The Cohen & Steers Income Opportunities REIT (CNSREIT) acquired Oak Grove Shoppes, a grocery-anchored shopping center in the Altamonte Springs area of Orlando. Phillips Edison & Company (PECO) an operator of grocery-anchored shopping centers in the U.S partnered with CNSREIT on the deal. This is the second acquisition for the two targeting $300 million in equity and owned 80% by CNSREIT and 20% by PECO. The joint venture is focused on acquiring open-air, grocery-anchored shopping centers and leverages PECO’s deep sector expertise.
Oak Grove Shoppes is a 142,000 square foot grocery-anchored, open-air shopping center that was redeveloped in 2023. The center is 91% leased and is anchored by a 48,000 square foot Publix grocery store that opened in 2023 and a recently-opened Marshalls along with an array of tenants in the food, healthcare and childcare industries.
Cohen & Steers says the Altamonte Springs submarket has strong fundamentals, including a 94% retail occupancy rate and 7.5% year-over-year retail rent growth.