Vestar Announces Anchor Tenants for Verrado Marketplace

Target, Harkins BackLot, Safeway, Marshalls, Ross and HomeGoods will anchor the 500,000 SF Regional Shopping Center Development in Buckeye, Arizona

BUCKEYE, Ariz., Nov. 28, 2023 /PRNewswire/ -- Vestar, one of the leading privately held shopping center owners and managers in the United States, in partnership with DMB Associates, announced the notable line up of anchor tenants committed to Verrado Marketplace - marking a significant milestone in the project's progress. National retailers Target, Harkins BackLot, Safeway, Marshalls, Ross and HomeGoods will open their doors at the open-air retail center in late 2025. Verrado Marketplace will bring Vestar's signature shopping, dining, and entertainment experience to the heart of Buckeye, providing residents with a premier location to shop, dine and socialize within their community.

"We are thrilled to welcome Target, Harkins BackLot, Safeway, Marshalls, Ross and HomeGoods to Verrado Marketplace. With the addition of these premiere anchor tenants, we are confident that Verrado will become more than just a retail destination, but also a community hub for social interaction and entertainment," says Jeff Axtell, Executive Vice President of Development.

Entertainment company Harkins BackLot is bringing their newest concept to Verrado Marketplace. In addition to a luxury movie theatre, Harkins BackLot will have a full-service restaurant and bar including a state-of-the-art sports viewing arena, arcade games for all ages, a bowling alley and private areas for parties and events within the 75,000 SF space. The Verrado Marketplace location will be their first new build of the "BackLot" concept to open in Arizona.

Major department store, Target, is bringing their newest prototype to Verrado Marketplace, including their various buy online, pick up at store shopping options. With visibility from Interstate 10, Target will occupy 147,000 SF on the southeast corner of the development adjacent to Marshalls, Ross and HomeGoods- who will occupy a combined 70,000 SF of space.

"With our roster of premier anchor tenants in place, we continue to focus our efforts on bringing a dynamic mix of tenants, including upscale restaurants, local eateries and fast casual dining, specialty stores including apparel and home furnishings as well as neighborhood services" stated Axtell.

Similar to Vestar's Desert Ridge Marketplace and Tempe Marketplace projects, Verrado Marketplace will offer gathering spaces throughout the development, complete with a central lawn. 'The District', designed to provide a versatile space for concerts, community events and social gatherings with the addition of a state-of-the-art performance stage. Vestar hosts hundreds of events at its signature Marketplace properties each year, including live music performances, holiday celebrations, yoga classes and more. Families will delight in the inclusion of a PopJet Splash Pad, providing a playful and refreshing space for children to enjoy outdoor fun. Numerous dining options will further enhance the overall ambiance, making Verrado Marketplace a destination for both shopping and leisure.

Verrado Marketplace will also be bringing Vestar's signature Sip & Stroll program to the development, allowing customers 21 and older to enjoy alcoholic beverages from participating bars and restaurants while strolling defined pedestrian areas of the property, providing an enhanced and social shopping experience.

As part of its commitment to the community, Vestar will be implementing its leading sustainability program, GreenStar, into the project including energy-efficient building materials, solar power, water harvesting, white "cool" roofs, artificial turf, LED lighting, onsite recycling and composting, drip system landscaping and EV charging stations.

Verrado Marketplace will stand at the entrance to DMB Associates' 8,800-acre master planned community where there are currently more than 6,800 homes. Over the next decade, Verrado Marketplace is expected to bring in more than $50 million in total tax receipts to the city of Buckeye. Additionally, the retailers and restaurants in the shopping center will generate nearly 1,500 permanent jobs. Between construction and operation, the project is estimated to result in economic output of $1.8 billion over a ten-year period.

Verrado Marketplace is one of five new projects Vestar is developing in Arizona. Vineyard Towne Center, Queen Creek Crossing, Laveen Towne Center, and The Shops at Lake Pleasant are also underway.

To learn more about Vestar, visit www.vestar.com.

For more information about Verrado Marketplace, visit atverradomarketplace.com.

About Vestar
Vestar, one of the leading privately held real estate companies in the United States, specializes in the acquisition, management, and development of retail real estate, including entertainment-retail complexes, power and lifestyle centers and neighborhood centers of varying size and scale, that serve as community shopping destinations. Vestar has earned a reputation for integrity and responsibility in the fields of retail development, operations, leasing, and marketing. Founded in 1989, Vestar currently owns and operates over 30 million square feet of space in the western United States with an additional 1.2 million square feet in development. For more information, please visit www.vestar.com.

About Verrado Marketplace
Verrado Marketplace is a dynamic 500,000 square feet ground-up development in Buckeye, Arizona, set to open late 2025. The project aims to create a vibrant community hub, featuring premier anchor tenants, a Central Lawn, performance stage, PopJet Splash Pad, outdoor fireplace, and enticing indoor and outdoor dining options. Follow us for updates on @verradomarketplace.

Carli Richards
Communications Director
2415 E. Camelback Rd #100
Phoenix, AZ 85016
crichards@vestar.com

SOURCE Vestar