Thompson Thrift Retail Group Announces Sprouts Farmers Market-Anchored Development Near Phoenix

Rhea-AI Summary

Thompson Thrift Retail Group has announced that Sprouts Farmers Market will anchor Sonoran Creek Marketplace, a significant retail development in Maricopa, Arizona, slated to open in September 2021. This 75,000-square-foot project, with an estimated cost of $30 million, is aimed at enhancing the community's retail offerings, which currently lack specialty grocers. The development will feature 23,293-square-foot Sprouts alongside other tenants, creating nearly 300 new jobs. The area is experiencing rapid growth, with approximately 22,000 new residential units planned in Maricopa.

Positive

• The development of Sonoran Creek Marketplace is projected to create nearly 300 new jobs.
• Sprouts Farmers Market, a growing specialty grocery chain, is expected to enhance local retail options.
• The project is estimated at $30 million, signaling significant investment in the community.

Negative

• None.

PHOENIX, Sept. 18, 2020 /PRNewswire/ -- Thompson Thrift Retail Group, a wholly-owned company of Indianapolis-based Thompson Thrift, announced today that Sprouts Farmers Market will anchor Sonoran Creek Marketplace, a 75,000-square-foot project the company is developing in Maricopa. Sprouts (NASDAQ: SFM), the Phoenix-based specialty grocery chain that concentrates on natural and organic foods, is expected to open in September 2021.

"Maricopa is one of the largest Arizona markets without a specialty grocer and the existing retail in the trade area has very strong occupancy and sales, so our team thought this could be an excellent opportunity for an outstanding grocer like Sprouts," said Chris Hake, senior vice president, director of the Southwest region for Thompson Thrift. "Even during these unprecedented times, our team was able to come together, acquire a prime property in the center of Maricopa's retail district, and bring an industry leader like Sprouts to the community. The Sonoran Creek Marketplace will be an extremely attractive location for additional retailers and restaurants looking to locate or relocate in Maricopa."

Sonoran Creek Marketplace will sit on approximately 14 acres of land at the southwest corner of John Wayne Parkway and Edison Road and the development has an estimated cost of $30 million. The project is located in the heart of Maricopa's trade area and is expected to bring a host of national, regional and local retailers and restaurants to the community. In addition to the 23,293-square-foot Sprouts Farmers Market, TTRG has signed leases with The Joint Chiropractic, State Farm Insurance, Jimmy John's and Filiberto's Mexican Food. The company is also working with several other retail and restaurant concepts to join Dutch Bros, Culver's and Fast & Friendly Express Carwash who are already open for business within the development.

Located approximately 35 miles south of Phoenix, Maricopa is America's 17^th fastest growing city with fewer than 50,000 residents. To help keep up with this growth, approximately 22,000 new residential units are currently planned, permitted, or under construction in the city. The City of Maricopa was also ranked the second best place to raise a family in Arizona, the sixth safest city in Arizona, and one of Arizona's Top 10 Best Places to Live.    

Nathan Steele, director of economic & community development for Maricopa stated, "This new shopping center is a boon for Maricopa. We are excited that our growing community will benefit from nearly 300 new jobs and an array of quality retail and dining options that Thompson Thrift will bring with this new shopping center."

This is the first project for Thompson Thrift Retail Group in Maricopa, but the company is actively looking at additional opportunities in the city. In addition to the Maricopa development, TTRG's 2021 Southwest pipeline is projected to include over $120 million in volume across the Phoenix metro, including planned projects in Glendale, Tempe, Peoria, Mesa, Tucson, Casa Grande and Peoria. Since opening Thompson Thrift Retail Group's Phoenix office in 2016, the Southwest region has sourced and developed more than 22 projects across the southwestern United States.

Thompson Thrift Retail Group is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. During the past 30+ years, Thompson Thrift has invested more than $2.2 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive retail and multifamily projects.

About Sprouts Farmers Market, Inc. 
Sprouts is the place where goodness grows. True to its farm-stand heritage, Sprouts offers a unique grocery experience featuring an open layout with fresh produce at the heart of the store. Sprouts inspires wellness naturally with a carefully curated assortment of better-for-you products paired with purpose-driven people. The healthy grocer continues to bring the latest in wholesome, innovative products made with lifestyle-friendly ingredients such as organic, plant-based and gluten-free. Headquartered in Phoenix, and one of the fastest growing retailers in the country, Sprouts employs more than 35,000 team members and operates more than 350 stores in 23 states nationwide. To learn more about Sprouts, and the good it brings communities, visit about.sprouts.com.

About Thompson Thrift Real Estate Company 
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Ind., Houston, Texas, and Phoenix, Arizona. Three service pillars drive Thompson Thrift's success—Thompson Thrift Retail Group which is focused on ground-up commercial development, Watermark Residential which is focused on upscale multifamily communities and luxury leased homes, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail and office projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve. For more information, please visit www.thompsonthrift.com. 

Contact:                
Jennifer Franklin                                 
Spotlight Marketing Communications  
949.427.1385  
jennifer@spotlightmarcom.com

 

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SOURCE Thompson Thrift

FAQ

What is Sprouts Farmers Market's role in the Sonoran Creek Marketplace?

Sprouts Farmers Market will serve as the anchor tenant for the Sonoran Creek Marketplace, a new retail development in Maricopa, Arizona.

When will the Sprouts Farmers Market in Maricopa open?

The Sprouts Farmers Market in Maricopa is expected to open in September 2021.

How much is the Sonoran Creek Marketplace project worth?

The Sonoran Creek Marketplace project has an estimated cost of $30 million.

How many jobs will the Sonoran Creek Marketplace create?

The Sonoran Creek Marketplace development is projected to create nearly 300 new jobs.

What is the significance of the Sonoran Creek Marketplace for Maricopa?

The Sonoran Creek Marketplace will provide essential retail offerings in a rapidly growing area of Maricopa, which currently lacks specialty grocery options.