Cohen & Steers REIT Acquires Phoenix Shopping Center
A Walmart Supercenter anchors the asset.
Cohen & Steers Income Opportunities REIT Inc. has acquired Grand Canyon Crossing, a 303,000-square-foot shopping center in Phoenix. The previous owner of the property was Goldman Sachs Asset Management, according to Yardi Matrix.
CNSREIT made the investment through its programmatic joint venture with the Sterling Organization, which specializes in U.S. shopping centers.
The price of the sale was not disclosed, and Cohen & Steers did not reply to Commercial Property Executive’s request for comment.
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Completed in 2005, the center is 99 percent occupied and anchored by a 207,000-square-foot Walmart Supercenter. According to Cohen & Steers, the store ranks among the top 1 percent of Walmart locations nationally in terms of annual visitors. Grand Canyon Crossing’s tenants also include Harbor Freight, Starbucks, Wendy’s, Jamba Juice and Sonic.
Grand Canyon Crossing is situated on 33 acres at Bethany Home Road and 35th Avenue. Grand Canyon University is about 1.5 miles away.
Phoenix retail update
Other Phoenix retail market activity came in June, when Hinkson Co. secured a $30 million refinancing loan from Natixis for Casa Grande Mall, a 221,328-square-foot retail center in Casa Grande, Ariz., a southern Phoenix suburb. The owner had acquired the then-vacant property in 2024 for $7.7 million and then carried out a renovation program.
The Phoenix retail market is seeing falling vacancy, rising asking rents and a slower pace of construction, according to a third-quarter report from Kidder Mathews. Overall retail vacancy is stable at 4.4 percent, following 175,000 square feet of net absorption in the quarter, and about 2.5 million square feet is under construction.
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