Cohen & Steers and DLC Acquire Open-Air Shopping Center in Fairfax County, VA

Core Insights - Cohen & Steers and DLC have jointly acquired Springfield Commons, an open-air community shopping center in Springfield, Virginia [1][2] - Springfield Commons spans 119,085 square feet and is strategically located near a vibrant shopping destination, enhancing its appeal [2] - The shopping center is currently 78% occupied and is expected to reach 98% occupancy in the short term [2] Company Overview - Cohen & Steers is a global investment manager specializing in real assets and alternative income, with a focus on listed and private real estate [5] - DLC is a leading private retail real estate company with expertise in various aspects of real estate management, including acquisitions and development [6] Market Context - The retail submarket in Springfield has a 96.9% occupancy rate and has experienced a 3.3% year-over-year rent growth, outperforming national averages [3] - Open-air shopping centers are currently at their highest occupancy level in 16 years at 95.7% nationally, making them the most occupied commercial property type in the U.S. [4] - The open-air shopping center sector is viewed as attractive for investment, with compelling opportunities identified by Cohen & Steers [4]