Cohen & Steers and DLC Acquire West Street Shopping Center in Keene, N.H.

Cohen & Steers (NYSE: CNS) announced Nov. 10 that its Cohen & Steers Real Estate Opportunities Fund (REOF) has acquired West Street Shopping Center, a grocery-anchored retail property in Keene, New Hampshire. The acquisition was made through a joint venture with DLC, a vertically integrated owner and operator of open-air shopping centers.

West Street Shopping Center Details

West Street Shopping Center is located at 381 West Street in Keene and totals approximately 206,197 square feet on about 11.5 acres. The center is anchored by a Hannaford supermarket of roughly 62,730 square feet, which Cohen & Steers described as a top-performing store.

The tenant roster also includes Hobby Lobby, Maurices, UPS, Spectrum and AAA, along with Tropical Smoothie Cafe, Verizon and Bull Moose. The property sits on Route 9 at a signalized intersection with a dedicated turn lane and pylon signage. A 3,567-square-foot suite is currently available for lease.

The center is about 90 miles northwest of Boston. According to CoStar data as of Oct. 15, 2026, the three-mile median household income is $85,000.

Cohen & Steers Investment Thesis

Cohen & Steers said the acquisition aligns with its strategy of buying income-generating shopping centers anchored by necessity-based retailers in established markets with limited competitive retail supply. The center's tenant mix is made up of necessity- and value-oriented retailers.

James S. Corl, Head of the Private Real Estate Group at Cohen & Steers, cited several attributes of the asset in the announcement.

"West Street Shopping Center has several attributes that we find particularly attractive," Corl said. "Keene is a key regional hub, with highways leading out of the city in eight directions, resulting in a very large effective catchment area. Keene also sits close to the Massachusetts state border, where the sales tax of 6.25% provides a meaningful incentive to make the drive over into New Hampshire where the sales tax is zero. As a result of these and other local considerations, the grocer at West Street generates extraordinary sales, which drives exceptional traffic to the center. This profile is highly desirable to many national retailers who are underrepresented in Keene and have been looking for a way to participate in this market."

Keene Market and Cross-Border Shopping

Keene serves as the primary commercial hub for southwestern New Hampshire and also draws customers from adjacent states. New Hampshire has no general sales tax, compared with a 6.25% sales tax in Massachusetts, a differential that Cohen & Steers said provides an incentive for shoppers to cross the border.

DLC Platform

DLC is headquartered in Elmsford, N.Y., and has more than $4.3 billion and 24 million square feet of assets under management across more than 90 properties. The company's platform includes construction and design through Renovo Construction and NWS Architects.

Cohen & Steers, founded in 1986 and headquartered in New York City, specializes in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities and multi-strategy solutions. It maintains offices in London, Dublin, Hong Kong, Tokyo and Singapore.

Outlook

The transaction adds a Hannaford-anchored center to REOF's holdings and pairs Cohen & Steers with DLC in necessity-based retail. Keene's role as a regional hub and its proximity to Massachusetts are central to the firms' rationale for the investment.

Sources

• Cohen & Steers press release, PR Newswire: https://www.prnewswire.com/news-releases/cohen--steers-and-dlc-acquire-west-street-shopping-center-in-keene-new-hampshire-302934490.html