**Sterling Organization and Cohen & Steers Secure $18.85M Financing for Phoenix Retail Center**
CBRE’s Debt & Structured Finance Group has successfully secured $18.851 million in acquisition financing on behalf of Sterling Organization and Cohen & Steers Income Opportunities REIT, Inc. The financing supports the purchase of Deer Valley Towne Center, a 158,628-square-foot power center located in Phoenix, Arizona.
The CBRE team representing the borrower included Richard Henry, Brian Linnihan, Mike Ryan, and Shaun Moothart.
Strategically located at the southwest corner of State Route 101 and 27th Avenue, Deer Valley Towne Center is 98% leased. The center is shadow anchored by major national tenants including Target and AMC Theatres. Its robust tenant roster features well-known retailers such as Ross Dress for Less, PetSmart, Michaels, Dollar Tree, and Five Below. Over 80% of the property’s net rentable area is leased to nationally recognized credit tenants.
The property benefits from high visibility with frontage along State Route 101 and easy access to Interstate 17. The surrounding trade area is home to over 285,000 residents within a five-mile radius, adding to the center’s strong retail fundamentals.
