#United States #Phoenix #Vestar #Verrado Marketplace #GreenSTAR

Vestar Celebrates 35th Anniversary with Remarkable Growth

As Vestar wraps up its 35th year in the retail real estate sector, the company has marked significant achievements in 2024. Renowned as a leading privately held shopping center operator in the United States, Vestar has expanded its portfolio with over two million square feet of retail space under construction and has successfully added several new management contracts. This growth is a testament to Vestar’s enduring commitment to creating unique and memorable retail environments.

Year of Evolution and Expansion

Reflecting on this milestone, David Larcher, Vestar's President and CEO, emphasizes, "Innovation is embedded in our culture, and our achievements in 2024 are a source of great pride. This year, we kept the momentum alive in leasing and development, shaping the future of retail through dynamic destinations."

The company’s leasing team had a fruitful year, achieving an impressive 96% occupancy rate and executing more than 400 leasing agreements that encompass around 3 million square feet. They have successfully attracted notable national retailers, including big names like Target, Nike, and Lululemon, along with a host of unique specialty shops and dining establishments.

Highlights of Development Projects

A focal point of Vestar's expansion efforts is the Verrado Marketplace, their largest ongoing project. Situated in Buckeye, Arizona, this ambitious venture is set to unfold as a 500,000 square foot entertainment and lifestyle hub, with an investment of $275 million. Targeted to open in Spring 2026, the marketplace will feature a diverse array of national and local businesses.

In addition, Laveen Towne Center in Phoenix is poised to deliver another 500,000 square feet of retail space, with an expected opening in Fall 2026. Vestar is also advancing in Queen Creek with the ongoing second phase of Vineyard Towne Center, further solidifying the significance of this region to their growth strategy.

Emphasizing Sustainable Practices

Vestar remains committed to sustainability through their proprietary GreenSTAR program, which has achieved a commendable 14% reduction in annual energy use since 2005. Their innovative sustainability measures extend to projects like the Cool Pavement Project with Arizona State University, which aims to mitigate urban heat effects significantly.

Engaging Communities through Unique Programs

In 2024, nearly 250 million people visited Vestar properties, bolstered by over 2,000 community events and partnerships with exciting brands. One standout initiative included collaborating with Waymo to enhance visitor experience through exclusive ride-share options at Tempe Marketplace. The District Dome at Desert Ridge Marketplace also saw an expansion of its immersive experiences, iterating on Vestar's strategy of integrating innovative concepts.

Furthermore, the Sip & Stroll program, which allows guests to enjoy beverages throughout shopping spaces, is set to launch at the upcoming Verrado Marketplace. Vestar’s philanthropic endeavors through 250 charity partnerships in 2024 showcase their commitment to social responsibility and community upliftment.

Looking Forward

To summarize, Vestar is not only commemorating a successful 35 years in operations but is also crafting a roadmap for future growth by focusing on sustainable development, community engagement, and innovative retail solutions. As Vestar continues to evolve, they remain dedicated to building iconic shopping destinations that connect communities and enhance the shopping experience.

For additional information about Vestar and its expanding retail landscape, visit vestar.com.