Tag Archives: rockwood capital

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Vestar celebrates 25th anniversary

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.

Vestar Development Investment

Vestar Development, Rockwood Capital Acquire LV Retail Center for $79M

Phoenix-based Vestar Development, in a joint venture with New York-based Rockwood Capital, is acquiring The District at Green Valley Ranch, a 384,107 SF landmark retail property located outside of Las Vegas, for $79M, the firms announced.

The all-cash deal, the city’s second largest commercial real estate investment transaction in three years, closed Friday, October 21.

“Now is a great time to invest in the Las Vegas retail real estate market, particularly in projects like this one,” says Rick Kuhle, president of Vestar Development. “This center has recently struggled, but we are confident and excited about stabilizing it over the coming year. We’re very bullish about these types of value-added investment opportunities and are aggressively seeking more properties like it in Las Vegas and throughout the West.”

We believe this is a compelling opportunity based upon the high quality of the center and the solid in-place cash flow,” says Joel Mayer, managing director at Rockwood Capital. “We have a longstanding relationship with Vestar and their extensive knowledge of this asset and market make them the ideal partner for this project.” 

Richard Walter, president, and Donald MacLellan, senior managing director, out of Faris Lee’s Irvine, Calif., headquarters, and Rob Moore, senior managing director in Faris Lee’s Las Vegas office represented the seller, LNR Partners, LLC. 

The District is located within Green Valley Ranch, a leading master-planned community located in the Black Mountain foothills, about 10 miles southeast of the Las Vegas Strip.

Phase one of The District was developed in 2004 and encompasses 212,622 SF of retail and office space on the west side of Green Valley Parkway. The 21.54-acre property is comprised of 50 national and regional stores and restaurants; 88 luxury condominiums; and complementary office users. The shopping, dining, entertainment, residences and office space are joined via a pedestrian-friendly main street plaza and a central park. Phase one is 85% leased to several high-profile tenants including REI, Pottery Barn, Anthropologie, Williams-Sonoma, Ann Taylor Loft, White House/Black Market, King’s Fish House and P.F. Chang’s.

Phase two of The District was developed in 2006 and totals 171,485 SF on 16.02 acres. The property consists of six buildings with a retail and office tenant mix. Phase two is 82% leased, anchored by Whole Foods and also including tenants such as West Elm and The Cheesecake Factory.

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For more information about Vestar Development, Rockwood Capital or The District at Green Valley Ranch, visit:

www.vestar.com
www.rockwoodcap.com

www.thedistrictatgvr.com

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