Cohen & Steers’ Nontraded REIT Acquires $61.2M North Carolina Shopping Center

Cohen & Steers Income Opportunities REIT Inc., or CNSREIT, a nontraded net asset value real estate investment trust, acquired Winslow Bay Commons, a 268,000-square-foot open-air shopping center in Mooresville, N.C., through a programmatic joint venture with The Sterling Organization this week. CNSREIT holds 99% interest in the venture.

The total purchase price was $61.2 million, subject to closing costs and customary prorations.

The Mooresville property — located on the I-77 corridor north of Charlotte — is 97% leased and shadow-anchored by Target, with tenants including T.J. Maxx, HomeGoods, Dick’s Sporting Goods, and Ross Dress for Less.

The deal marks CNSREIT’s entry into the Charlotte market. James S. Corl, chief executive officer of CNSREIT and head of the private real estate group at Cohen & Steers, cited the corridor’s growth trajectory as central to the investment thesis. “The I-77 corridor on the north side of Charlotte is where a disproportionate amount of this growth is being channeled,” Corl said.

Previously reported by AltsWire, the REIT’s 3.9% total return topped the three-month total return rankings for NAV REITs as of March 31, 2026, and compiled by investment banking firm Robert A. Stanger & Company.

In other REIT news, the transaction price for each share class of its common stock for subscriptions accepted as of June 1, 2026 (and repurchases, if applicable, as of May 31) was $11.79 for Classes T, S, D, and I; and $11.60 for Class F-I. This was exactly a 2.7% increase from the previous month’s $11.48 for Classes T, S, D, and I; and approximately a 2.7% increase from the previous month’s $11.29 for Class F-I.

As of April 30, the REIT had no shares outstanding for Classes T, S, or D. As a result, the transaction price for each class of shares is based on the NAV per share for Class I shares.

The REIT’s total NAV as of April 30 was $270.4 million, a 5% increase from March 31’s approximate $257.5 million.

In January 2026, the company commenced its second public offering, and is currently offering on a continuous basis up to $3 billion in shares of its common stock, consisting of up to $2.4 billion in shares in its primary offering and up to $0.6 billion in shares pursuant to its distribution reinvestment plan. As of May 13, it has issued and sold 371,881 shares of common stock for total proceeds of $4.2 million and 15,708 shares of common stock pursuant to its distribution reinvestment plan for a total value of $0.2 million. As of April 30, the REIT had nearly 22.3 million shares of common stock outstanding.

The REIT is externally managed by Cohen & Steers Capital Management Inc. The program is focused on stabilized, income-oriented properties, with an initial emphasis on well-anchored, necessity-driven shopping centers. Open-air shopping centers nationally are at their highest occupancy level in 16 years at 95.7%, according to CoStar Group data through December 2025.

Sterling Organization, headquartered in West Palm Beach, Fla., is a vertically integrated private equity real estate firm focused on retail and distribution properties. The firm manages more than $2 billion in assets across more than 13 million square feet of primarily retail real estate in the United States.

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