An affiliate of Cohen & Steers Capital Management and DLC Management have jointly acquired a two-property open-air shopping center complex in Fayetteville, Ark.
Financial terms were not disclosed.
The acquisition comprises two centers, Spring Creek Centre and Steele Crossing, and encompasses 403,000 square feet of owned retail space. The centers are 95 percent occupied by tenants, including TJ Maxx, Ulta, Best Buy, Old Navy, PetSmart and Kohl's. The presence of tenant-owned anchors Walmart, Home Depot and Target, as well as the proximity to three major highways in the region, help drive significant traffic to the centers.
The shopping centers also benefit from the growth of the Northwest Arkansas corridor, which is the fastest-growing metro area in Arkansas. Over the last five years, the region's population has grown at 4.5 times the U.S. average, according to CoStar Group, as its appeal as a regional business and transportation hub and its lower cost of liv