Cohen & Steers Income Opportunities REIT, Inc. Acquires Publix-Anchored Shopping Center in Orlando, FL with Phillips Edison & Company
Cohen & Steers Income Opportunities REIT (CNSREIT) and Phillips Edison & Company (NASDAQ: PECO) have announced their acquisition of Oak Grove Shoppes, a grocery-anchored shopping center in Orlando, Florida. This marks their second acquisition in a $300 million equity joint venture, with CNSREIT owning 80% and PECO 20%.
The 142,000 square foot open-air shopping center, redeveloped in 2023, is located in the Altamonte Springs submarket, nine miles from downtown Orlando. The center is 91% leased, anchored by a 48,000 square foot Publix grocery store and Marshalls, along with various food, healthcare, and childcare tenants.
The property is situated in Orlando's high-growth market, ranking in the top 10 U.S. cities for five-year population and job growth. The Altamonte Springs submarket demonstrates strong fundamentals with a 94% retail occupancy rate and 7.5% year-over-year retail rent growth.
Cohen & Steers Income Opportunities REIT (CNSREIT) e Phillips Edison & Company (NASDAQ: PECO) hanno annunciato l'acquisizione di Oak Grove Shoppes, un centro commerciale ancorato a un supermercato a Orlando, Florida. Questo segna la loro seconda acquisizione in una joint venture azionaria da 300 milioni di dollari, con CNSREIT che possiede l'80% e PECO il 20%.
Il centro commerciale all'aperto di 142.000 piedi quadri, ristrutturato nel 2023, si trova nel mercato secondario di Altamonte Springs, a nove miglia dal centro di Orlando. Il centro è occupato al 91%, ancorato da un supermercato Publix di 48.000 piedi quadri e Marshalls, insieme a diversi inquilini nei settori alimentare, sanitario e assistenziale.
La proprietà è situata in un mercato ad alta crescita di Orlando, classificandosi tra le prime 10 città americane per crescita demografica e occupazionale in cinque anni. Il mercato di Altamonte Springs dimostra solidi fondamentali con un tasso di occupazione retail del 94% e una crescita dell'affitto retail del 7,5% rispetto all'anno precedente.
Cohen & Steers Income Opportunities REIT (CNSREIT) y Phillips Edison & Company (NASDAQ: PECO) han anunciado su adquisición de Oak Grove Shoppes, un centro comercial anclado por un supermercado en Orlando, Florida. Esto marca su segunda adquisición en una joint venture de capital de 300 millones de dólares, con CNSREIT poseyendo el 80% y PECO el 20%.
El centro comercial al aire libre de 142,000 pies cuadrados, renovado en 2023, está ubicado en el submercado de Altamonte Springs, a nueve millas del centro de Orlando. El centro tiene un 91% de ocupación, anclado por un supermercado Publix de 48,000 pies cuadrados y Marshalls, junto con varios inquilinos en los sectores de alimentos, salud y cuidado infantil.
La propiedad se encuentra en un mercado de alto crecimiento en Orlando, clasificándose entre las 10 principales ciudades de EE.UU. por crecimiento de población y empleo en cinco años. El submercado de Altamonte Springs muestra sólidos fundamentos con una tasa de ocupación minorista del 94% y un crecimiento de alquiler minorista del 7.5% año tras año.
Cohen & Steers Income Opportunities REIT (CNSREIT)와 Phillips Edison & Company (NASDAQ: PECO)는 플로리다 올랜도에 위치한 식료품 중심의 쇼핑 센터인 Oak Grove Shoppes를 인수했다고 발표했습니다. 이는 CNSREIT가 80%, PECO가 20%를 소유하는 3억 달러 규모의 주식 합작 투자에서 두 번째 인수입니다.
2023년에 재개발된 14만 2천 평방 피트 규모의 야외 쇼핑 센터는 올랜도 시내에서 9마일 떨어진 Altamonte Springs 하위 시장에 위치해 있습니다. 이 센터는 91% 임대되었으며, 4만 8천 평방 피트 규모의 Publix 식료품점과 Marshalls가 주요 임차인으로 자리잡고 있으며, 다양한 식음료, 헬스케어, 어린이 돌봄 업체들도 있습니다.
이 부동산은 올랜도의 고성장 시장에 위치하며, 5년 내 인구 및 일자리 성장률이 미국 10대 도시 중 하나로 평가받고 있습니다. Altamonte Springs 하위 시장은 94%의 소매 점유율과 연간 7.5%의 소매 임대료 성장률을 보이며 강력한 근본적인 요인을 나타냅니다.
Cohen & Steers Income Opportunities REIT (CNSREIT) et Phillips Edison & Company (NASDAQ: PECO) ont annoncé l'acquisition d'Oak Grove Shoppes, un centre commercial ancré par un supermarché à Orlando, en Floride. Cela marque leur deuxième acquisition dans une coentreprise en capital de 300 millions de dollars, avec CNSREIT détenant 80 % et PECO 20 %.
Le centre commercial en plein air de 142 000 pieds carrés, rénové en 2023, est situé dans le sous-marché d'Altamonte Springs, à neuf miles du centre-ville d'Orlando. Le centre est occupé à 91 %, avec un supermarché Publix de 48 000 pieds carrés et Marshalls comme principaux locataires, ainsi que divers locataires dans les secteurs de l'alimentation, de la santé et de la garde d'enfants.
