Cohen & Steers Acquires 403,000-Square-Foot Shopping Center Complex in Fayetteville, Arkansas 

Fayetteville, Ark.  — An affiliate of Cohen & Steers has acquired a two-property, open-air shopping center complex located in Fayetteville, located in the northwest portion of Arkansas near the Oklahoma and Missouri borders. 

Totaling 403,000 square feet, the complex comprises the retail centers Spring Creek Centre and Steele Crossing. Tenants at the properties include T.J. Maxx, Ulta Beauty, Best Buy, Old Navy, PetSmart and Kohl’s. The centers also feature corporately owned Walmart, The Home Depot and Target stores. At the time of sale, the centers were 95 percent occupied. 

DLC Management partnered with Cohen & Steers on the acquisition.

“Fayetteville is benefiting from national migration trends as people move to more affordable and economically attractive residential areas across the country,” says James S. Corl, head of the private real estate group at Cohen & Steers. “We believe the shopping centers are well positioned in a dominant location to benefit from these tailwinds, and we are excited to partner with DLC.” 

Prior to the acquisition, DLC served as the manager of both Spring Creek Centre and Steel Crossing for more than a decade. Headquartered in metro New York City, the company’s portfolio features more than 70 shopping centers throughout the country, with a focus on open-air centers.

New York City-based Cohen & Steers was founded in 1986 and specializes in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities and commodities. 

— Hayden Spiess