In their latest acquisition, Cohen & Steers Income Opportunities REIT Inc. and The Sterling Organization announced a purchase agreement for a $127 million, 231,700-square-foot power center in San Mateo, Calif. The deal, expected to close this year, is subject to closing costs, customary prorations, and escrow arrangements.
Cohen & Steers REIT is a non-traded real estate investment trust sponsored by investment management firm Cohen & Steers (NYSE: CNS). Sterling Organization is a real estate investment firm with extensive expertise in shopping centers in the United States.
Through its ownership interest in the joint venture with Sterling, the REIT indirectly owns a 99% interest in the subsidiary purchaser.
Under the terms of the purchase agreement, the real estate of focus is called Bridgepointe Shopping Centre at 3010 Bridgepointe Parkway. The property is located at the base of the San Mateo-Hayward Bridge, a major East-West corridor of the Bay Area, and is 100% leased to 18 tenants, which include national retailers such as Nordstrom Rack, Marshalls, Total Wine & More, and Ross Dress for Less.
The REIT expects to fund the acquisition using proceeds from its private offering, public offering, and third-party mortgage financing to be determined.
Last month, the REIT and Sterling completed the purchase of Georgia’s Village on Pooler Parkway from West Plaza RE Holdings LLC, an unaffiliated third party. The total purchase price was $37.025 million.
The Marketplace at Highland Village acquisition in January 2024 had been the first investment by the REIT, which launched an offering in February 2023 that seeks to raise up to $3 billion.
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 the United States. The REIT is externally managed by Cohen & Steers Capital Management Inc., a subsidiary of Cohen & Steers Inc.
Cohen & Steers, founded in 1986, is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. The firm is headquartered in New York City with offices in London, Dublin, Hong Kong, Tokyo, and Singapore.
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