The Cohen & Steers Income Opportunities REIT (CNSREIT) recently acquired Oak Grove Shoppes, a shopping center in the Altamonte Springs area of Orlando. The deal was made possible through a partnership with Phillips Edison & Company (PECO), a leading operator of grocery-anchored shopping centers in the U.S. This is the second acquisition for CNSREIT and PECO as they work towards their goal of acquiring $300 million in equity. Under this joint venture, CNSREIT owns 80% while PECO owns 20%, leveraging their combined expertise to target open-air, grocery-anchored shopping centers.
Oak Grove Shoppes is an open-air shopping center spanning over 142,000 square feet and anchored by Publix grocery store which opened its doors in 2023. The center also features other tenants from various industries such as food, healthcare and childcare services along with a newly-opened Marshalls store. Redeveloped just last year, Oak Grove Shoppes boasts an impressive occupancy rate of 91%.
According to Cohen & Steers’ analysis on Altamonte Springs submarket’s fundamentals show strong potential for growth with retail occupancy rates at an impressive rate of 94%. Additionally,the retail rent has seen steady growth at approximately7.5% year-over-year.This latest acquisition further solidifies CNSREIT’s presence within this thriving market.
