Cohen & Steers Income Opportunities REIT, Inc. Acquires Shopping Center in Charlotte, North Carolina

Cohen & Steers (NYSE:CNS), via Cohen & Steers Income Opportunities REIT, acquired Winslow Bay Commons, a 268,000 square foot community shopping center in Mooresville, an affluent Charlotte suburb.

Rhea-AI Summary

Cohen & Steers (NYSE:CNS), via Cohen & Steers Income Opportunities REIT, acquired Winslow Bay Commons, a 268,000 square foot community shopping center in Mooresville, an affluent Charlotte suburb. The property is 97% leased, shadow-anchored by Target, and features major national retailers.

According to CNSREIT, Charlotte’s population is projected to grow 2% annually versus 0.7% for the U.S., while Mooresville’s population rose 53% over the last decade. The deal, done through a joint venture with Sterling Organization, fits CNSREIT’s focus on well-anchored, necessity-driven, open-air shopping centers.

Positive

• Acquires 268,000 square foot shopping center in high-growth Charlotte suburb
• Property 97% leased with Target shadow anchor and national retailers
• Investment completed through joint venture with Sterling Organization
• Supports focus on well-anchored, necessity-driven open-air shopping centers

Negative

• None.

Argus May 13 session

+0.71% close to close Open Argus

Details

News Market Reaction – CNS

On May 13, the day this news came out, CNS closed 0.71% above the previous close.

Data tracked by StockTitan Argus for the May 13 session.

Key Figures

Property size: 268,000 square feet Charlotte population growth: 2% annually U.S. population growth: 0.7% annually +4 more

Property size

268,000 square feet

Winslow Bay Commons shopping center in Mooresville, N.C.

Charlotte population growth

2% annually

Projected city population growth vs. U.S. average

U.S. population growth

0.7% annually

Referenced benchmark vs. Charlotte’s 2% growth

Occupancy at property

97% leased

Current leasing level at Winslow Bay Commons

Mooresville population growth

53%

Population increase over the last decade

City growth rank

3rd fastest

Mooresville ranking among North Carolina cities

Open-air occupancy

95.7%

National open-air shopping center occupancy, 16-year high

Previous Acquisition Reports

5 past events · Latest: 2025-08-05

Same Type 5 events

1. 2025-08-05

   Retail acquisition

   24h Move

   +1.3%

   Acquisition of 159,000 sq ft Phoenix community shopping center via Sterling JV.

2. 2024-12-23

   Retail acquisition

   24h Move

   +0.1%

   Acquisition of fully leased 231,700 sq ft San Mateo open-air center with Sterling.

3. 2024-10-30

   Retail acquisition

   24h Move

   -2.2%

   Joint acquisition of Springfield, VA open-air center at 78% occupancy with DLC.

4. 2024-10-29

   Retail acquisition

   24h Move

   +0.2%

   Joint venture purchase of fully occupied 141,000 sq ft Tampa shopping center.

5. 2024-06-03

   Retail acquisition

   24h Move

   +1.1%

   Acquisition of 403,000 sq ft Fayetteville open-air complex in fast-growing region.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

programmatic joint venture, open-air shopping centers

2 terms

programmatic joint venture financial

"The investment was made through a programmatic joint venture with Sterling Organization"

A programmatic joint venture is a partnership created specifically to develop and commercialize one or more defined projects or product programs, with each partner contributing money, assets or expertise to that focused effort. It matters to investors because it isolates the costs, risks and potential profits of that program into a separate entity, making it easier to assess the financial impact and success of the specific project—like two builders forming a company just to finish a single building rather than sharing every future project together.

open-air shopping centers technical

"Open-air shopping centers are at their highest occupancy level of the past 16 years"

Open-air shopping centers are retail complexes where stores, restaurants and services are arranged along outdoor walkways rather than inside an enclosed mall, like a modern Main Street without a roof. For investors they matter because revenue depends on factors such as foot traffic, tenant mix, weather and outdoor upkeep — all of which affect rental income, vacancy rates and the center’s long-term value.

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NEW YORK, May 13, 2026 /PRNewswire/ -- Cohen & Steers Income Opportunities REIT, Inc. ("CNSREIT") announced its latest acquisition, a high-quality community shopping center in Charlotte, N.C. The investment was made through a programmatic joint venture with Sterling Organization, a real estate investment firm that specializes in shopping centers in the U.S.

Winslow Bay Commons is a 268,000 square foot shopping center located in Mooresville, N.C., an affluent suburb of Charlotte. With a strong economic base across the finance, technology and healthcare sectors, Charlotte's population is projected to grow faster than the U.S. average (2% annually vs. 0.7%)¹. The property is 97% leased, shadow-anchored by Target and includes sector leading retail concepts such as T.J. Maxx, HomeGoods, Dick's Sporting Goods, and Ross Dress for Less.

