Vestar Reaches Portfolio Benchmark with Bay Area Acquisition of East Washington Place for $55M
PHOENIX, ARIZ. – Vestar, one of the largest privately held shopping center owners in the western United States, just got bigger. With its purchase of East Washington Place, a more than 340,000-square-foot shopping center in Petaluma, California, Vestar’s portfolio has crossed the 30 million-square-foot threshold.
“We’re excited to grow our footprint and invest in the Petaluma community,” said Jeff Axtell, Executive Vice President and Regional Manager at Vestar. “We have a unique track record of redefining retail spaces and the role they play in the communities that surround them, and we’re truly invested in the success of our neighborhood and the city as a whole.”
Vestar has built a reputation for revitalizing shopping centers with innovative leasing and marketing initiatives. By expanding their footprint in the Bay Area and bringing a new strategy to East Washington Place, Vestar is positioned to refine the retail market in Northern California.
“The East Washington Place acquisition is an important asset for us,” said Clint Marchuk, Vice President of Acquisitions at Vestar. “There’s already a strong tenant lineup and a great community around it, and we’ll be implementing ways to make it even better. We have very strong partners and believe we can elevate the retail story regionally, and beyond.”
East Washington Place is LEED Silver-Certified and anchored by Target, TJ Maxx/Homegoods, Sprouts, ULTA, Dick’s Sporting Goods, and PetSmart.
As one of the leading privately held real estate companies in the United States, Vestar acquires, develops and manages shopping and entertainment destinations that serve as community focal points. Since its inception in 1989, Vestar has earned a reputation for integrity and responsibility in the fields of retail property development, operations, leasing and marketing. Vestar’s current portfolio of retail properties totalling more than 30 million square feet throughout the western states. For more information, please visit vestar.com.