Cohen & Steers Income Opportunities REIT, Inc. Acquires Open-Air Shopping Center in San Mateo, CA with Sterling Organization
Cohen & Steers Income Opportunities REIT (CNSREIT) has acquired Bridgepointe Shopping Center in San Mateo, California, through a joint venture with Sterling Organization. The 231,700 square foot open-air shopping center is fully leased and features tenants including Total Wine & More, Nordstrom Rack, Ross Dress for Less, and Marshalls. The center is shadow anchored by top-performing Target and Home Depot stores, attracting 8.58 million visits annually.
Located in Silicon Valley, San Mateo County boasts the fourth highest median household income in the U.S. The area is expected to see employment growth at a 1.6% compound annual rate over the next 12 years, driven by life sciences and AI sectors. This marks CNSREIT's third acquisition with Sterling Organization and fourth open-air shopping center in their portfolio.
Cohen & Steers Income Opportunities REIT (CNSREIT) ha acquisito il Bridgepointe Shopping Center a San Mateo, California, attraverso una joint venture con Sterling Organization. Il centro commerciale all'aperto di 231.700 piedi quadrati è completamente affittato e ospita inquilini come Total Wine & More, Nordstrom Rack, Ross Dress for Less e Marshalls. Il centro è ancorato da negozi di successo come Target e Home Depot, attirando 8,58 milioni di visite annuali.
Situato nella Silicon Valley, la Contea di San Mateo vanta il quarto reddito mediano per nucleo familiare più alto degli Stati Uniti. Si prevede che l'area vedrà una crescita dell'occupazione a un tasso annuo composto del 1,6% nei prossimi 12 anni, trainata dai settori delle scienze della vita e dell'IA. Questo segna la terza acquisizione di CNSREIT con Sterling Organization e il quarto centro commerciale all'aperto nel loro portafoglio.
Cohen & Steers Income Opportunities REIT (CNSREIT) ha adquirido el Bridgepointe Shopping Center en San Mateo, California, a través de una empresa conjunta con Sterling Organization. El centro comercial al aire libre de 231,700 pies cuadrados está completamente arrendado y cuenta con inquilinos como Total Wine & More, Nordstrom Rack, Ross Dress for Less y Marshalls. El centro está anclado por las exitosas tiendas Target y Home Depot, atrayendo 8.58 millones de visitas anuales.
Ubicado en Silicon Valley, el Condado de San Mateo posee el cuarto ingreso medio por hogar más alto de EE. UU. Se espera que el área vea un crecimiento del empleo a una tasa compuesta anual del 1.6% durante los próximos 12 años, impulsado por los sectores de ciencias de la vida e IA. Esta es la tercera adquisición de CNSREIT con Sterling Organization y el cuarto centro comercial al aire libre en su portafolio.
Cohen & Steers Income Opportunities REIT (CNSREIT)는 스털링 오거나이제이션과의 합작 투자로 캘리포니아 샌 마테오에 위치한 브리지포인트 쇼핑 센터를 인수했습니다. 231,700 평방피트의 야외 쇼핑 센터는 완전히 임대되어 있으며, Total Wine & More, Nordstrom Rack, Ross Dress for Less, Marshalls와 같은 임차인이 포함되어 있습니다. 이 센터는 성공적인 Target 및 Home Depot 매장으로 그늘지어 있으며, 연간 858만 번의 방문을 끌어들입니다.
실리콘 밸리에 위치한 샌 마테오 카운티는 미국에서 네 번째로 높은 가구 중간 소득을 자랑합니다. 이 지역은 생명 과학 및 AI 분야에 의해 향후 12년 동안 연평균 1.6%의 고용 성장이 예상됩니다. 이는 CNSREIT가 스털링 오거나이제이션과의 세 번째 인수이며, 포트폴리오 내의 네 번째 야외 쇼핑 센터입니다.
Cohen & Steers Income Opportunities REIT (CNSREIT) a acquis le Bridgepointe Shopping Center à San Mateo, Californie, par le biais d'un partenariat avec la Sterling Organization. Le centre commercial de plein air de 231 700 pieds carrés est entièrement loué et compte des locataires tels que Total Wine & More, Nordstrom Rack, Ross Dress for Less et Marshalls. Le centre est également soutenu par les performants magasins Target et Home Depot, attirant 8,58 millions de visites par an.
