Vestar, the largest privately held retail developer in the western US, is celebrating 25 years of creating and managing shopping and entertainment destinations. Today, Vestar owns and operates more than 23MSF of retail property located across several western states.
The company’s most noteworthy projects include Desert Ridge Marketplace, the award winning 1.2 million square foot entertainment and lifestyle center; Tempe Marketplace, the 1.2 million square foot power center; and the District at Tustin Legacy, a 1 million square foot regional center.
Vestar was founded in 1989 by the executive team of Richard J. Kuhle, Chairman and CEO, David J. Larcher, President, J. Paul Rhodes, Executive Vice President and the late Lee T. Hanley, past chairman. The company first established itself through successful development and management of large open-air retail destinations in Arizona and California.
Building on its philosophy of developing environmentally sensitive and culturally significant properties, Vestar has worked closely with neighborhood groups, communities and municipalities to ensure their projects integrate with and enrich their communities. This holistic approach led to expanded opportunity throughout the western United States.
In 2008, Vestar expanded its focus to include the increased acquisition and redevelopment of existing retail centers in order enhance their value and relevance to shoppers and their communities. In recent years, acquisitions have exceeded $1.5 billion, ushering in a new era of growth for the company.
“We’re proud of where we’ve been,” says David Larcher, President of Vestar. “But we’re just as excited about where we’re going. As a financially sound and well-capitalized company with a reputation for quality, the future is bright for Vestar, which makes our 25th anniversary a true celebration.”
Today the company remains based in Phoenix, and now has eleven regional offices including Los Angeles, the Bay Area and Dallas. Vestar’s portfolio includes properties in Texas, Colorado and Nevada, along with Arizona and California. The company’s valued partners and clients include UBS, La Salle, Heitman, AEW, Rockwood Capital, KIMCO, and the Carlyle Group among others.
In addition to its focus on community connection and involvement, Vestar has expanded its commitment to sustainability. The company’s proprietary GreenSTAR initiative aligns Vestar building techniques to achieve Leadership in Energy and Environmental Design (LEED®) certification for the company’s new development projects. As a result, Vestar has received Silver LEED certification, and been recognized with the Valley Forward Environmental Excellence Award.