After more than 20 years of leasing state land for its Desert Ridge Marketplace, Vestar, the largest privately held shopping center owner and manager in the western United States, purchased the land for $29.4 million.
Vestar bought the more than 115 acres on Wednesday, Dec. 21, at an Arizona State Land Department auction in Phoenix. Vestar was the only bidder.
In 2001, Vestar leased the land from the state and built its Desert Ridge Marketplace at 21001 N. Tatum Blvd. that same year, said Ryan Ash, project director for Vestar.
