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8/13/25
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Pivot Development Company has secured a $42.5 mil equity placement for Papago Marketplace, the firm’s 55.5k sf, Sprouts-anchored grocery development in Scottsdale, AZ.
Papago Marketplace, located at the southwest corner of Scottsdale and McDowell Rd, will feature a 23.3k sf Sprouts Farmer’s Market as its anchor tenant. The development sits on a 4.57-acre site with excellent visibility to approximately 60,000 vehicles per day, providing premier access to nearby residents and industry professionals. The project is currently 80% pre-leased.
The Phoenix metropolitan area continues to experience strong population growth and economic expansion, creating demand for high-quality retail developments in prime locations. Scottsdale, in particular, remains a sought-after submarket for retail investors due to its affluent demographics and strong consumer spending power.
Patrick Dempsey and Quin Madden with JLL Capital Markets arranged the equity placement.
Construction on Papago Marketplace is expected to begin in August 2025 with an anticipated completion date of August 2026.
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