Phillips Edison JV Secures 266,000-Sq-Ft Oracle Crossings, 96% Leased
PECO•Phillips Edison & Company expanded its joint venture portfolio with the acquisition of Oracle Crossings, a 266,000-square-foot open-air shopping center in Tucson that is 96% leased and anchored by Sprouts Farmers Market and HomeGoods. The center draws 2.1 million annual visitors at a location with 66,000 daily vehicles.
1. Acquisition Details
Phillips Edison & Company, via its programmatic joint venture with Cohen & Steers Income Opportunities REIT, acquired Oracle Crossings, a 266,000-square-foot open-air shopping center in Tucson’s Oro Valley submarket, completing the transaction on June 2, 2026.
2. Property Profile
Oracle Crossings is 96% leased and anchored by Sprouts Farmers Market and HomeGoods, attracts 2.1 million annual visitors and benefits from 66,000 vehicles passing the intersection of Oracle Road and Magee Road each day.
3. Market Dynamics
The Tucson metro area has seen 1.2% annual population growth and 3.7% annual median household income growth over the past three years, supported by major employers like the University of Arizona, Raytheon, Davis-Monthan Air Force Base and Banner Health.
4. Portfolio Impact
This acquisition expands PECO’s joint venture footprint to 28 shopping centers, adding 266,000 square feet to its 33.7 million-square-foot U.S. portfolio and reinforcing its focus on high-quality, grocery-anchored retail assets.