La propriété est située dans un marché à forte croissance à Orlando, classée parmi les 10 meilleures villes américaines pour la croissance de la population et des emplois sur cinq ans. Le sous-marché d'Altamonte Springs démontre de solides fondamentaux avec un taux d'occupation commerciale de 94 % et une croissance des loyers commerciaux de 7,5 % d'une année sur l'autre.
Cohen & Steers Income Opportunities REIT (CNSREIT) und Phillips Edison & Company (NASDAQ: PECO) haben den Erwerb der Oak Grove Shoppes, eines von einem Lebensmittelgeschäft angekauften Einkaufszentrums in Orlando, Florida, bekannt gegeben. Dies markiert ihre zweite Akquisition in einem gemeinschaftlichen Eigenkapitalprojekt im Wert von 300 Millionen US-Dollar, wobei CNSREIT 80% und PECO 20% der Anteile hält.
Das 142.000 Quadratfuß große Freiluft-Einkaufszentrum, das 2023 umgestaltet wurde, befindet sich im Submarkt Altamonte Springs, neun Meilen von der Innenstadt Orlandos entfernt. Das Zentrum hat eine Auslastung von 91% und wird von einem 48.000 Quadratfuß großen Publix-Supermarkt und Marshalls sowie verschiedenen Mietern aus den Bereichen Lebensmittel, Gesundheitswesen und Kinderbetreuung getragen.
Die Immobilie liegt in einem wachstumsstarken Markt in Orlando, das zu den 10 besten Städten der USA für das Bevölkerungs- und Beschäftigungswachstum über fünf Jahre zählt. Der Altamonte Springs Submarkt weist starke grundlegende Faktoren mit einer Einzelhandelsbelegungsrate von 94% und einem jährlichen Wachstumsrate der Einzelhandelsmieten von 7,5% auf.
- Joint venture with $300 million in equity targeting grocery-anchored shopping centers
- High occupancy rate of 91% with strong anchor tenants (Publix and Marshalls)
- Located in top 10 U.S. city for population and job growth
- Strong market fundamentals with 7.5% YoY retail rent growth in the submarket
- None.
Insights
This strategic acquisition in Orlando's Altamonte Springs represents a compelling investment thesis. The 91% leased Oak Grove Shoppes, featuring a new 48,000 sq ft Publix anchor and Marshalls, is positioned in a market displaying robust fundamentals with 94% retail occupancy and 7.5% YoY rent growth. The property's 2023 redevelopment and prime location near I-4 enhance its competitive positioning.
The joint venture structure, with PECO holding 20% ownership, aligns interests effectively while leveraging PECO's operational expertise in grocery-anchored retail. The $300 million equity targeting program suggests additional acquisitions are forthcoming, potentially creating economies of scale. Orlando's demographic tailwinds, ranking top 10 in population and job growth, support long-term value appreciation potential.
The necessity-based tenant mix across food, healthcare and childcare provides defensive characteristics, while the 95.7% national occupancy rate for open-air centers indicates strong sector fundamentals. This acquisition appears well-timed given the market's strong absorption and rent growth trajectory.
Orlando's fundamentals make this a strategically sound acquisition. The metro area's 2.8 million population base combined with 74 million annual visitors creates a robust consumer ecosystem. The market's population and job growth metrics outperforming national averages by 3.6x and 2.2x respectively signal strong underlying demand drivers.
The Altamonte Springs submarket's retail metrics are particularly noteworthy. The 94% occupancy rate indicates available space, while 7.5% year-over-year rent growth suggests strong landlord pricing power. The center's location near downtown Orlando and I-4 provides excellent accessibility, critical for retail success.
The recent redevelopment in 2023 positions the asset to capture market share with modern retail space meeting current tenant demands. The anchor tenant mix of Publix and Marshalls provides a strong foundation of credit-worthy tenants that should drive consistent foot traffic to support smaller inline retailers.
Oak Grove Shoppes is a 142,000 square foot grocery-anchored, open-air shopping center that was redeveloped in 2023. Located in the
The property benefits from the high-growth
James S. Corl, Chief Executive Officer of CNSREIT and Head of the Private Real Estate Group at Cohen & Steers, said:
"We believe Oak Grove Shoppes is well-positioned to continue benefiting from its best-in-class infill location in a high-growth market, anchor tenant and the surging demand for retail space with access to the necessity-driven traffic that a strong grocer generates. We look forward to growing our partnership with Phillips Edison & Company, one of the most-skilled operators of grocery-anchored shopping centers."
Jeff Edison, Chairman and Chief Executive Officer of Phillips Edison & Company, added:
"We are pleased to partner with CNSREIT on this second acquisition of our joint venture. This joint venture allows PECO to access incremental growth capital, expand our acquisition opportunity set and leverage our integrated operating platform."
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 Phillips Edison & Company
Phillips Edison & Company, Inc. ("PECO") is one of the nation's largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO's centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout
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: CoStar
2 Source: Orlando Economic Partnership
3 Source: CoStar data as of 4Q23
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SOURCE Cohen & Steers Income Opportunities REIT, Inc.
FAQ
What is the ownership structure of the Oak Grove Shoppes acquisition between CNSREIT and PECO?
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How large is the joint venture between CNSREIT and PECO targeting grocery-anchored shopping centers?
What is the size of the Publix store at Oak Grove Shoppes?
What is the year-over-year retail rent growth in the Altamonte Springs submarket where Oak Grove Shoppes is located?
