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| David Larcher |
PHOENIX, AZ ==Vestar, one of the leading privately held shopping center owners and operators in the Western United States, experienced a landmark year in 2023. The Phoenix-based company demonstrated remarkable growth and innovation as it expanded its presence across the west.
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| Rendering of Verrado Marketplace, Buckeye, AZ |
David Larcher, Vestar’s President and CEO expressed enthusiasm for the company's growth trajectory and milestones, stating, “We are very proud of what our team accomplished in 2023. It underscores our ability to adapt to dynamic market conditions and meet the evolving needs of retailers and consumers alike.
"Our robust development
activity reflects the fact that the demand for open-air retail exists,
particularly in areas of heavy population growth.”
With a year-ending average occupancy rate at a record 95%, Vestar executed 396 new and renewed lease agreements, totaling more than 1.7 million square feet of retail space, an 11% increase over 2022. Comparable rent growth exceeded 13% on new leases and over 6% on renewals.
Vestar continued to make progress in its development strategy. Verrado
Marketplace, Vestar’s largest active development located in Buckeye,
announced that national retailers Target, Harkins BackLot, Safeway, Marshalls,
Ross and HomeGoods would anchor the $155 million project, scheduled to break
ground in 2024
Queen Creek, another growth market targeted by Vestar, is home to 600,000 square feet of new development projects at Vineyard Towne Center and Queen Creek Crossing, now moving into the second and final phase with construction scheduled to conclude in 2025.
Peoria’s Shops at Lake Pleasant opened in fall 2023 and
will see its final stores open in spring 2024, while Laveen Towne Center in
Phoenix progresses in the early stages of pre-development.
CONTACT:
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Carli Richards Communications Director 2415 E. Camelback Rd #100 Phoenix, AZ 85016 crichards@vestar.com |
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