JLL Capital Markets facilitates equity placement for premier grocery-anchored retail project
News release
11 August 2025
Papago Marketplace: $42.5M equity placement secured for Sprouts-anchored retail development in Scottsdale
PHOENIX, Aug. 11, 2025 – JLL Capital Markets announced today that it has arranged a $42.5 million equity placement for Papago Marketplace, a 55,500-square-foot Sprouts-anchored grocery development in Scottsdale, Arizona.
JLL represented the developer, Pivot Development Company, in securing the equity placement on behalf of an institutional investor.
Papago Marketplace, located at the southwest corner of Scottsdale and McDowell Rd., will feature a 23,343-square-foot Sprouts Farmer’s Market as its anchor tenant. The development sits on a 4.57-acre site with excellent visibility to approximately 60,000 vehicles per day, providing premier access to nearby residents and industry professionals. The project is currently 80% pre-leased.
The Phoenix metropolitan area continues to experience strong population growth and economic expansion, creating demand for high-quality retail developments in prime locations. Scottsdale, in particular, remains a sought-after submarket for retail investors due to its affluent demographics and strong consumer spending power.
JLL Capital Market Advisory team was led by Managing Director Patrick Dempsey and Analyst Quin Madden.
"This transaction highlights the continued investor appetite for well-located, grocery-anchored retail developments in strong growth markets like Phoenix," said Dempsey. "The pre-leasing momentum demonstrates the strength of the location and the quality of the development plan."
Construction on Papago Marketplace is expected to begin in August 2025 with an anticipated completion date of August 2026.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.