Cohen & Steers Acquires Deer Valley Towne Center in Phoenix Submarket

Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) has acquired Deer Valley Towne Center, a 159,000 sq. ft. community shopping center in the Deer Valley submarket north of Phoenix, Arizona. This is CNSREIT's fourth acquisition with Sterling Organization and sixth open-air shopping center in its portfolio. The acquisition was made through a programmatic joint venture with Sterling.

Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) has announced the acquisition of Deer Valley Towne Center, a 159,000 square foot community shopping center located in the Deer Valley submarket north of Phoenix, Arizona. This acquisition marks CNSREIT's fourth collaboration with Sterling Organization, a real estate investment firm, and the sixth open-air shopping center in its portfolio.

The acquisition was facilitated through a programmatic joint venture with Sterling. Deer Valley Towne Center, which is over 94% leased, is anchored by Target and offers a variety of apparel, restaurant, home, and pet care stores. The property benefits from the high-growth Phoenix market, with an expected population growth of 1.3% over the next five years, and the state's low tax rates, which rank Arizona as the fourth lowest-tax state [1]. The strategic location near major highways and corporate offices further supports the center's growth potential.

James S. Corl, Chief Executive Officer of CNSREIT and Head of the Private Real Estate Group at Cohen & Steers, commented, "CNSREIT is seeking out dynamic, valuable locations to add to our portfolio. Deer Valley Towne Center is a Target-anchored community center desirably located and highly occupied in the high-growth Phoenix market. We believe that this property is well positioned to continue benefiting from rising demand for retail space and sustained consumer traffic in open-air shopping. We look forward to continuing to foster our successful partnership with Sterling."

CNSREIT's focus on acquiring high-quality properties that generate attractive income potential alongside best-in-class operators is evident in this acquisition. Open-air shopping centers are currently at their highest occupancy level in the past 16 years at 95.7% [2].

Deer Valley Towne Center's proximity to 800 apartment units and 200 hospital beds also enhances its appeal, providing a diverse customer base and supporting ongoing demand. The property's strong fundamentals and strategic location position it well for continued growth and profitability.

References:
[1] https://www.prnewswire.com/news-releases/cohen--steers-income-opportunities-reit-inc-acquires-deer-valley-towne-center-302520908.html
[2] https://www.marketscreener.com/news/cohen-steers-income-opportunities-reit-inc-acquires-deer-valley-towne-center-ce7c5ed8d88df42c