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Cohen & Steers Income Opportunities REIT, Inc. Acquires Sprouts-Anchored Shopping Center
Cohen & Steers Income Opportunities REIT, Inc. ("CNSREIT") announced today its acquisition of 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 programmatic joint venture with Phillips Edison & Company (NASDAQ: PECO – "PECO"), a publicly traded owner and operator of grocery‑anchored U.S. shopping centers.
About this update from Phillips Edison & Company, Inc.
NEW YORK, June 2, 2026 /PRNewswire/ -- Cohen & Steers Income Opportunities REIT, Inc. ("CNSREIT") announced today its acquisition of 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 programmatic joint venture with Phillips Edison & Company (NASDAQ: PECO – "PECO"), a publicly traded owner and operator of grocery‑anchored U.S. shopping centers. Oracle Crossings is 96% leased and anchored by Sprouts Farmers Market and HomeGoods. The center benefits from a highly visible location at the intersection of Oracle Road and Magee Road, which sees 66,000 vehicles per day. The center attracts more than 2.1 million annual visitors. 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 median household income growth over the past three years—both above U.S. averages—supported by a diversified economic base 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:"Oracle Crossings is exactly the type of necessity‑anchored, high‑quality retail asset we seek to own in CNSREIT. Tenants demonstrate strong performance, and the property's location in one of Tucson's most affluent and supply‑constrained submarkets provides a compelling foundation for durable income and long‑term growth. Open‑air shopping centers continue to benefit from limited new supply, strong tenant balance sheets, and resilient consumer demand—conditions that we believe position Oracle Crossings as a highly attractive addition to our portfolio." CNSREIT is acquiring high-quality properties that seek to generate attractive income potential alongside best-in-class operators and has a current focus 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%1, according to real estate analytics provider CoStar Group. About CNSREIT. Cohen & Steers Income Opportunities REIT, Inc. is a perpetual-life, non-listed REIT formed to invest ...
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