DES PERES, Mo. — A shopping center in suburban St. Louis County was one of the first acquisitions by a real estate investment trust looking to acquire successful open-air shopping centers nationwide.
Des Peres Corners at 12332 Manchester Road, anchored by a Schnucks grocery store, was acquired in a $38.4 million sale that was finalized Thursday as part of the new joint venture from CNSREIT and Phillips Edison & Co. (NASDAQ: PECO), according to a regulatory filing reporting the sale.
The joint venture is 80% owned by CNSREIT and 20% by PECO, the firm said. CNSREIT, or Cohen & Steers Income Opportunities REIT Inc., is managed by Cohen & Steers Capital Management Inc., a subsidiary of New York-based Cohen & Steers Inc.
The joint venture is targeting $300 million in equity on the acquisitions, which will be focused on shopping plazas anchored by grocery stores, a specialty of PECO, the company said in a news release.
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