Sprouts Farmers Market Sells Distribution Center
GLENDALE, AZ - It’s a news-heavy week for Sprouts Farmers Market, which just divested an Arizona-based cold-storage and distribution center for $17.4 million.
The space spans 128,929-square-feet, offering refrigeration and freezer space, heavy trailer parking, functional loading, and prime truck maneuverability.
The buyer of the property is a fund sponsored by CBRE Global Investors, which has been targeting cold storage as a subtype according to news source connect media. And, while it may be sold, it seems it will still be utilized to serve Sprouts' customers.
“The property is well-located and leased to a leading grocer, Sprouts Farmers Market,” Cooper Fratt, Industrial Leasing & Sales First Vice President at CBRE, said in the report. “CBRE Global Investors saw an opportunity to purchase an asset class underserved in the Phoenix market. With a recent state-of-the-art expansion completed by ONE Properties, the facility should serve Sprouts’ cold-storage distribution needs for years to come.”
CBRE Global Investors’ Kim Hourihan added that the entity is excited to expand its holdings in the sector with the asset addition.
This news is just the latest in a string of strategic moves from Sprouts Farmers Market, which just announced a new CEO last week. This month alone, the retailer kicked off a national hiring event from coast to coast while also continuing its expansion plans in the increasingly competitive Florida market. What will the next move in the buy-side be?
AndNowUKnow will be sure to let you know.