Cohen & Steers REIT Acquires Grand Canyon Crossing Shopping Center in Phoenix

PR Newswire··US·Read original
2▲1 ▼0Impact / 5
Summary · why it matters

Cohen & Steers Income Opportunities REIT, Inc. announced the acquisition of Grand Canyon Crossing, a 99%-occupied shopping center anchored by a Walmart Supercenter in Phoenix, Arizona. The investment was made through the REIT's programmatic joint venture with the Sterling Organization, a real estate investment firm specializing in U.S. shopping centers. The property sits on 33 acres at the intersection of Bethany Home Road and 35th Avenue, and its 207,000-square-foot Walmart Supercenter, built in 2005, draws 3.7 million annual visitors, placing it among the top 1% of Walmart locations nationally. The center also includes national and regional tenants such as Harbor Freight, Starbucks, Wendy's, Jamba, and Sonic, and serves a dense three-mile trade area of approximately 220,000 residents with $12.3 billion in purchasing power. James S. Corl, Chief Executive Officer of CNSREIT and Head of the Private Real Estate Group at Cohen & Steers, said the center's extreme density is driving exceptional anchor sales and traffic while the existing in-line merchandising mix is not positioned to best monetize that traffic, providing the partnership a significant opportunity.

Impact on assets 6

Consumer Discretionary▲ · 3 stocks
Financials▲ · 1 stocks
Cohen & Steers Inc
CNS
▲ PositiveCapitalrelevance

Cohen & Steers' private real estate arm announced a new shopping-center acquisition through its REIT joint venture, expanding its real estate investment activity.

Aging Population▲ · 1 stocks
Consumer Staples▲ · 1 stocks

Off-coverage companies 4

Cohen & Steers Income Opportunities REIT, Inc.Private▲ Positive
Capitalrelevance

Cohen & Steers Income Opportunities REIT acquired the 99%-occupied Grand Canyon Crossing shopping center, adding a Walmart-anchored asset to its portfolio.

Harbor Freight ToolsPrivate± Mixed
relevance

JambaPrivate± Mixed
relevance

Sterling OrganizationPrivate± Mixed
relevance

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