Cohen & Steers Income Opportunities REIT, Inc. Acquires Deer Valley Towne Center

Core Insights - Cohen & Steers Income Opportunities REIT, Inc. has acquired Deer Valley Towne Center, a community shopping center in the Deer Valley submarket north of Phoenix, Arizona, through a joint venture with Sterling Organization, marking CNSREIT's fourth acquisition with Sterling and sixth open-air shopping center in its portfolio [1][4]. Company Overview - CNSREIT is a perpetual-life, non-listed REIT focused on investing in high-quality, income-generating, stabilized properties in the United States, managed by Cohen & Steers Capital Management, Inc. [5]. - Cohen & Steers is a global investment manager specializing in real assets and alternative income, with a diverse portfolio including real estate, preferred securities, and infrastructure [6]. Property Details - Deer Valley Towne Center spans 159,000 square feet, is over 94% leased, and is strategically located near 800 apartment units and 200 hospital beds, with Target as a shadow anchor [2][3]. - The shopping center benefits from the high-growth Phoenix market, which is projected to experience a 1.3% population growth over the next five years, and has a median household income of $72,000 within a 3-mile radius [3]. Market Context - The property is situated at a major highway intersection (I-17 and Loop 101) and is surrounded by corporate offices, supporting continued growth in the area [3]. - Open-air shopping centers are currently at their highest occupancy level in 16 years, recorded at 95.7% [4]. Strategic Focus - CNSREIT aims to acquire high-quality properties that generate attractive income potential, focusing on well-anchored, necessity-driven shopping centers [4]. - The partnership with Sterling Organization is expected to enhance CNSREIT's portfolio through the acquisition of valuable retail locations [4][7].