PHOENIX — Vestar, the Phoenix-based real estate developer, had a landmark year in 2022, expanding its retail and entertainment footprint throughout the western United States.
Key milestones …
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Vestar reports strong 2022 real estate results
Jeff Axtell is the executive vice president of development at Vestar.
Vestar, the Phoenix-based real estate developer, had a landmark year in 2022, expanding its retail and entertainment footprint throughout the western United States.
Key milestones reached in 2022 include leasing more than 1.1 million square feet of retail space with 460 new and renewed leases. Vestar also has more than 1.5 million square feet of commercial retail space currently under development, setting the stage for continued expansion in the years to come, according to a press release.
The company welcomed a variety of notable retailers to its properties in 2022, including Whole Foods, Hobby Lobby, TJ Maxx, Costco, Sprouts and two Nordstrom Rack stores to its growing portfolio of open-air shopping centers.
In addition, Vestar continued to grow its presence throughout the Southwest, securing five new third-party management assignments for 1.6 million square feet of space and entering the New Mexico marketplace for the first time with a project in Santa Fe.
“We’re very proud of what our team accomplished in 2022,” Vestar Executive Vice President Jeff Axtell said in the release. “Our robust leasing and development activity reflects the fact that the open-air retail sector continues its post-pandemic rebound, particularly in areas seeing heavy population growth.”
The company also expanded green initiatives at Vestar-operated projects last year. Through its proprietary sustainability program GreenSTAR, Vestar reduced overall energy usage by 14% portfolio-wide and added energy-saving LED light fixtures to 90% of its properties.
Another 94% of Vestar properties now actively participate in recycling and composting programs and the majority of them will feature electric vehicle charging stations by the end of 2023.
Vestar found innovative ways to attract new customers in 2022, the release stated, hosting almost 2,150 events that drew nearly 2 million attendees.
Several outdoor retail destinations in Arizona and Colorado, including Desert Ridge Marketplace and Tempe Marketplace, also implemented “Sip & Stroll” programs last year, allowing guests to have cocktails in common areas between visiting stores and restaurants.
Looking ahead, the company has five new ground-up developments in the works across the Phoenix metro that span more than 1.5 million square feet. New shopping and entertainment destinations in Queen Creek, Peoria, Buckeye and Phoenix are set to open between the summer of 2023 and early 2025.
“Vestar had a strong 2022, and leasing continues to gain momentum portfolio-wide,” Axtell said in the release. “We had 96% of our portfolio leased in 2022 and expect that trend to continue.”
For more about Vestar and the company’s growing portfolio of retail and entertainment destinations, visit Vestar.com.
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