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

Royal Plaza, which is 92% occupied and anchored by the second highest-performing Martin's grocery store in the chain, aligns with Cohen & Steers' investment thesis of acquiring highly occupied, income-generating shopping centers anchored by necessity-based retailers in growing, supply-constrained markets. The shopping center is also shadow-anchored by Rural King, whose Front Royal location ranks as the retailer's top-performing store nationwide.