Cohen & Steers has announced that funds managed by the private real estate group of Cohen & Steers and Lincoln Property Co. have entered into a joint venture to own Cityline at Tenley, a retail center in Tenleytown, an affluent neighborhood in northwest Washington, D.C.
Sitting atop the Tenleytown Metro Station and anchored by a high-performing Target store, the property attracts customers from a broad trade area and benefits from the immediate area’s favorable demographics. It is situated in the affluent Uptown submarket that ranks high for income, home value, education, and population density, with a highly educated population within three miles of 207,000 and median household income of $142,000. According to Greenstreet, an independent commercial real estate research firm, Tenleytown’s zip code ranks 60th out of 5,412, putting it in approximately the top 1 percent of zip codes and top 7 percent of submarkets for attractive strip center rankings.
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