NEW YORK - Cohen & Steers Income Opportunities REIT, Inc. announced today the acquisition of Oracle Crossings, a 266,000-square-foot grocery-anchored shopping center in Oro Valley, a submarket of Tucson, Arizona.
The acquisition was completed through the company’s programmatic joint venture with Phillips Edison & Company (NASDAQ:PECO), according to a press release statement.
Oracle Crossings is 96% leased and anchored by Sprouts Farmers Market and HomeGoods. The center is located at the intersection of Oracle Road and Magee Road, which experiences 66,000 vehicles per day. The property attracts more than 2.1 million annual visitors.
The Tucson metro area has experienced 1.2% annual population growth and 3.7% annual median household income growth over the past three years, supported by employers including the University of Arizona, Raytheon, Davis-Monthan Air Force Base, and Banner Health.
James S. Corl, Chief Executive Officer of CNSREIT and Head of the Private Real Estate Group at Cohen & Steers, said the property’s location in one of Tucson’s affluent and supply-constrained submarkets provides a foundation for income and growth.
CNSREIT focuses on well-anchored, necessity-driven shopping centers. Open-air shopping centers are at their highest occupancy level of the past 16 years at 95.7%, according to real estate analytics provider CoStar Group.
Cohen & Steers Income Opportunities REIT, Inc. is a perpetual-life, non-listed REIT that invests primarily in income-focused, stabilized properties within the United States. The company is externally managed by Cohen & Steers Capital Management, Inc.
Phillips Edison & Company owns and operates grocery-anchored neighborhood shopping centers. As of March 31, 2026, PECO managed 326 shopping centers, including 299 wholly-owned centers comprising 33.7 million square feet across 31 states.
In other recent news, Phillips Edison & Company reported strong financial results for the first quarter of 2026. The company achieved earnings per share of $0.24, surpassing the forecasted $0.17. Revenue also exceeded expectations, reaching $190.74 million compared to the projected $184.94 million. These results highlight the company’s strong performance in the recent quarter. In addition to the earnings announcement, Phillips Edison has made a strategic hire by appointing Dan Sutherland as Vice President of Acquisitions for the West region. Sutherland brings over 20 years of experience in retail real estate transactions, having previously worked at Sterling Organization, Brixton Capital, and Brixmor Property Group. These developments reflect Phillips Edison’s ongoing efforts to strengthen its leadership team and enhance its acquisition strategy.
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