Principal Asset Management buys 5.11-acre lot at Papago Plaza Redevelopment for $5.5M ($24.71psf) for Sprouts Farmers Market

7/29/2025

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Phoenix Business Journal

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• Subcategory: Land: Commercial, Retail: Shopping

• Tag: New Construction | Sale

• Additional Filters-Subcategory: Land: Retail, Retail: Grocery, Retail: Grocery Anchored

• Additional Filters-Tags: Sale: Investment, Sale: Single Property

• Company: Sprouts Farmers Market Inc (NASDAQ: SFM), Principal Asset Management

Story Highlights
Papago Plaza's $100 million redevelopment lacks final Sprouts-anchored retail component
Developer Lee Mashburn sold 5.11-acre lot for $5.5 million
Sprouts now plans to open store in first half of 2026

Principal Asset Management

Darren Kleis | Managing Director, Portfolio Management, U.S. Core Private Equity

[email protected]

515-247-6582

Sprouts Farmers Market Inc (Nasdaq: SFM)

Dan Croce | SVP, Real Estate

[email protected]

215-606-2400

Arizona

Retail

Principal Asset Management buys 5.11-acre lot at Papago Plaza Redevelopment for $5.5M ($24.71psf) for Sprouts Farmers Market

Principal Asset Management

Sprouts Farmers Market Inc (Nasdaq: SFM)

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