Sterling Organization And Cohen & Steers Acquire Deer Valley Towne Center In Phoenix For $18.85M

The transaction involved a retail property located at 2805-3053 Agua Fria Freeway in Phoenix, AZ. The asset encompasses a total area of 158,628 square feet. The acquisition was financed through a loan amounting to $18,851,000. This property is a power center and is currently 98% leased, with national credit tenants occupying 80% of the space. It is shadow anchored by notable establishments such as Target and AMC Theatres, attracting around 5.8 million annual visits.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $18,851,000
• Address: 2805-3053 Agua Fria Freeway
• Market: Phoenix, AZ
• Asset Size: 158,628 SF
• Landlord: Sterling Organization & Cohen & Steers
• Brokers: Richard Henry, Brian Linnihan, Mike Ryan & Shaun Moothart - CBRE

CBRE arranged the acquisition financing for Sterling Organization and Cohen & Steers Income Opportunities REIT's purchase of the Deer Valley Towne Center. This financing is a key aspect of the deal, solidifying the involvement of multiple brokers who played a critical role in facilitating the transaction.