AEW JV pays $367m for Arizona marketplace
AEW Capital Management has partnered with Vestar for the ownership of the Tempe Marketplace in Tempe, Ariz., in a deal that values the open-air retail center at $367 million.
Vestar previously owned the 1.3 million-square-foot retail center with Rockwood Capital, which is exiting its investment after a five-year hold. AEW invested in the property on behalf of the AEW Core Property Trust.
Vestar opened Tempe Marketplace in 2007, and Rockwood Capital joined as a joint venture partner in 2010.
Tempe Marketplace is fully occupied and recently welcomed several new tenants, including F21 red (Forever 21’s newest concept store), H&M and Nordstrom Rack.
U.S. retail market fundamentals exhibited slight improvement during the second quarter 2015 as demand for space remained mixed, according to CBRE’s second quarter 2015 U.S. Retail MarketView report. CBRE notes the recovery in the U.S. retail market continues to be multi-dimens