Cohen & Steers, Sterling Organization Acquire 159,000 SF Shopping Center in Metro Phoenix 

DEER VALLEY, ARIZ. — A joint venture between Cohen & Steers Income Opportunities REIT (CNSREIT) and Sterling Organization has acquired Deer Valley Towne Center, a 159,000-square-foot, open-air shopping center located in the Deer Valley neighborhood of Phoenix. Target shadow anchors the center, which is situated across from Phoenix General Hospital and PetSmart’s corporate headquarters.

The property is more than 94 percent leased to tenants including Five Below, Ross Dress For Less, Dollar Tree, PetSmart, Michaels, Jersey Mike’s Subs, Panda Express, Chipotle, Sola Salon Studios, GNC and Bath & Body Works.

This transaction marks CNSREIT’s fourth acquisition with Sterling Organization and the sixth open-air shopping center in its portfolio.