Situé dans la Silicon Valley, le comté de San Mateo affiche le quatrième revenu médian par ménage le plus élevé aux États-Unis. On s'attend à ce que la région connaisse une croissance de l'emploi à un taux de croissance annuel composé de 1,6 % au cours des 12 prochaines années, soutenue par les secteurs des sciences de la vie et de l'IA. Cela marque la troisième acquisition de CNSREIT avec la Sterling Organization et le quatrième centre commercial de plein air dans leur portefeuille.
Cohen & Steers Income Opportunities REIT (CNSREIT) hat das Bridgepointe Shopping Center in San Mateo, Kalifornien, durch ein Joint Venture mit der Sterling Organization erworben. Das 231.700 Quadratfuß große Freiluft-Shoppingcenter ist vollständig vermietet und beherbergt Mieter wie Total Wine & More, Nordstrom Rack, Ross Dress for Less und Marshalls. Das Zentrum wird von den erfolgreichsten Geschäften Target und Home Depot Schatten anchored und zieht jährlich 8,58 Millionen Besuche an.
San Mateo County, gelegen im Silicon Valley, weist das vierthöchste Median-Einkommen pro Haushalt in den USA auf. Es wird erwartet, dass das Gebiet in den nächsten 12 Jahren mit einer jährlichen Wachstumsrate von 1,6% wachsen wird, angetrieben durch die Lebenswissenschaften und KI-Sektoren. Dies stellt die dritte Akquisition von CNSREIT mit der Sterling Organization und das vierte Freiluft-Shoppingcenter in ihrem Portfolio dar.
- Fully leased 231,700 sq ft shopping center in high-income area
- Shadow anchored by top-performing Target and Home Depot stores (top 1% and 3% most visited nationwide)
- High foot traffic with 8.58 million annual visits
- Located in market with fourth highest median household income in U.S.
- Expected 1.6% annual employment growth rate over next 12 years
- None.
Insights
This strategic acquisition in San Mateo represents a compelling investment in one of America's most affluent markets. The 231,700 square foot Bridgepointe Shopping Center stands out for several key attributes that enhance its investment value:
- The property's location in Silicon Valley's ecosystem positions it to benefit from the region's projected 1.6% CAGR in employment growth, driven by tech and life sciences sectors
- The center's shadow anchors (Target and Home Depot) rank in the top percentiles nationwide for foot traffic, indicating exceptional property performance
- Full occupancy and strong tenant mix featuring national retailers suggests robust income stability and potential for rent growth
The timing aligns with broader market dynamics, as open-air shopping centers are experiencing peak occupancy levels at
The demographic fundamentals supporting this acquisition are exceptionally strong. San Mateo County's position as the fourth-highest median household income region in the U.S. creates a robust consumer base with significant disposable income. The center's 8.58 million annual visits demonstrates its critical mass as a retail destination.
The tenant mix is strategically balanced between value-oriented retailers (Ross, Marshalls) and premium offerings (Nordstrom Rack), catering to diverse consumer segments while maintaining a focus on necessity-driven retail. This positioning provides resilience against e-commerce pressure and economic cycles. The presence of major tech employers like Alphabet, Apple, META and Nvidia in the immediate trade area ensures a steady flow of high-income consumers, while the growing life sciences sector adds another layer of economic diversification.
Bridgepointe Shopping Center is a 231,700 square foot, fully leased power center located in
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
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
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
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 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
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
View original content:https://www.prnewswire.com/news-releases/cohen--steers-income-opportunities-reit-inc-acquires-open-air-shopping-center-in-san-mateo-ca-with-sterling-organization-302337914.html
SOURCE Cohen & Steers Income Opportunities REIT, Inc.
FAQ
What is the size and occupancy rate of the Bridgepointe Shopping Center acquired by CNSREIT?
How many visitors does the Bridgepointe Shopping Center attract annually?
How many acquisitions has CNSREIT made with Sterling Organization?
What is the projected employment growth rate for San Mateo area where CNSREIT's new property is located?
How do the Target and Home Depot stores at Bridgepointe Shopping Center perform compared to their chains?
