HENDERSON, NV—Vestar, one of the largest privately-held retail real estate companies in the western United States, has completed a buyout of The District at Green Valley Ranch. Vestar paid its joint venture partner, Rockwood Capital, $120 million to take full ownership of the 37-acre, 384,107-square-foot landmark retail property minutes from Las Vegas.

The Vestar/Rockwood Capital joint venture acquired the property in late 2011 amidst distressed economic conditions. The center was approximately 84% occupied at that time. Since then, the ownership has invested significant capital to reposition the asset, and had provided a high level of property management and marketing services to attract and retain top lifestyle retailers, dining, and entertainment venues, as well as increase occupancy for its residential units and office space. The District has seen a significant amount of value added to the property and is now stabilized with 95 percent occupancy and a more than 20% increase in tenant sales. The property includes several high profile tenants including Whole Foods, West Elm, REI, William-Sonoma, Pottery Barn, White House | Black Market, Anthropologie and many other quality retailers.

In 2014, Vestar completed a renovation to enhance the overall consumer experience throughout the center highlighted by the addition of a two way traffic street to improve access and visibility. With the improvements, Vestar now has the ability to partially and/or fully close the street with built in bollards for select events. The firm also added decorative lighting above the new Main Street, new outdoor furniture and seating areas, splash pad for kids and improved landscaping featuring beautiful palm trees creating additional shade.