Cohen & Steers and DLC have acquired Royal Plaza, a grocery-anchored shopping center in Front Royal, Virginia, through a joint venture with the Cohen & Steers Real Estate Opportunities Fund. The property is 92% occupied and anchored by the second highest-performing Martin's grocery store in the chain, while also shadow-anchored by Rural King, whose Front Royal location ranks as the retailer's top-performing store nationwide. James S. Corl, Head of the Private Real Estate Group at Cohen & Steers, said the anchor tenants generate exceptional traffic and tenant sales, presenting an opportunity to bring in top national retailers to optimize the merchandising mix. Royal Plaza benefits from a large trade area, with Martin's drawing grocery traffic from 10 to 15 miles and Rural King attracting customers from as far as 50 miles, while the surrounding 10-mile trade area includes approximately 50,000 residents with annual growth significantly outpacing the U.S. average.
Cohen & Steers IncCohen & Steers acquires Royal Plaza through its real estate fund, a direct investment.
DLC acquires Royal Plaza as part of a joint venture, a direct investment.
