Target-anchored Queen Creek retail center sells for $69.6M

Article originally posted on Phoenix Business Journal on May 8, 2026

A recently constructed open-air retail center in Queen Creek anchored by a Target has been sold.

Vestar, the Phoenix-based shopping center developer and operator, sold Vineyard Towne Center, which is located at the northwest corner of Gantzel Road and Combs Road in Queen Creek, for approximately $69.6 million, according to the Pinal County Recorder’s Office.

The buyer was two different private investment funds – FCREF Vineyard Towne I LLC and FCREF Vineyard Towne II LLC – which are connected to Fidelity Core Real Estate Operating Partnership, according county documents.

The deal was for the entire shopping center. Although Vestar does not own the property anymore, the company will continue to operate and manage Vineyard Towne Center.

Construction on Vineyard Towne Center was completed in early 2026, though the center was already 100% leased in July. Vestar started construction on the 260,000-square-foot development in 2021 and built it in two phases. Vestar said the total development cost of the centers was $100 million.

Besides Target, the center is filled with national, regional and local tenants including Sprouts Farmers Market, Mountain America Credit Union, Academy Bank, LifeQuest, Mattress Firm, Zara Nail Bar, Dentists of Queen Creek, Keep It Cut, European Wax Center, Five Guys, Better Buzz Coffee, Thai Chili 2Go, McDonald’s, Over Easy, Café Rio, Cinnaholic, Zaxby’s, Nekter Juice Bar, Mr. Pickle’s Sandwich Shop, Wingstop and Ono Hawaiian BBQ.

Despite selling the Vineyard Towne Center, Vestar said in a statement sent to the Business Journal that the company is “fully committed to the growing Queen Creek community.”

Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2026/05/06/queen-creek-shopping-center-sells-for-70m.html