Vestar, AEW Buy Out Partner’s Interest in Tempe Marketplace for $367M
TEMPE, ARIZ. — Vestar, a privately held retail real estate company, and AEW Capital Management, have partnered to acquire Tempe Marketplace for $367 million. Vestar previously owned the 1.3 million-square-foot, open-air retail center with Rockwood Capital, which is exiting its investment after a five-year hold.
AEW acquired the property on behalf of the AEW Core Property Trust. The deal closed Oct. 6.
“We have a great long-standing relationship with AEW and are excited that their vision for Tempe Marketplace matches ours,” says Rick Kuhle, Vestar chairman and CEO. “Rockwood has been an exemplary capital partner for us. We look forward to working with them on future ventures.”
Vestar opened Tempe Marketplace in 2007 and Rockwood Capital joined as a joint venture partner in 2010. The center offers shopping, dining and entertainment. Tempe Marketplace is fully occupied, with new tenants including F21 red (Forever 21’s new concept store), H&M and Nordstrom Rack.
“We are excited about the investment as we believe the center will continue to benefit from the nearby Arizona State University campus as well as State Farm’s move of 7,000 professionals to a property that is adjacent to Tempe Marketplace,” says 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.”
Tempe Marketplace is located at 2000 E. Rio Salado Parkway, near the interchange of the Loop 101 Pima/Price Freeway and Loop 202 Red Mountain Freeway.
— Haisten Willis