Oak Grove Shoppes, a shopping center anchored by a grocery store in Orlando, has been acquired by Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) along with Phillips Edison & Company (PECO), am owner and operator of shopping centers anchored by grocery stores in the United States. This joint venture is focused on acquiring shopping centers that are open-air and anchored by grocery stores and leveraging the expertise of PECO in this sector.
Oak Grove Shoppes spans 142,000 square feet and was redeveloped two years ago. The shopping center is nine miles from downtown Orlando in the Altamonte Springs submarket and is close to an interchange with Interstate 4. Over 90 percent of the space is leased and a Publix grocery store which opened in 2023 and spans 48,000 square feet and a Marshall’s store which recently opened in addition to tenants in the healthcare, food, and childcare industries.
Banner printing is often used at such sites to announce such acquisitions and their benefits for a community.
Chief Executive Officer of CNSREIT, James S. Corl, said that his believes that Oak Grove Shoppes is in a good position to continue to benefit from its ideal location in a high-growth market, with a strong anchor tenant that drives traffic to other retail establishments. Chairman and Chief Executive Officer of PECO, Jeff Edison, expressed his pleasure ion partnering with CNSREIT on this joint venture that will enable his company to leverage its integrated operating platform.
