Article originally posted on CoStar on Oct 8 2026

Cohen & Steers Income Opportunities REIT and Sterling Organization acquired Grand Canyon Crossing, a 307,419-square-foot shopping center in Phoenix, from Goldman Sachs Asset Management for $59.75 million, or $194.36 per square foot.

The investment was structured as a programmatic joint venture between the two companies.

Built in 2005 on 33 acres at 6145 N. 35th Ave., at the intersection of Bethany Home Road and 35th Avenue, the shopping center is 99% occupied. It is anchored by a nearly 207,000-square-foot Walmart Supercenter that draws 3.7 million annual visitors, placing it among the top 1% of Walmart locations nationally. Additional tenants include Harbor Freight, Starbucks, Wendy’s, Jamba Juice and Sonic.

The property serves a 3-mile trade area with approximately 220,000 residents and $12.3 billion in purchasing power. Grand Canyon University, with approximately 133,000 students, is about 1.5 miles from the center. The shopping corridor has averaged approximately 6% annual rent growth over the past five years, according to CoStar data.

“Grand Canyon Crossing is a compelling example of a center where extreme density is driving exceptional anchor sales and traffic, but where the existing in-line merchandising mix is not positioned to best monetize this traffic. This provides our partnership with a significant opportunity to do just that,” said James S. Corl, chief executive officer of CNSREIT and head of the Private Real Estate Group at Cohen & Steers.

The property previously sold in January 2017 for $41.3 million, or $134.34 per square foot, CoStar data showed.

Cohen & Steers Income Opportunities REIT holds 85 properties totaling approximately 2.76 million square feet, with 81 properties — more than 95% of its portfolio by count — classified as retail. Sterling Organization’s retail holdings encompass 367 properties totaling more than 14 million square feet, representing approximately 92% of its portfolio by property count.