Scottsdale, AZ—The Corritore Company, a specialty retail real estate firm known for shaping the tenant mix and leasing destination centers such as Kierland Commons and Scottsdale Quarter, has reinvigorated and redeveloped The SHOPS Gainey Village, with its latest tenant, Sprouts Farmers Market. The company will open their newest destination on April 11, 2018.
Sprouts, a natural foods grocer based in Phoenix with stores nationwide, will occupy approximately 30,000-square-feet, and will offer elements such as a coffee and juice bar, expanded salad bar, café, outdoor patio for on-premises dining, and prepared foods.
The opening of Sprouts is the latest step in The Corritore Company’s redevelopment of The SHOPS Gainey Village. Undertaking the project in 2015 when the center’s vacancy rate was hovering at 30 percent, founder and president John Corritore was the visionary behind its reemergence as a busy destination and multi-use center with a community draw. Currently, there is only one vacancy left to fill, which Corritore projects will be leased and opened by the end of 2018.
“The most important factor in creating a shopping center is giving people what they want in the tenant mix. This type of locale is really needed and requested in the immediate marketplace,” he says of choosing Sprouts as the anchor. “The SHOPS Gainey Village is in a market where there hasn’t been a new grocery store added to the area in many years. Now, it will have the newest store from one of the most exciting, popular companies specializing in organic, healthy offerings that has pretty much been sweeping the nation. This is going to have a major impact on the area and the shopping center itself.”
The net result of the center’s redevelopment is that it was renovated, remerchandised and repositioned, with The Corritore Company replacing 21 out of 38 tenants and leasing approximately 80,000 square feet of the 140,000 square feet of the project. To create the square footage needed for Sprouts, three tenants were relocated within the center, with multi-million dollar enhancements implemented as a result. Rolf’s Salon moved to the north end cap, opening a multi-million-dollar, state-of-the-art salon. At Ease Fine Men’s Clothes relocated to the south end, with a two-story build out and rich, dark accents throughout. Paris Paris also relocated to the north end.
Over the course of the redevelopment, The SHOPS Gainey Village went through a series of enhancements throughout, including leasing vacant spaces, modernizing storefronts, new landscaping, and expanding and renovating the parking area.
The shopping center will come into full bloom on April 11, upon the opening of Sprouts.
When Sprouts opens, The SHOPS Gainey Village will have a tenant mix that also includes 12 clothing stores, 10 restaurants, a jeweler, two specialty fitness uses, a day spa and a salon. Furniture store Kreiss Collection will also open in Fall 2018.
ABOUT THE CORRITORE COMPANY
The Corritore Company, founded in 1988, is a specialty retail real estate firm. The firm is known for leasing significant retail destinations, including Kierland Commons, Scottsdale Quarter, Tempe Marketplace, Desert Ridge, Dana Park and Westgate. They also specialize in handling national representation for clients such as Z Gallerie, Lucky Brand, Brighton and Joie. The company also specializes in leasing and consulting on shopping center projects from the ground-up or as a redevelopment project.