A joint venture led by Cohen & Steers Income Opportunities REIT and Phillips Edison & Company has acquired Oracle Crossing, a grocery-anchored, open-air shopping center in Oro Valley, Arizona, for $54.35 million. The sale, which values the 265,530-square-foot retail complex at about $205 per square foot, moves ownership of the property from Town West Realty to the newly formed partnership. The transaction was reported July 6, 2026.
Loading post…
Oracle Crossing shopping center at dusk in Tucson, showing the Whole Foods Market anchor that fronts the grocery-anchored retail center sold for $54.35 million.
The Oracle Crossing center sits along a major retail corridor in the Tucson area, at the intersection of Oracle Road and Magee Road in Oro Valley, a suburb north of downtown Tucson. Property listings associated with the site show multiple addresses that make up the retail assemblage, including parcels listed at 7805 Oracle Rd, 7625 Oracle Rd, 7613 Oracle Rd and 7621 Oracle Rd, as well as a Kohl’s property identified at 7785 Oracle Rd. Those parcels together form the retail footprint that was conveyed in the transaction.
The property is described as grocery-anchored and open-air, with a Whole Foods Market serving as a prominent tenant at the center. The Whole Foods Market presence is visible at the front of the retail center and functions as the principal grocery draw for the development. In addition to the grocery anchor, the collection of parcels includes a Kohl’s store site on Oracle Road, which is listed among the properties tied to the shopping center.
Cohen & Steers Income Opportunities REIT and Phillips Edison & Company will own the center as a joint venture following the purchase from Town West Realty. The buyers are established real estate investment and operating entities that have previously been involved in retail property ownership and management. The purchase price of $54.35 million translates to approximately $205 per square foot based on the center’s stated 265,530 square feet.
Town West Realty served as the seller in the transaction. The company has been identified as the prior owner of the Oracle Crossing retail complex; the transfer of ownership completes the disposition of the center to the Cohen & Steers–Phillips Edison partnership. The price and per-square-foot calculation were provided as part of the transaction details.
Publicly listed contact information associated with the deal identifies JLL professionals as points of contact for the transaction. Pat Dempsey, identified as a managing director with JLL, and analysts Ross Jorgensen and Quin Madden are listed in connection with the property information. The addresses and company listings tied to the retail assemblage are recorded in property detail entries for the individual parcels that comprise Oracle Crossing.
The sale of Oracle Crossing consolidates the center under the ownership of the Cohen & Steers and Phillips Edison joint venture and places the grocery-anchored retail asset in the hands of two national real estate firms. The shopping center’s location on Oracle Road at Magee Road and its anchors, including Whole Foods Market and the Kohl’s parcel, were central to the transaction’s property description. The purchase price for the 265,530-square-foot open-air center was $54.35 million, with ownership now transferred from Town West Realty to the joint venture.
Cohen & Steers announced the acquisition in early June, stating Oracle Crossing is 96% leased with anchors including Sprouts Farmers Market and HomeGoods at a high-traffic intersection seeing 66,000 vehicles daily. CEO James S. Corl called it "exactly the type of necessity-anchored, high-quality retail asset we seek to own." (PR Newswire)
Broker and listing materials identify Sprouts Farmers Market and HomeGoods as the primary anchors (with Kohl’s on a ground lease) rather than Whole Foods; JLL’s transaction release also reported that Sprouts generated about $664 per square foot in sales in 2024.
JLL and property listing materials note the center was built in 2006, occupies roughly 30 acres and includes eight outparcels on separate parcels, with all major tenants over 8,000 square feet having occupied the property since it was constructed.
Town West Realty acquired Oracle Crossings from Weingarten Realty for $40.8 million in a December 19, 2018 transaction, at which time the center was reported to be about 98.2 percent leased.
Broker reporting showed slight variance in the deal and traffic figures: JLL’s June release cited a $53.85 million sale price and over 68,000 vehicles per day, while other outlets reported the $54.35 million figure and roughly 66,000 vehicles daily.