James S. Corl, Chief Executive Officer of CNSREIT and Head of the Private Real Estate Group at Cohen & Steers, said:
"Charlotte ranks highly among our target markets based on its dynamic long term growth profile; so we are quite pleased to plant the CNSREIT flag here. The I-77 corridor on the north side of Charlotte is where a disproportionate amount of this growth is being channeled. Mooresville, where the center is located, experienced population growth of 53% over the last decade and is the third fastest growing city in North Carolina². Owning the dominant center at a rapidly growing retail node is exactly how we want to be positioned."

CNSREIT is acquiring high-quality properties that seek to generate attractive income and growth potential alongside best-in-class operators, and has an initial focus on well-anchored, necessity-driven shopping centers. Open-air shopping centers are at their highest occupancy level of the past 16 years at 95.7%³, outperforming all other sectors, according to real estate analytics provider CoStar Group.

About CNSREIT. Cohen & Steers Income Opportunities REIT, Inc. is a perpetual-life, non-listed REIT formed to invest primarily in high quality, income-focused, stabilized properties within the United States. CNSREIT is externally managed by Cohen & Steers Capital Management, Inc., a subsidiary of Cohen & Steers, Inc.

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

About Sterling Organization. Sterling Organization is a vertically integrated private equity real estate firm whose national platform is focused on investing in retail and distribution real estate assets across the risk spectrum in major markets within the United States. The firm has over $2B of assets under management across the U.S., including more than 13 million square feet of primarily retail real estate. Sterling Organization, with offices across the nation, is headquartered in West Palm Beach, FL.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," "identified" or other similar words or the negatives thereof. These may include CNSREIT's financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements with respect to acquisitions, statements regarding future performance and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. CNSREIT believes these factors also include but are not limited to those described under the section entitled "Risk Factors" in the prospectus, as amended and supplemented from time to time, filed with the Securities and Exchange Commission (the "SEC"), which is accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document. Except as otherwise required by federal securities laws, CNSREIT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

¹ Source: CoStar, as of December 2025
² ACS Community Survey 2025
³ Source: CoStar, as of December 2025

View original content:https://www.prnewswire.com/news-releases/cohen--steers-income-opportunities-reit-inc-acquires-shopping-center-in-charlotte-north-carolina-302770478.html

SOURCE Cohen & Steers, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What shopping center did Cohen & Steers (NYSE:CNS) acquire in Charlotte in May 2026?

Cohen & Steers, through CNSREIT, acquired Winslow Bay Commons, a 268,000 square foot community shopping center in Mooresville, near Charlotte. According to CNSREIT, the center is 97% leased and shadow-anchored by Target, with tenants including T.J. Maxx, HomeGoods, Dick's Sporting Goods, and Ross.

Why is the Winslow Bay Commons acquisition significant for Cohen & Steers (CNS) investors?

The acquisition adds a large, nearly fully leased shopping center in a high-growth Charlotte corridor. According to CNSREIT, Charlotte’s population is projected to grow 2% annually, and Mooresville’s population rose 53% over the last decade, supporting long-term demand for retail space.

How fully leased is Winslow Bay Commons, the new CNSREIT shopping center asset?

Winslow Bay Commons is reported to be 97% leased at acquisition. According to CNSREIT, it is shadow-anchored by Target and hosts leading national retailers such as T.J. Maxx, HomeGoods, Dick's Sporting Goods, and Ross Dress for Less, indicating strong existing tenant demand.

What population growth trends support Cohen & Steers’ (CNS) Winslow Bay Commons investment?

The investment is supported by above-average regional population growth. According to CNSREIT, Charlotte’s population is projected to grow 2% annually versus 0.7% for the U.S., while Mooresville, where the center is located, experienced 53% population growth over the last decade.

How does the Winslow Bay Commons deal align with CNSREIT’s necessity-driven shopping center strategy?

The deal aligns with CNSREIT’s focus on high-quality, well-anchored, necessity-driven shopping centers. According to CNSREIT, open-air shopping centers have a 95.7% occupancy rate, the highest in 16 years, and the firm seeks income and growth potential alongside best-in-class shopping center operators.

Who is CNSREIT’s partner in the Winslow Bay Commons acquisition for Cohen & Steers (CNS)?

CNSREIT completed the acquisition through a programmatic joint venture with Sterling Organization. According to CNSREIT, Sterling Organization is a real estate investment firm specializing in U.S. shopping centers, suggesting operational expertise supporting the management and leasing of Winslow Bay Commons over time.