Cohen & Steers Income Opportunities REIT, Inc. (“CNSREIT”) acquired Oracle Crossings, a 266,000‑square‑foot, grocery‑anchored open‑air shopping center located in the Oro Valley submarket of Tucson, Arizona. The acquisition was completed through CNSREIT’s joint venture with Phillips Edison & Company, an owner and operator of grocery‑anchored U.S. shopping centers. Town West Realty was the seller.
Oracle Crossings is 96% leased and anchored by Sprouts Farmers Market and HomeGoods. The center is at the intersection of Oracle Road and Magee Road, which sees 66,000 vehicles per day.
The property sits within Oro Valley, which is adjacent to Tucson’s most affluent and fastest‑growing suburbs. The broader Tucson metro area has experienced 1.2% annual population growth and 3.7% annual growth in median household income over the past three years…