Colliers International in Greater Phoenix negotiated the sale of a 105,848 SF cold-storage warehouse at 5445 W. Missouri Ave. in Glendale for $9.2M, or approximately $86.9 PSF.
By purchasing the property, WAM Glendale L.P., formed by WAM Development Group of Alberta, Canada, gains entry into the market. FBL LLC, a large design builder of Berkeley, Ill., sold the property. Marc Bonilla of Colliers International in Greater Phoenix represented both sides.
Sprouts Farmers Market’s Southwest U.S. Distribution Warehouse is the only tenant on a new 10-year term with the option to expand to an additional 40,000 SF.
Sunflower Farmers Market moved its operation into the property after Sprouts acquired the company in 2012. Sprouts has been at the location for 10 years.
Sprouts recently filed a $247.6M initial public offering of its stock, according to media reports.
The privately owned Arizona-based specialty grocery store chain has more than 150 locations in Arizona, California, Colorado, New Mexico, Texas and Utah. Sprouts annual revenue is approximately $2B.
“Sprouts’ rapid growth helped attract WAM to the property,” Bonilla said. “WAM is seeking to purchase other single-tenant industrial net-leased assets in the Valley on an all-cash basis.”