CNSREIT-AR-2024 Final - Flipbook - Page 5
The Retail Renaissance has arrived
Strong demand for open-air shopping centers is colliding with
extremely low supply, resulting in high occupancy rates and strong rent
growth. CNSREIT’s 昀椀rst 昀椀ve acquisitions have all been open-air shopping
centers that are highly occupied and highly visited, with established
anchor tenants. They are in locations with growing economies but low
retail supply.
Bridgepointe Shopping Center, which CNSREIT acquired in December
2024, is indicative of the portfolio we have built. It is a 227,000 squarefoot, fully leased open-air shopping center with tenants including Total
Wine, Nordstrom Rack, Ross, Marshalls and other strong tenants.
Bridgepointe is also shadow anchored by a Target and a Home Depot that
rank in the top 1% and 3%, respectively, of each chain’s stores nationally(1).
Bridgepointe Shopping Center is the only large format community
shopping center in San Mateo and attracts 8.6 million visits annually(2).
Residents of San Mateo County enjoy the fourth highest median
household income in the U.S and have access to high-pro昀椀le life sciences
and tech employers. San Mateo’s employment growth is projected to
grow at a 1.6% compound annual growth rate over the next 12 years(3).
CNSREIT’s acquisitions in Texas, Missouri, Georgia and Florida 昀椀t a
similar pro昀椀le – strong anchor tenants that drive foot tra昀케c to the rest
of the highly occupied, highly visited centers in economically strong,
growing communities that have limited shopping center options. We
believe the properties’ high initial yields, established long-term leases
and low capital expenditures will generate stable cash 昀氀ows.
Bridgepointe Shopping Center, San Mateo, CA
(1) As of December 2024. Source: Placer Labs, Inc.
(2) Source: Creditntell
(3) Source: Woods and Poole
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