NEWS
Landlords and Ridesharing Companies Pursue Synergies
Expect to see more partnerships between ridesharing companies and shopping center landlords. In the past, these parties have teamed up to promote discounted or free rides, often during the holiday season or for special events — but only temporarily. Today they are entering into longer-lasting agreements for designated drop-off and pickup locations, typically highly visible through signage. And they are offering riders promotions or discounts as well as introducing lounges and driver hubs into the properties.
READ MORERetail Apocalypse? Strategic Planning Helps Valley Shopping Center Thrive in Competitive Market
There seem to be ways around the so-called “retail apocalypse,” but it means more work and spending more money for the owners and operators of shopping centers.
READ MOREVestar Retools Retail Units as State-Of-The-Art Experimental Space
As the retail sector continues to react to the rise of e-commerce platforms — as well as to changes in consumer spending habits and broader economic trends — developers and landlords are increasingly repurposing their retail spaces, according to privately-held shopping center owner and property manager Vestar.
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Vestar Reaches Portfolio Benchmark with Bay Area Acquisition of East Washington Place for $55 Million
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.
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Vestar Acquires Best in the West Retail Center in Las Vegas, Nevada
Vestar, one of the leading privately held shopping center owners in the western United States, announced today that it has purchased Best in the West, a 465,000 square-foot retail center in Las Vegas, Nevada. The property was acquired from Weingarten Realty Investors. In addition to Best in the West, Vestar owns and operates multiple properties in the Las Vegas area including The District at Green Valley Ranch, a 385,000 square-foot, Whole Foods-anchored lifestyle center in Henderson, and Crossroads Towne Center a 149,000 square-foot center in Las Vegas.
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$22 Million Redevelopment Puts Phoenix’s 15-Year-Old Desert Ridge Marketplace Back in the Heart of its Community
One could say that Desert Ridge Marketplace has grown up with its customers. The 1.2 million-square-foot lifestyle and power center, located in the 5,700-acre Desert Ridge master-planned community of the Phoenix Northeast Valley, officially reopened this past November, after a $22 million renovation.
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