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6/20/19
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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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