Goldman Sachs Asset Management has completed the sale of Grand Canyon Crossing, a grocery-anchored shopping center in Phoenix totaling 303,000 square feet. The buyer is a partnership between Cohen & Steers Income Opportunities REIT Inc. and the Sterling Organization, according to the seller.
The property, developed in 2005, is reported to be 99 percent occupied at the time of sale. The center is anchored by a 207,000-square-foot Walmart Supercenter, which serves as the primary draw for the retail lineup.
In addition to Walmart, Grand Canyon Crossing’s tenant roster includes Harbor Freight, Starbucks, Wendy’s, Jamba Juice and Sonic. The combination of national credit retailers, restaurants and service users reflects a tenant mix geared toward daily needs and convenience retail.
Grand Canyon Crossing is located on a 33-acre site at the intersection of Bethany Home Road and 35th Avenue in Phoenix. The center sits approximately 1.5 miles from Grand Canyon University, positioning it to capture traffic from both surrounding neighborhoods and the nearby campus community.
The Sterling Organization describes itself as a vertically integrated private equity real estate firm with a national platform focused on investing in retail and distribution real estate assets across the risk spectrum in major U.S. markets. Through the Grand Canyon Crossing acquisition alongside Cohen & Steers Income Opportunities REIT Inc., the firm adds another stabilized, large-format retail asset to its portfolio.
Specific pricing details and other financial terms of the transaction were not disclosed. However, the nearly full occupancy, Walmart-anchored profile and established in-place tenant mix underscore the center’s role as a mature, income-producing retail asset within the Phoenix market.
