A private real estate fund managed by Cohen & Steers acquired Oak Hill Plaza, a retail center in southwest Austin, alongside Trademark Property Company, on August 31. The center is 92.5% occupied with tenants including Wells Fargo, Dollar Tree and AutoZone, and sits at the intersection of US-290 and State Highway 71, where a ten-year road overhaul is nearly complete. James Corl, who runs the firm's private real estate group, said the construction had hurt visibility, parking and access, and sees room to upgrade the center now that a nearly finished interchange is set to unlock a wealthy commuter corridor; about 60,000 people live within three miles, with median household income of $120,000 and a typical home value of $688,000. The deal sits against a supportive backdrop: when Cohen & Steers reported second-quarter results on July 17, adjusted earnings came in at $0.85 per share, up from $0.73 a year earlier, while assets under management rose about 8% to more than $100 billion on $1.3 billion of net inflows. The company, which oversees over $100 billion in assets, holds $219 million in cash and US Treasuries plus roughly $136 million in liquid seed investments, carries zero long-term debt, and posted an adjusted operating margin of 36.3% on trailing-twelve-month revenue of $583.9 million. Risks remain, including the US REIT strategy's second-quarter lag on cell tower holdings, modest advisory outflows, a tougher Japan market, and total operating expenses up 3% to $97 million.
Cohen & Steers IncCohen & Steers' private real estate fund acquired Oak Hill Plaza in Austin, expanding its real estate portfolio.
Taishin Financial Holding Co Ltd
Wells Fargo & Company
AutoZone Inc
Dollar Tree Inc
