Cohen & Steers and US retail property specialist DLC have acquired Royal Plaza, a grocery-anchored shopping centre in Front Royal, Virginia, for an undisclosed sum.
The acquisition was made on behalf of the Cohen & Steers Real Estate Opportunities Fund alongside the open-air shopping centre group specialist.
Located in the Washington DC metropolitan area, the 92% occupied asset is anchored by a Martin’s grocery store and shadow-anchored by Rural King.
The partners plan to optimise the tenant mix and attract additional national retailers to serve the centre’s growing trade area.
James S Corl, head of the private real estate group at Cohen & Steers, said: “The anchor tenants at Royal Plaza generate exceptional traffic and tenant sales—each store is a top performer within their chain.
“This presents our partnership with a great opportunity to bring in top national retailers to optimise our merchandising mix and provide compelling cross-shopping to visitors who are typically driving many miles to our centre.”
The acquisition expands the partnership’s footprint in the Washington DC metropolitan area, following two joint deals in 2024 including the purchase of the 119,000 sq ft Springfield Commons.
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