Investor Duo Corral Financing for 158K-SF Phoenix Power Center Acquisition

CBRE’s Debt & Structured Finance Group secured acquisition financing of $18.851 million on behalf of Sterling Organization and Cohen & Steers Income Opportunities REIT, Inc. for Deer Valley Towne Center, a 158,628-square-foot, power center located in Phoenix, Arizona.

CBRE’s Debt & Structured Finance team of Richard Henry, Brian Linnihan, Mike Ryan, and Shaun Moothart represented the borrower in the transaction.

Positioned at the southwest corner of State Route 101 and 27th Avenue, Deer Valley Towne Center is 98% leased and shadow anchored by Target and AMC Theatres. The property features a tenant mix, including Ross Dress for Less, PetSmart, Michaels, Dollar Tree, and Five Below, with over 80% of net rentable area leased to nationally recognized credit tenants.

The center benefits from frontage along State Route 101 and immediate access to Interstate 17. The surrounding trade area includes more than 285,000 residents within a five-mile radius.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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