The shopping center features two primary draws: a Martin's grocery store and a Rural King. The Martin's location currently ranks as the second highest-performing unit in its chain, while the Rural King branch stands as the retailer’s top-performing store nationwide. These anchor tenants serve a broad trade area, with the grocer pulling customers from a 15-mile radius and the home-and-farm retailer attracting shoppers from as far as 50 miles away.
Cohen & Steers and DLC Buy Royal Plaza in Virginia
The Cohen & Steers Real Estate Opportunities Fund has partnered with DLC to acquire Royal Plaza, a grocery-anchored shopping center in Front Royal, Virginia. The deal secures a high-performing asset situated within the Washington D.C. metropolitan area, currently maintaining a 92% occupancy rate across its retail footprint.
James S. Corl, head of the private real estate group at Cohen & Steers, noted that the exceptional traffic and sales figures at the site provide a foundation for further retail optimization. The firm intends to introduce additional national retailers to capitalize on the existing customer base, which serves a local population of 50,000 residents experiencing growth rates that exceed the national average. This acquisition fits the firm's strategy of targeting necessity-based retail assets in supply-constrained markets.
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