Cohen & Steers Income Opportunities REIT (CNSREI) has acquired Deer Valley Towne Center, a community shopping center in the Deer Valley submarket north of Phoenix.
The acquisition was made through a programmatic joint venture with Sterling Organization. This is CNSREIT’s fourth acquisition with Sterling Organization and sixth open-air shopping center in the portfolio.
Deer Valley Towne Center is a 159,000-square-foot open air shopping center. Located 17 miles north of Phoenix, the property is more than 94 percent leased and is adjacent to 800 apartment units and 200 hospital beds. Shadow anchored by Target, the shopping center offers a variety of apparel, restaurant, home, and pet-care stores for consumers.
The property benefits from the high-growth Phoenix market (1.3 percent population growth projected during the next five years) and low taxes of Arizona (fourth lowest-tax state), with three-mile population and median household income of 109,000 and $72
