Two of Fayetteville’s largest outdoor shopping centers, Steele Crossing and Spring Creek Centre, have been sold to New York-based Cohen & Steer, and DLC who has managed the property for the past decade.
No local firms were involved in the deal that saw some of the DLC equity partners cash out of the property allowing Cohen & Steer to acquire their stake, according to real estate insiders.
The shopping centers total 403,000 square feet of retail space including TJ Maxx, Ulta, Best Buy, Old Navy, PetSmart and Kohl’s. The new owners said the centers are 95% occupied. Cohen & Steer declined to release the sales price and other terms of the deal when asked by Talk Business & Politics deferring to the following comment.
“Similar to many Sunbelt cities, Fayetteville is benefiting from national migration trends as people move to more affordable and economically attractive residential areas across the country,” said James Corl, head of the private real estate group at Cohen & Steers. “We believe the shopping centers are well-positioned in a dominant location to benefit from these tailwinds and we are excited to partner with DLC.”
The CoStar Group reports open-air shopping centers are at the highest occupancy level in the past 16 years at 95.7%.