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August 24, 2019
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RETAIL NEWS
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Vestar Buys 165k sf AZ Retail Center

6/20/19

Vestar purchased University Plaza, a 165.6k sf shopping center located in the heart of Flagstaff, AZ. The property traded for $27.5 mil, or $166/sf.

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% leased and is 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.”

Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in the transaction.




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