The Costco Effect

Article originally posted on Phoenix Business Journal on February 9, 2024

In the past two years, the Valley employees of real estate firm Vestar have been dedicated to planning and leasing Verrado Marketplace, a $125 million power retail center that’s slated for 500,000 square feet of new commercial space west of Phoenix.

Developing and securing tenants for the nearly 50-acre project is a big undertaking — the center will be the largest the company has built in the Valley since 2008 and includes major anchors Target, Safeway and a Harkins BackLot entertainment complex.

When Vestar’s leasing team isn’t following up on its list of hundreds of prospective tenants for the future project — set to open in 2025 — they’re on calls with retailers or driving west to Buckeye at least once a month to give tours of the vacant site and adjoining master-planned community alongside their brokerage team from Western Retail Advisors.

Read complete article here: https://www.bizjournals.com/phoenix/news/2024/02/09/verrado-marketplace-phoenix-vestar-costco-buckeye.html