Cohen & Steers Income Opportunities REIT Inc. (CNSREIT) announced its acquisition of Bridgepointe Shopping Center, an open-air community shopping center in San Mateo, Calif., through a programmatic joint venture with Sterling Organization. This is CNSREIT’s third acquisition with Sterling Organization and fourth open-air shopping center acquisition in the portfolio.
Bridgepointe Shopping Center is a 231,700-square-foot, fully leased power center with tenants including Total Wine & More, Nordstrom Rack, Ross Dress for Less, Marshalls and more. The center is also shadow anchored by a Target and a Home Depot.
San Mateo County is an affluent suburban market located in Silicon Valley and approximately 20 miles outside of San Francisco.
“Bridgepointe benefits from being situated in a dense, high income suburban area that is adjacent to the epicenter of global economic growth while still maintaining low levels of retail space compared to the U.S. average,” said James S. Corl, CEO of CNSREIT and head of the private real estate group at Cohen & Steers. “As a result, Bridgepointe is a highly visited center where tenants generate impressive sales numbers that are among the top in their respective chains with the center maintaining historically high occupancy and rents. We look forward to partnering with Sterling on our third acquisition together and leveraging their expertise as a vertically integrated operator of retail real estate in driving value for investors.”
CNSREIT is acquiring high quality properties that generate attractive income potential alongside best-in-class operators and has an initial focus on well-anchored, necessity-driven shopping centers.
