m_and_a
confidence high
sentiment positive
materiality 0.65
CNSREIT acquires 159K sf Deer Valley Towne Center, over 94% leased, via JV with Sterling
Cohen & Steers Income Opportunities REIT, Inc.
- Acquired 159,000 sq ft open-air shopping center in Phoenix, AZ; over 94% leased and shadow-anchored by Target.
- Property is managed through programmatic JV with Sterling Organization; this is fourth acquisition with Sterling.
- Phoenix market has 1.3% population growth over next 5 years; 3-mile area has 109K population and $72K median income.
- CEO James Corl cites rising demand for retail space and sustained traffic in open-air shopping.
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