2023.
Cohen & Steers (NYSE: CNS) e DLC hanno acquisito congiuntamente Springfield Commons, un centro commerciale all'aperto di 119.085 piedi quadrati a Springfield, Virginia. Situato a 15 miglia a ovest di Washington, D.C., la proprietà è attualmente occupata al 78% da inquilini tra cui Pure Gym, Old Navy, Pure Hockey e Staples, con aspettative di raggiungere nel breve termine il 98% di occupazione. Il centro è ombreggiato dal Home Depot più visitato della Virginia.
Il sotto-mercato retail mostra buone prestazioni con una occupazione del 96,9% e una crescita degli affitti anno su anno del 3,3%, superando le medie nazionali del 95,7% e del 2,9%. I centri commerciali all'aperto mantengono attualmente il loro livello di occupazione più alto negli ultimi 16 anni ed erano il settore immobiliare core privato con le migliori performance nel 2023.
Cohen & Steers (NYSE: CNS) y DLC han adquirido conjuntamente Springfield Commons, un centro comercial al aire libre de 119.085 pies cuadrados en Springfield, Virginia. Ubicado a 15 millas al oeste de Washington, D.C., la propiedad está actualmente ocupada en un 78% por inquilinos como Pure Gym, Old Navy, Pure Hockey y Staples, con expectativas de alcanzar un 98% de ocupación a corto plazo. El centro está anclado por el Home Depot más visitado de Virginia.
El submercado minorista muestra un rendimiento fuerte con un 96,9% de ocupación y un crecimiento de alquileres del 3,3% año tras año, superando los promedios nacionales del 95,7% y el 2,9%. Los centros comerciales al aire libre mantienen actualmente su nivel de ocupación más alto en 16 años y fueron el sector inmobiliario privado core con mejor rendimiento en 2023.
코헨 & 스티어스 (NYSE: CNS)와 DLC는 버지니아주 스프링필드에 있는 119,085 제곱피트 규모의 야외 쇼핑센터인 스프링필드 커먼스를 공동으로 인수했습니다. 이 부지는 워싱턴 D.C.에서 서쪽으로 15마일 떨어져 있으며, 현재 퓨어짐(Pure Gym), 올드네이비(Old Navy), 퓨어하키(Pure Hockey), 그리고 스테이플스(Staples)와 같은 임대업체들에 의해 78%가 점유되고 있으며, 단기적으로 98%의 점유율에 도달할 것으로 예상하고 있습니다. 이 센터는 버지니아에서 가장 많이 방문되는 홈디포(Home Depot)가 인근에 있습니다.
소매 서브마켓은 96.9%의 점유율과 3.3%의 연간 임대료 증가율로 강력한 성과를 보여주고 있으며, 이는 각각 95.7%와 2.9%의 전국 평균을 초과합니다. 현재 야외 쇼핑센터는 16년 만에 가장 높은 점유율을 유지하고 있으며, 2023년에는 최고의 성과를 보인 민간 핵심 부동산 섹터입니다.
Cohen & Steers (NYSE: CNS) et DLC ont acquis conjointement Springfield Commons, un centre commercial en plein air de 119.085 pieds carrés à Springfield, en Virginie. Située à 15 miles à l'ouest de Washington, D.C., la propriété est actuellement occupée à 78 % par des locataires tels que Pure Gym, Old Navy, Pure Hockey et Staples, avec des attentes d'atteindre 98 % d'occupation à court terme. Le centre est surplombé par le Home Depot le plus visité de Virginie.
Le sous-marché du commerce de détail montre de bonnes performances avec un taux d'occupation de 96,9 % et une croissance des loyers de 3,3 % d'une année sur l'autre, dépassant les moyennes nationales de 95,7 % et 2,9 %. Les centres commerciaux en plein air maintiennent actuellement leur niveau d'occupation le plus élevé depuis 16 ans et ont été le secteur immobilier privé core le mieux classé en 2023.
Cohen & Steers (NYSE: CNS) und DLC haben gemeinsam Springfield Commons erworben, ein 119.085 Quadratfuß großes Einkaufszentrum im Freien in Springfield, Virginia. Das Objekt liegt 15 Meilen westlich von Washington, D.C., und ist derzeit zu 78% von Mietern wie Pure Gym, Old Navy, Pure Hockey und Staples belegt, mit Erwartungen, kurzfristig eine Belegung von 98% zu erreichen. Das Zentrum wird von Virginias meistbesuchtem Home Depot unterstützt.
Der Einzelhandelsuntermarkt zeigt eine starke Leistung mit einer Belegung von 96,9% und einem jährlichen Mietwachstum von 3,3%, was die nationalen Durchschnittswerte von 95,7% und 2,9% übertrifft. Einkaufszentren im Freien halten derzeit ihr höchstes Belegungsniveau seit 16 Jahren und waren der am besten abschneidende private Kernimmobiliensektor im Jahr 2023.
- Current retail submarket occupancy of 96.9% exceeds national average
- Strong local rent growth of 3.3% YoY, above national average
- Property expected to reach 98% occupancy in short-term from current 78%
- Strategic location near major transit hub and affluent Washington D.C. suburbs
- Shadow anchored by Virginia's highest-traffic Home Depot
- Current property occupancy at 78% is below market average
- Significant leasing required to reach target 98% occupancy
Insights
This strategic acquisition in Springfield, VA represents a significant opportunity in the thriving open-air retail sector. The property's 78% current occupancy with a clear path to 98% occupancy indicates strong upside potential. The location's demographics are particularly compelling - situated in affluent Fairfax County with proximity to major employment centers and transportation hubs.
The asset's performance metrics are noteworthy, with the submarket showing
The Springfield Commons acquisition aligns with broader retail real estate trends showing the resilience of open-air shopping centers. The property's location in the Washington D.C. metro area provides demographic advantages with high household incomes and stable employment base. The planned addition of housing and hotel development nearby signals strong area growth prospects.
The tenant mix combining essential retail (Staples), specialty retail (Pure Hockey) and fitness (Pure Gym) demonstrates a diversified income stream less vulnerable to e-commerce disruption. The
Springfield Commons is a 119,085 square foot shopping center located approximately 15 miles west of
As a suburb of
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
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
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
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.
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