Cohen & Steers Income Opportunities REIT announced the acquisition of Winslow Bay Commons, a community shopping center located in Mooresville, North Carolina, an affluent suburb of Charlotte. The investment was completed through a programmatic joint venture with Sterling Organization.
Winslow Bay Commons spans approximately 268,000 square feet and is currently 97% leased. The property is shadow-anchored by Target and includes national retailers such as T.J. Maxx, HomeGoods, Dick’s Sporting Goods, and Ross Dress for Less.
According to the company, the acquisition aligns with its strategy of investing in high-quality, necessity-driven shopping centers positioned in markets with favorable long-term demographic and economic growth trends. Cohen & Steers Income Opportunities REIT, Inc. said the Charlotte region remains attractive because of its growth across finance, healthcare, and technology industries, with population growth projected to outpace the national average.
The property is located along the Interstate 77 corridor north of Charlotte, an area the company identified as a significant growth corridor. Mooresville experienced approximately 53% population growth over the last decade and ranks among the fastest-growing cities in North Carolina, according to data cited by the company.
Cohen & Steers Income Opportunities REIT, Inc. said it continues to focus on stabilized, income-generating retail properties and cited broader strength in the open-air shopping center market, where occupancy levels recently reached their highest point in 16 years according to CoStar data.
Cohen & Steers, Inc., founded in 1986 and headquartered in New York, specializes in real assets and alternative income investment strategies spanning listed and private real estate, infrastructure, preferred securities, and commodities. Sterling Organization manages more than $2 billion in assets across the United States and focuses on retail and distribution real estate investments.
KEY QUOTES:
“Charlotte ranks highly among our target markets based on its dynamic long term growth profile; so we are quite pleased to plant the CNSREIT flag here. The I-77 corridor on the north side of Charlotte is where a disproportionate amount of this growth is being channeled. Mooresville, where the center is located, experienced population growth of 53% over the last decade and is the third fastest growing city in North Carolina. Owning the dominant center at a rapidly growing retail node is exactly how we want to be positioned.”
James S. Corl, CEO, CNSREIT And Head Of The Private Real Estate Group At Cohen & Steers
