Sprouts Expands Headquarters on Heels of Merger
Natural and organic foods retailer Sprouts Farmers Market plans to expand its Phoenix headquarters, recently signing a 32,306 square foot lease renewal and expansion, according to Lincoln Property Company, a full-service real estate firm providing property management, receivership services, leasing, development, and project management.
The lease renewal and expansion comes on the heels of the recent merger announcement of Sprouts and Henry's Farmers Market. The corporate headquarters will be run out of the Sprouts offices at Paradise Village Office Park.
Sprouts and Henry's Farmers Market, two companies originally founded by the Boney Family that have operated under separate owners for almost a decade, announced their plans to merge in February. The combined company will operate under the Sprouts Farmers Market name and will have annual revenues in excess of $1 billion. The transaction is expected to close early in the second quarter 2011.
The new company will be managed by the Boney Family and will eventually operate all stores under the Sprouts banner.It will have 98 stores and more than 7,000 employees at the time the transaction is closed, with plans to open up to 10 additional new stores during 2011.