Fayetteville Uptown Steele Crossing, Spring Centre Shopping Centers Sell
Steele Crossing and Spring Centre, two prominent retail hubs in Fayetteville, Arkansas, have been acquired by Cohen & Steers Inc. and DLC Management Corp. The acquisition includes a combined 403,000 square feet of retail space across both shopping centers.
These centers boast an impressive occupancy rate of 95%, with notable tenants like TJ Maxx, Ulta, Best Buy, Old Navy, PetSmart, and Kohl’s. The locations are further enhanced by key anchors Walmart, Home Depot, and Target, which own their properties.
The purchase is seen as a strategic move, as Fayetteville is experiencing significant population growth and economic development. According to CoStar Group, open-air shopping centers nationally have reached their highest occupancy level in 16 years, making this investment a timely one. With DLC Management’s extensive experience in managing shopping centers and Cohen & Steers’ global real estate expertise, the new owners are well-positioned to capitalize on the area’s growing retail potential.
For shoppers in Fayetteville, the sale of these retail centers is expected to bring additional improvements and services. The strategic partnership between DLC and Cohen & Steers will focus on enhancing the shopping experience, ensuring these iconic community gathering spots continue to thrive.
