Vestar Closes Out Its 35th Year of Operations with Remarkable Growth

Year End Video 

PHOENIX, Feb. 4, 2025 /PRNewswire/ -- Vestar, a leading privately held shopping center owner and operator in the United States, achieved significant growth in 2024, with more than two million square feet of retail space under development and the addition of several new management assignments. As the company closed out its 35th year of operations, it remains focused on creating unique and timeless retail destinations.

David Larcher, Vestar's President and CEO, reflected on the company's evolution over the past three and a half decades: "Innovation is in our DNA, and I am incredibly proud of the growth we achieved in 2024. We had strong leasing and development momentum throughout the year, continually pushing boundaries and shaping the future of retail. Our focus on creating dynamic properties where people come to shop, dine, and engage with the community remains at the heart of what we do at Vestar."

An Active Year for Leasing
In 2024, Vestar's leasing team achieved an occupancy rate of 96%, executing more than 400 new and renewed lease agreements totaling approximately 3 million square feet. The company's premier centers attracted popular national tenants such as Target, Marshalls, HomeGoods, Nike, J. Crew, Lululemon, Sephora, and Nordstrom Rack, as well as specialty retailers and restaurants including Warby Parker, Blue Mercury, Flower Child, North Italia, Urth Caffé, and more.

Development Highlights
Vestar is expanding its presence across the Western U.S. with three projects currently under development and more in the pipeline. The company's largest active project, Verrado Marketplace, broke ground in November 2024 in Buckeye, Arizona. The $275 million, 500,000 square foot entertainment and lifestyle destination is poised to become the top choice for dining, shopping, and entertainment in the West Valley, scheduled to open in the spring of 2026. With a robust lineup of national and local retailers, including Target, Harkins Theaters, Safeway, HomeGoods and more, Verrado Marketplace is set to serve the rapidly growing Verrado community.

In Phoenix, Laveen Towne Center, another ground-up development, will offer 500,000 square feet of retail space featuring a diverse mix of top-tier tenants. Currently in pre-development, the project is set to open in the fall of 2026.

In addition, Vestar is expanding its presence in the rapidly growing city of Queen Creek, with the second phase of Vineyard Towne Center underway. Phase 2 will include anchor tenant Target, in addition to 15,000 square feet of retail and dining. Phase 2 of Vineyard Towne Center is scheduled to open in fall 2025.

Portfolio Highlights
Utah, another key market for Vestar, is home to The Gateway in downtown Salt Lake City, where the historic 1908 Union Pacific train station was restored and transformed into the Asher Adams hotel, an Autograph Collection hotel, featuring 225 rooms and four distinctive food and beverage concepts. Asher Adams brings top-tier amenities to the unique downtown district, further advancing Vestar's mission of creating timeless destinations at each of its properties.

Sustainability Commitments
Vestar reaffirmed its commitment to its proprietary GreenSTAR sustainability program, which has driven a 14% reduction in annual energy usage across the company's real estate portfolio since its inception in 2005. Through these sustainable design features and practices, the company strives to minimize their impact and promote eco-friendly living.

In 2024, Vestar also reported positive results from its 'Cool Pavement Project', a partnership with Arizona State University. The pilot program at Vestar's Desert Ridge Marketplace found that an innovative water-based asphalt coating reduced surface temperatures by up to 14 degrees, helping to lower the 'urban heat island' effect.

Unique Marketing Programs
In 2024, approximately 250 million people visited Vestar properties. The company's creative efforts to engage the communities it serves included hosting more than 2,000 events across its portfolio and establishing partnerships with innovative brands. For example, at Tempe Marketplace in Arizona, Vestar teamed up with Waymo, the world's first fully autonomous vehicle, to offer exclusive ride-share opportunities to and from the property, providing guests with an unparalleled shopping experience.

Desert Ridge Marketplace expanded its popular District Dome immersive experience, which brought exclusive pop-up concepts to the center, including the debut of Villa Fleur in the spring and the return of the Ember Lounge for the 2024 holiday season. The unique offering has welcomed more than 22,000 guests since its inception. Additionally, Vestar continues to expand its proprietary Sip & Stroll program, allowing customers to purchase alcoholic beverages from designated restaurants or bars and enjoy them throughout the property. The program, which originated at Tempe Marketplace and Desert Ridge Marketplace, is set to launch at Vestar's new Verrado Marketplace in 2026.

Community Outreach and Partnerships
Through more than 250 charity partnerships in 2024, Vestar reinforced its commitment to giving back to the communities it serves. These initiatives demonstrate Vestar's dedication to improving lives while delivering exceptional retail and entertainment experiences.

To learn more about Vestar and its growing portfolio of retail and entertainment destinations, visit vestar.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. For more information, please visit vestar.com.

SOURCE Vestar