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2/09/22
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A newly constructed Sprouts Farmers Market in the Green Valley Ranch neighborhood of Denver was acquired by Rustic Partners LLC. The price was not given out.
The 23.3k sf supermarket was developed by Evergreen for Sprouts as a build-to-suit store that anchors a new shopping center located on the northeast corner of 56th Avenue & Tower Road.
Sprouts Farmers Market offers a unique grocery experience featuring an open layout with a wide selection of natural and organic foods. Sprouts’ net sales totaled over $6.4 billion in 2020 and the chain has seen rapid growth, with an increase in stores of nearly 800% over the last decade. The supermarket currently operates more than 360 stores in 23 states nationwide.
Ryan Bowlby and Drew Isaac of Institutional Property Advisors (IPA), along with James Rassenfoss of Marcus & Millicha, represented the seller, Evergreen DevCo Inc, and procured the buyer, a Colorado-based private investor in a 1031 exchange.
“The highly anticipated addition of a healthy specialty grocer to a rapidly growing residential & commercial trade area resulted in the deal going under contract during the building’s construction and closing simultaneously with the store’s grand opening & lease commencement,” said Bowlby.
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