Cohen & Steers and DLC acquire Virginia grocery shopping center

Cohen & Steers (NYSE: CNS) announced that its Real Estate Opportunities Fund has acquired Royal Plaza, a grocery-anchored shopping center in Front Royal, Va., part of the Washington D.C. metropolitan area, through a joint venture with DLC, an owner and operator of open-air shopping centers.

Royal Plaza is 92% occupied and anchored by a Martin's grocery store, which the press release describes as the second highest-performing location in the Martin's chain. The center is also shadow-anchored by Rural King, whose Front Royal store is described as the retailer's top-performing location nationwide.

The shopping center draws customers from a broad trade area. Martin's attracts grocery shoppers from within 10 to 15 miles, while Rural King draws customers from as far as 50 miles. The surrounding 10-mile trade area has approximately 50,000 residents, with annual population growth that exceeds the U.S. average, according to CoStar data as of June 2026.

James S. Corl, Head of the Private Real Estate Group at Cohen & Steers, said the anchor tenants "generate exceptional traffic and tenant sales" and that the partnership sees an opportunity to attract additional national retailers to the center.

DLC, headquartered in Elmsford, N.Y., manages more than $4.3 billion in assets across more than 90 properties totaling 24 million square feet. Cohen & Steers, founded in 1986 and headquartered in New York City, specializes in real assets and alternative income strategies.

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