FLAGSTAFF, ARIZ., – Vestar, one of the leading privately held shopping center owners in the western United States, announced today that it has purchased University Plaza, a 165,615-square-foot shopping center located in the heart of Flagstaff, Arizona.
University Plaza is ideally located across the street from Northern Arizona University, with a student population of 23,000, and minutes from Downtown Flagstaff. The center is currently 98 percent leased and anchored by Safeway, Ross, Bed Bath & Beyond, and PetSmart.
“Vestar is focused on acquiring high quality retail assets and University Plaza falls perfectly within our strategy,” said Clint Marchuk, Vestar’s Vice President of Acquisitions. “It is a dominant retail center, in an ideal location with a strong tenant base. We are confident that our strategic leasing and management services will further enhance the performance of the property and overall customer experience.”
Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in the transaction.
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 totals 30 million square feet throughout the western states. For more information, please visit vestar.com.