Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) completed the acquisition of Springs Plaza, a 195,000‑square‑foot grocery‑anchored open‑air shopping center in Bonita Springs, Florida, on December 8 2025. The center sits at the northern gateway to the Naples area and is 99% occupied by tenants such as ALDI, Ross, Ollie’s, and Athletica Health & Fitness.
The purchase price was $195 million, structured through a programmatic joint venture in which CNSREIT holds an 80% equity stake and Phillips Edison & Company (PECO) holds 20%. This marks CNSREIT’s fourth acquisition with PECO and the eighth open‑air property in its portfolio, reinforcing the REIT’s focus on high‑quality, income‑generating assets anchored by essential services.
The transaction is strategically timed to capture growth in a fast‑expanding community. Over 1,100 housing units are under construction within a five‑mile radius, and the area is projected to grow 3.8% in population over the next five years. The high occupancy rate and lack of new construction in the surrounding retail market provide a stable backdrop for continued income growth.
James S. Corl, CNSREIT’s CEO, said the deal “strengthens our portfolio in a high‑growth market and adds a well‑anchored, grocery‑driven asset that delivers reliable cash flow.” He added that the partnership with PECO allows CNSREIT to leverage the operator’s expertise while maintaining a majority ownership position.
Open‑air shopping centers nationwide are operating at their highest occupancy level in 16 years, with a 95.7% average rate reported by CoStar Group in July 2024. PECO’s recent third‑quarter earnings beat expectations, underscoring the strength of the grocery‑anchored model and the value of the joint‑venture structure.
The acquisition expands CNSREIT’s income‑focused strategy, adds a high‑occupancy asset to its portfolio, and positions the REIT to capture long‑term value in a resilient retail segment.
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