Cohen & Steers, DLC acquire open air shopping center in Fairfax County, VA

Cohen & Steers announced that funds managed by the Private Real Estate Group of Cohen & Steers and DLC, an owner and operator of open-air shopping centers in the U.S., have jointly acquired Springfield Commons, an open-air community shopping center in Springfield, Virginia. Springfield Commons is a 119,085 square foot shopping center located approximately 15 miles west of Washington, D.C. The center sits across from Springfield Town Center, a vibrant shopping destination that offers a mix of retail, entertainment, and dining options. This hub enhances the area’s appeal as a strong retail node, attracting new housing and a hotel currently in development, which will further enhance the community. The property is shadow anchored by the most visited Home Depot in Virginia and is 78% occupied by tenants including Pure Gym, Old Navy, Pure Hockey, Staples and more. The property is expected to be 98% leased in the short-term.