Trader Joe's is a private company and does not hand landlords a 10-K full of store counts and lease terms. This page does not guess a statewide store total. It uses two Vestar documents that were opened. Vestar's Queen Creek Marketplace property page lists Trader Joe's among the tenants at 21118 S. Ellsworth Loop Road, Queen Creek, in a lineup that also includes Target, Kohl's, Harkins Theatres, Ulta, Ross, PetSmart, and T.J. Maxx. The page is a landlord's marketing sheet. It is not an endorsement of Capital Market Funds, and Capital Market Funds is not endorsed by Trader Joe's or by Vestar.
The site plan for the same center labels a space M00TJS Trader Joe's at 12,561 square feet. On that same plan, Target is 188,480 square feet, Kohl's is 88,783 square feet, and Harkins Theatres is 64,197 square feet. Those figures are the plan's labels, not sales productivity and not a rent benchmark. They show role. Trader Joe's is a junior box in a power center whose gravity is the larger anchors. A lender who calls the property 'Trader Joe's-anchored' without reading co-tenancy may be describing the wrong tenant. The pillar that separates junior boxes, true supermarket anchors, and shadow anchors is Arizona grocery-anchored centers.
Co-tenancy at a power center does not automatically name the grocer
Shop leases in a power center often trigger off the large anchors, a percentage of gross leasable area, or a named theater or discount department store. A 12,561-square-foot grocer can be important to traffic and still be absent from the co-tenancy definition. The only way to know is to abstract the leases. Co-tenancy clauses describes that work without inventing a percentage. Because Trader Joe's publishes little about its form of lease, do not fill the gap with another grocer's 10-K. Sprouts, which does say it leases stores for a stated range of years, is a different operator on Sprouts-anchored centers.
Queen Creek as a city page is Queen Creek. The property type page that is not limited to this grocer is Arizona retail. A small leased box with term left can be part of a bank or life company hold on the whole center. It is rarely, by itself, the credit that carries a conduit loan. If the power center's large anchors are the story, say that. A club that owns its own building and pays the center nothing is Costco-adjacent retail, which is the other end of control.
Trader Joe's centers market context
- Queen Creek Marketplace lists the grocer
- Vestar's property page for 21118 S. Ellsworth Loop Road, Queen Creek, includes Trader Joe's in the tenant lineup with Target, Kohl's, and Harkins Theatres. Vestar, Queen Creek Marketplace property page
- The site plan shows a junior box
- Vestar's site plan labels Trader Joe's at 12,561 square feet and Target at 188,480 square feet in the same center. Size here is the plan's label, not a sales figure. Vestar, Queen Creek Marketplace site plan
Sources for a junior grocer inside a power center
| Source | When it fits |
|---|---|
| Bank | Banks can hold a power center that includes a small Trader Joe's lease. The lease is one tenant, not the whole credit. |
| Life Company | Life companies will look through the junior grocer to the larger anchors' terms before they call the center grocery-anchored. |
| CMBS | A conduit memo should say which tenant the co-tenancy actually names. At this center the site plan says that may not be the grocer. |