Cohen & Steers Income Opportunities REIT, Inc. has acquired Springs Plaza, a grocery-anchored open-air shopping center in Bonita Springs, Florida.
This acquisition marks CNSREIT's fourth acquisition with Phillips Edison & Company, strengthening its portfolio in the real estate sector.
Springs Plaza, a 195,000 square foot center, is strategically located in a fast-growing community with promising population growth and high occupancy.
Acquisition Details
CNSREIT acquired Springs Plaza through a programmatic joint venture with Phillips Edison & Company, enhancing its presence in the U.S. real estate market.
Property Overview
Springs Plaza features major tenants like ALDI, Ross, Ollie's, and Athletica Health & Fitness, contributing to its 99% occupancy rate.
Market Positioning
Located in Bonita Springs, a booming area between Naples and Fort Meyers, the property is strategically positioned for long-term value growth.
Occupancy Levels
The open-air shopping center sector is experiencing high occupancy levels, with Springs Plaza at 95.7% occupancy, according to CoStar Group.
- The acquisition of Springs Plaza strengthens CNSREIT's income potential and diversifies its real estate holdings.
- With a focus on quality properties and necessity-driven shopping centers, CNSREIT aims to capitalize on the market demand for stable income-generating assets.
The acquisition of Springs Plaza reflects CNSREIT's strategic approach to expanding its portfolio with high-quality assets in thriving markets, setting the stage for sustained growth and income generation.