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Anatomy of a Lease: Sprouts Farmers Market in Rio Rancho, N.M.

Photo provided by Pegasus Group

Sprouts Farmers Market will occupy a former Bed Bath & Beyond space within a community shopping center in Rio Rancho, a growing suburb located about 15 miles northwest of Albuquerque, N.M. After doing extensive renovations of the space, Sprouts predicts an opening date of Q2 2024. The shopping center currently houses high-traffic tenants such as T.J. Maxx, Michaels, PetSmart and Ross Dress for Less.

Tenant: Sprouts Farmers Market
Location: Rio Rancho, N.M.
Square Footage: 23,649 s.f.
Developer/Owner: TDA Investment Group
Property Type: Community Shopping Center

The broker for the shopping center had been courting Sprouts as a potential tenant for about 10 years, as the Rio Rancho area was lacking a natural foods grocer. Sprouts ultimately agreed to a long-term lease after seeing the improved trade-area statistics, such as the 14,300 vehicles per day on the closest main thoroughfare. The retailer also liked the recent confirmation of the new development on the premises, called The BLOCK, which will open next year and provide additional tenants in a unique open-air setting with food vendors and live entertainment. The population in Rio Rancho and its surrounding areas should continue to rise, especially due to multiple housing developments springing up within the vicinity. It is now the third largest city in New Mexico.

Property Representation:
Pegasus Group
100 Sun Ave., N.E., Suite 100
Albuquerque, NM 87109
Anthony Johnson, President, (505) 346-0019
aj@pegasusgroupnm.com
Anita McCullough, Associate, (505) 331-8975
anita@pegasusgroupnm.com

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