TEMPE, ARIZ. — Vestar Development Co. has partnered with Rockwood Capital to take ownership control of the Tempe Marketplace shopping center. The joint venture acquired the interest formerly controlled by DLG/Credit Suisse for $280 million.
Vestar and DLG originally partnered to develop the 1.3 million-square-foot shopping center, which is located at the Loop 101 and 202 Freeway in Tempe, in 2007. Vestar will serve as the managing partner in the new joint venture. Concurrent with the deal's closing, Tempe Marketplace received $200 million in new permanent financing, which was provided by GACC.
Vestar Marketplace was 94 percent occupied at the time of closing. Retail tenants at the regional center include JCPenney, Target, Best Buy, Old Navy, GAP and Barnes & Noble. Restaurants include California Pizza Kitchen, Lucille's Smokehouse Barb-B-Que, Cadillac Ranch, Maria Maria, Kabuki Japanese Restaurant and The Keg Steakhouse & Bar. Tempe Marketplace also contains entertainment options including the Harkins Tempe Marketplace 16 movie theater and Dave & Buster's.
This is not the only deal in which Vestar is involved. While details could not be released, the company indicated that before the end of the year it will close on two California retail properties totaling approximately 400,000 square feet as well as another major project in Arizona.
— Coleman Wood