Thompson Thrift Begins Construction on Sprouts Farmers Market-Anchored Mixed-Use Development in Phoenix

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Oct 26, 2023, 09:00 ET

PHOENIX, Oct. 26, 2023 /PRNewswire/ -- Thompson Thrift, a full-service nationally recognized real estate company, announced today the commencement of construction on the retail component of a 21-acre mixed-use parcel located at the intersection of Interstate 10 and Loop 101 in Phoenix. An approximately 23,000-square-foot Sprouts Farmers Market is set to anchor the mixed-use development, along with a Class A multifamily community to be developed later. The first retail tenants are expected to open in late 2024.

"This property rests on the last undeveloped corner of a major regional intersection," said Ashlee Boyd, managing partner for Thompson Thrift Commercial. "We believe this will be a standout center and a lasting asset for the community."

Located at the northeast corner of 99^th Avenue and McDowell Road at the front door of Phoenix's West Valley, Thompson Thrift has already secured leases with Shake Shack; Hawaiian Bros. Island Grill; Mountain Mike's Pizza; Cava, a Mediterranean-inspired, fast-casual restaurant; Nekter Juice Bar, a cold-pressed juice and smoothie concept; and Torchy's Tacos, a Tex-Mex taco restaurant. Valvoline; V's Barbershop, a nostalgic barbershop with a modern twist; LaserAway, a laser hair removal chain, a nail salon and a medical spa will also fill the space.

Currently, only one inline shop space and two pads remain available.

The site is directly across from Gateway Pavilions, a power center that is home to a variety of national retailers including Costco, Ulta Beauty, Marshall's and Harkins Theatres. It also is minutes north of the Southwest Valley Industrial Corridor and less than five miles south of the Glendale Sports and Entertainment District, which includes State Farm Stadium (home to the NFL's Arizona Cardinals), Gila River Arena, Top Golf and a host of retail and dining options.

"Our long-standing history developing commercial centers in Arizona was instrumental in securing the approvals and commitments necessary to move this project forward," said Chris Hake, senior vice president, director of the Southwest region for Thompson Thrift. "We are very pleased to bring this exciting new project to the West Valley."

Phoenix is the fifth largest city in the nation and the West Valley is one of the country's fastest growing regions. According to WESTMRC data, more than 1.7 million people currently call the West Valley home, and its population is expected to grow at twice the national rate over the next five years.

Thompson Thrift is a full-service real estate development company focused on ground-up commercial and multifamily development across the Midwest, Southeast and Southwest. Since its founding more than 30 years ago, Thompson Thrift has invested more than $4 billion in real estate developments in 21 states. The company and its leaders are frequent recipients of distinctions and awards conferred by regional and national organizations that reflect the company's ongoing commitment to creating environments of excellence in both the community and the workplace.

About Thompson Thrift Real Estate Company

Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Denver; Houston and Phoenix. Three business units drive Thompson Thrift's success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of development, construction, leasing, and management of quality commercial real estate projects across the country. The company earned national recognition as a winner of a 2023 Top Workplaces USA award, the latest accolade that reflects the company's ongoing commitment to excellence in the community and workplace. For more information, please visit www.thompsonthrift.com

About Sprouts Farmers Market, Inc.   

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 largest and fastest growing specialty retailers of fresh, natural and organic food in the United States, Sprouts employs approximately 31,000 team members and operates more than 400 stores in 23 states nationwide. To learn more about Sprouts, and the good it brings communities, visit about.sprouts.com. 

Contact:
Jennifer Franklin
Spotlight Marketing Communications
949.427.1385
[email protected]

SOURCE Thompson Thrift