Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) has acquired Des Peres Corners, a grocery-anchored shopping center in Des Peres, Mo., with Phillips Edison & Co., Inc., (PECO).
The acquisition was made through a programmatic joint venture targeting $300 million in equity and owned 80 percent by CNSREIT and 20 percent by PECO. The joint venture will focus on acquiring open-air, grocery-anchored shopping centers and will leverage PECO’s deep sector expertise.
Des Peres Corners is an approximately 121,000-square-foot, grocery-anchored, open-air shopping center built in 2009, located at one of the most prominent intersections in Des Peres, a growing suburb of St. Louis. The property is 90 percent occupied and is anchored by an approximately 74,000-square-foot Schnucks grocer, along with an array of national and local necessity-based retailers across the medical, beauty and personal care, and food industries. Schnucks is the grocery market share leader in
