Sprouts Farmers Market is scheduled to open at the Prescott Valley Crossroads power center on June 4. The 27,994 SF Phoenix-based specialty follows the October 2013 opening of Dick’s Sporting Goods’ 35KSF store. Other large retailers soon to join the successful center are a 23KSF TJ Maxx and a 10KSF ULTA Beauty store. Both stores plan to open in late summer or early fall. The three retailers will join Sam’s Club, which opened in 2010. Negotiations are continuing with other regional and national retailers.
Phoenix Commercial Advisors’ Greg Laing, Teale Bloom, and Cameron Warren represent Kitchell Development Company, the project developer, in leasing the Prescott Valley Crossroads. Dan Gardiner of Phoenix Commercial Advisors represented TJ Maxx and Sprouts Farmers Market in negotiations.
Located 80 miles north of the Phoenix metropolitan area, the center sits on a premium location in Prescott Valley, along Highway 69. The 800KSF power center offers retail, services, big box, and dining opportunities and will serve the greater Prescott and Prescott Valley areas. Jeff Allen, President of Kitchell says the center “is one of the last premier locations in the area for large tenants.”
Kitchell developed both the north and the south sides of the highway. The shopping center occupies all four corners of the intersection which sits 1,000 feet above the town on Glassford Hill, providing great visibility for retailers locating there. The north side of the highway offers 444KSF of retail anchored by Home Depot, Dollar Tree, and Hobby Lobby.
Home building permits in Prescott Valley tell the story of the area’s rapid growth. According to the Town of Prescott Valley new home permits increased from only 21 permits being issued in 2010 to 259 new build permits issued as of November 2013. Housing growth is one of the factors retailers consider when looking at trade areas in which they might add new stores.
According to Bloom, “Area housing growth has helped drive retailer interest. Demand from retailers and restaurants for the balance of the shopping center has also increased with every reported new retailer committment in the center. There will be other announcements of great retailers to come.”
According to Gardiner, “The tenant mix in Prescott Valley Crossroads has become formidable. The strong lineup of retailers in complimentary categories will make this a true regional draw for the surrounding residents, and one of the top shopping centers in northern Arizona.”