ROCK HILL, S.C. — Manchester Village, a 99%-occupied community shopping center in Rock Hill, has been acquired by Cohen & Steers Income Opportunities REIT through a joint venture with Sterling Organization.
Financial terms of the transaction were not disclosed. The center sits near an Interstate 77 interchange south of Charlotte.
The buyer cited a 96% occupancy rate in the York County retail submarket and said York County’s population increased 8.9% over the past five years. The REIT recently bought Winslow Bay Commons in Mooresville, North Carolina, also along Interstate 77.
Manchester Village is about 1.5 miles from Palmetto Research Park, where biopharma company Octapharma could make a $1.5 billion investment on 50 acres. Rock Hill City Council unanimously approved the latest agreement for that project in July, a deal that sits alongside the city’s upcoming Novant Health site.
Sterling Organization is based in West Palm Beach, Florida, and specializes in shopping centers.
