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Phoenix-Based Vestar Goes from Salt Lake City to Denver to Seattle

TACOMA, WA—In the firm's latest out-of-state buy, the $31.4-million James Center “offers a key location in an infill area that continues to grow in population and workforce numbers.”

By Natalie Dolce | nataliedolce | | Updated on March 17, 2016
James Center James Center is located at 6901 S. 19th St. in western Tacoma and is directly across from Tacoma Community College.
TACOMA, WA—Phoenix-based Vestar has acquired James Center, a retail center in Tacoma, WA, for $31.4 million. James Center is located at 6901 S. 19th St. in western Tacoma and is directly across from Tacoma Community College, which enrolls nearly 14,000 students per year. “James Center fits well in Vestar’s acquisition strategy of investing in grocery anchored centers with strong demographics,” says Clint Marchuk , vice president of acquisitions with Vestar. “This asset offers a key location in an infill area that continues to grow in population and workforce numbers.” The center totals 140,240 square feet and is situated on 15.95 acres. James Center is leased by a mix of retailers including anchor tenants, Fred Meyer and Rite Aid, as well as other notable brands including Starbucks, Subway, Verizon, Menchie’s, US Bank, IHOP, FedEx Kinko’s and Ivar’s. Over the past 12 months, Vestar has acquired five retail centers valued at $670 million throughout the western states. And Seattle isn’t the only place Vestar is looking. As GlobeSt.com recently reported, the firm just purchased a Denver area shopping center for $76 million with plans to invest significant capital to expand the shopping center to include new retail, restaurants and a multifamily component. The company also recently bought a 623,205-square-foot open-air retail and entertainment center within the heart of downtown Salt Lake City in a JV with funds managed by Los Angeles-based Oaktree Capital Management LP, as GlobeSt.com previously reported.

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