TEMPE, AZ—Tempe Marketplace, a 1.3 million-square-foot, open-air retail center, has been acquired for $367 million by joint venture partnership, Vestar and AEW Capital Management. Vestar previously owned the center with Rockwood Capital LLC, which is exiting its investment after a five-year hold. AEW acquired the property on behalf of the AEW Core Property Trust.
Rick Kuhle, Vestar chairman and CEO, tells GlobeSt.com: "Tempe Marketplace is the crown jewel of the valley's retail market, with continued growth of the region expected for years to come. We are excited about partnering with AEW in this next chapter of the evolution of this center as it adapts to changing consumer demands."
Vestar opened Tempe Marketplace in 2007 and Rockwood Capital joined as a joint venture partner in 2010. The center offers strategically integrated shopping, dining and entertainment in a festive, pedestrian-oriented village town center environment. The Marketplace is fully occupied and recently welcomed several new tenants including F21 red (Forever 21's newest concept store), H&M and Nordstrom Rack.
“We believe the center will continue to benefit from the nearby Arizona State University campus, as well as State Farm's move of approximately 7,000 professionals to a property that is adjacent to Tempe Marketplace," said Dan Bradley, senior portfolio manager for AEW Core Property Trust. "We are also thrilled to partner with Vestar who we believe is a best-in-class operator.”
AEW Capital Management L.P. provides global real estate investment management services to investors. AEW and its affiliates manage more than $48 billion of property and securities in North America, Europe and Asia. Vestar specializes in the acquisition, management and development of commercial 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 currently owns and manages 23 million square feet of western US retail assets.
“Rockwood and Vestar have enjoyed an outstanding relationship, partnering on Tempe Marketplace and three additional joint ventures over the past several years,” said Joel Mayer, Rockwood managing director. "We will continue to pursue new opportunities with Vestar in the future."
“We have a great long-standing relationship with AEW and are excited that their vision for Tempe Marketplace matches ours. Rockwood has been an exemplary capital partner for us. We look forward to working with them on future ventures,” adds Kuhle.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
