Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) announced on September 29, 2026, the acquisition of Grand Canyon Crossing, a community shopping center located in Phoenix, Arizona. The transaction was executed through a programmatic joint venture with the Sterling Organization, a private equity real estate firm specializing in U.S. shopping centers.
Grand Canyon Crossing is situated on 33 acres at the intersection of Bethany Home Road and 35th Avenue. The property is 99% occupied and is anchored by a 207,000-square-foot Walmart Supercenter. The anchor attracts approximately 3.7 million annual visitors, ranking it among the top 1% of Walmart locations nationally. The center also features a mix of national and regional tenants, including Harbor Freight, Starbucks, Wendy’s, Jamba, and Sonic.
The property serves a dense three-mile trade area with approximately 220,000 residents and $12.3 billion in purchasing power. Grand Canyon University, which has about 133,000 students, is located approximately 1.5 miles from the center. The North Phoenix/I-17 retail submarket has averaged approximately 6% annual rent growth over the past five years.
CNSREIT’s Chief Executive Officer, James S. Corl, stated that the acquisition provides a significant opportunity to improve the in-line merchandising mix to better monetize the traffic driven by the center's extreme density.
