Cohen & Steers Income Opportunities REIT Acquires Manchester Village Shopping Center in South Carolina
Cohen & Steers Income Opportunities REIT (CNSREIT) has acquired the Manchester Village shopping center, a well-occupied retail property located in Rock Hill, South Carolina. The acquisition was made through CNSREIT's joint venture with Sterling Organization and aligns with its strategy of investing in income-generating properties anchored by necessity-based retailers in growing markets. The York County submarket is experiencing strong fundamentals, including 96% occupancy and an average annual rent growth rate of about 6%. Rock Hill benefits from a favorable tax environment compared to nearby Charlotte and has seen significant population growth. The property's location near Interstate 77 and proximity to Palmetto Research Park—where $1.8 billion in healthcare and biopharma investments are planned—further enhances its appeal. CNSREIT is focused on expanding within the fast-growing Charlotte metropolitan area, which has outpaced national population growth rates significantly over recent years.
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Topics: joint ventures real estate acquisition shopping centers