Vestar Marks a Defining Year in 2025, Driving Growth Across Its Western U.S. Portfolio
PHOENIX, Feb. 9, 2026 /PRNewswire/ -- Vestar, a leading privately held shopping center owner and operator in the United States, closed a milestone year in 2025 marked by portfolio-wide growth and continued momentum across leasing, development, acquisition and community engagement. Guided by its mission to "create unique destinations with a sense of place," Vestar's efforts in 2025 further strengthened the company's position as a leader in open-air retail and mixed-use development throughout the Western United States.
"2025 was a year defined by intentional growth," said David Larcher, President and CEO of Vestar. "Throughout the year, we expanded our footprint, strengthened tenant partnerships, and delivered compelling retail and lifestyle experiences that attracted millions of visitors across our properties. Our team remained focused on building destinations that serve as both economic and community anchors, creating a strong foundation for continued growth in the years ahead."
Leasing
Vestar completed more than 350 new and renewed lease agreements in 2025, maintaining a portfolio-wide occupancy rate of 97%. Leasing momentum was driven by robust demand from national, regional and first-to-market brands, reflecting the continued shift toward open-air, lifestyle-oriented retail. The company's premier centers attracted industry-leading brands such as Target, Walmart, H Mart, Sam's Club, Sephora, J.Crew, Gap and Abercrombie & Fitch alongside first-to-market concepts including P.volve, Sweetgreen, Mendocino Farms, Carhartt and KUIU. These transactions highlight the strength of Vestar's retailer relationships and high-performing properties.
Development
Vestar significantly advanced its development pipeline in 2025, delivering three ground-up projects, progressing two active developments, and launching eight new projects totaling more than 3.5 million square feet. The next project nearing completion is Verrado Marketplace, a 500,000-square-foot, next-generation shopping center in the Phoenix West Valley. The $275 million project will begin opening in May 2026 and will serve as a regional destination for dining, shopping, and entertainment including anchor tenants Target, Harkins BackLot, Safeway, Ross, Marshalls, and HomeGoods.
Completed projects- Queen Creek Crossing, Vineyard Towne Center and Shops at Lake Pleasant- represent more than $200 million in new retail across more than 750,000 square feet. Each project was 100% leased at completion, well received by the community, and experienced record-breaking grand opening performances.
These efforts reflect the company's forward-thinking growth strategy and commitment to creating long-term value in underserved, high-growth markets.
Portfolio Highlights
In 2025, Vestar acquired Scottsdale Quarter, becoming a strategic partner in the 755,000-square-foot open-air, mixed-use destination located in the heart of Scottsdale. Home to nationally recognized brands including Apple, RH (Restoration Hardware), lululemon, Jenni Kayne, Veronica Beard and Dominick's Steakhouse, Scottsdale Quarter attracts more than 4.5 million visitors annually. The acquisition was one of the largest in Arizona history and includes a comprehensive repositioning and rebranding strategy designed to elevate the tenant mix and position the center as one of the country's top open-air luxury retail destinations.
Property Management
In 2025, Vestar expanded its property management portfolio by 3.5 million square feet, bringing total managed assets to more than $7.2 billion. This growth included 13 properties, highlighted by a new engagement with Nuveen Real Estate to provide property management, strategic leasing oversight, marketing and construction management for a newly acquired grocery-anchored portfolio spanning more than 600,000 square feet.
Marketing and Community Impact
Vestar properties welcomed an estimated 250 million visitors in 2025 and hosted more than 3,000 events across the portfolio, strengthening community connections through innovative partnerships and a robust mix of entertainment, wellness and cultural programming. At The District at Green Valley Ranch in Henderson, Nevada, Vestar completed a $3 million renovation project that included a collaborative partnership with longtime tenant Pottery Barn, showcasing premium outdoor furnishings throughout the center's communal gathering spaces. The initiative enhanced the visitor experience while driving increased foot traffic to the retailer.
Community engagement remained central to Vestar's mission, with support for more than 250 charitable partnerships throughout the year. Vestar's signature Holiday Tree Lighting Celebrations came to life through a partnership with the Phoenix Children's Hospital Foundation, blending immersive entertainment, family-friendly programming and charitable fundraising. The collaboration transformed Desert Ridge Marketplace, Tempe Marketplace and Scottsdale Quarter into festive community hubs while advancing a philanthropic mission. A new premium ticketed component was introduced, with all proceeds benefiting pediatric health care.
Throughout the year, Vestar properties helped raise $2 million for local nonprofits and charitable organizations across the portfolio, underscoring the company's ongoing commitment to meaningful community impact.
Looking Ahead
With multiple projects under construction and a robust development pipeline, Vestar enters 2026 with strong momentum. The company remains focused on strategic growth and continues to raise the bar for open-air retail and mixed-use destinations across the West.
"Momentum isn't something we chase," Larcher added. "It's something we build: one project, one partnership and one community at a time."
For more information on Vestar and its portfolio of properties, visit vestar.com.
About Vestar
Vestar is a nationally recognized leader in the acquisition, development, and operation of high-quality retail, entertainment, and mixed-use destinations. With a portfolio exceeding 30 million square feet across the western United States and an additional 3.5 million square feet under active development, Vestar specializes in creating vibrant shopping and entertainment hubs that transcend commerce to become essential community landmarks. Vestar's rich 35-year legacy is industry-celebrated for its ability to create unique destinations with a sense of place, shaping the future of retail. For more information, please visit vestar.com.
SOURCE Vestar
Share this article