ULI program to explore creating a new identity for the mall

PHOENIX, ARIZ. – Changes in consumer preferences, population dynamics, and real estate requirements have created opportunities for mall owners to respond with new design concepts, retail formats, public space, and amenities.

Re-positioning and adaptive reuse of space, enhancement of experiences and entertainment, and intensification of uses can be witnessed around the country as well as in the Valley.

These and other topics will be discussed when ULI Arizona presents its Main Program, “Creating a New Identity for Malls: One Size Doesn’t Fit All.”

The event is scheduled for April 26 from 7:30 a.m. to 10 a.m. at Harkins Camelview at Fashion Square, 7014 E. Camelback Rd., Scottsdale. Member registration is $75, private; $55, public/under 35/non-profit; and $40, student. Non-member registration is $100, $75, and $60.

Moderating the event will be David Larcher, President, Vestar. Panelists include Warren Fink, COO, Carlyle Development Group; Sharon Harper, President and CEO, Plaza Companies; and Scott Nelson, Senior Vice President, Real Estate Services, Macerich.

Register at arizona.uli.org/event/creating-new-identity-malls-one-size-doesnt-fit/.


Angie Kory To Join Vestar

Angie Kory, Associate Vice President Leasing Vestar

PHOENIX, AZ – Vestar, one of the leading privately held shopping center owners in the United States, announced today that Angie Kory is joining the company as Associate Vice President of Leasing. Angie will oversee leasing activity for several of Vestar’s projects in the western U.S.

“Angie is creative and strategic and brings a wealth of experience to the Vestar team,” stated David Larcher, President of Vestar. “Vestar is continuing to grow and with Angie’s deep experience and established industry relationships, she will be an important member of the Vestar team.”

Prior to joining Vestar, Angie was the Senior Vice President of Leasing with Cypress Equities where she was responsible for the leasing of enclosed mall redevelopments, ground up grocery anchored centers and power centers totaling over 3.5-million-square-feet of space. Prior to Cypress Equities, Angie spent 7 years with Cole Real Estates Investments/American Realty Capital Properties leasing a retail portfolio of 35 shopping centers totaling 7.7-million-square-feet. Over the years, she has negotiated 475 lease transactions totaling 1.8-million-square-feet with lease values in excess of $230 million.

AEW replaces Rockwood Capital as JV partner at Tempe Marketplace

Tempe-Marketplace1Tempe Marketplace, the popular open-air mall near Arizona State University’s main campus, sold for $367 million by a joint venture partnership. It is one of the priciest real-estate deals in Arizona history.

Vestar and AEW Capital Management (AEW) have partnered to acquire Tempe Marketplace. Vestar previously owned the center and opened Tempe Marketplace in 2007; Rockwood Capital joined as a joint venture partner in 2010, which is exiting its investment after a five-year hold. The center offers strategically integrated shopping, dining and entertainment in a festive, pedestrian-oriented village town center environment. The Marketplace is fully occupied and recently welcomed several new tenants including F21 red (Forever 21’s newest concept store), H&M and Nordstrom Rack. AEW acquired the property on behalf of the AEW Core Property Trust.

“Rockwood and Vestar have enjoyed an outstanding relationship, partnering on Tempe Marketplace and three additional joint ventures over the past several years,” said Joel Mayer, Rockwood Managing Director. “We will continue to pursue new opportunities with Vestar in the future.”

The 1.3 million-square-foot shopping center has dozens of stores and restaurants, including Nordstrom Rack, H&M and Dave and Buster’s. The mall was sold in an unusual deal, with its developer Vestar being part of the groups buying and selling it.

“We have a great long-standing relationship with AEW and are excited that their vision for Tempe Marketplace matches ours,” said Rick Kuhle, Vestar Chairman and CEO. “Rockwood has been an exemplary capital partner for us. We look forward to working with them on future ventures.”

Phoenix-based Vestar and New York-based Rockwood Capital sold the mall to a partnership made up of Vestar and Boston-based AEW Capital Management. A $280 million deal with Rockwood in 2010 allowed Vestar to refinance Tempe Marketplace and buy out DLJ/Credit Suisse, its original partner in the project.

“We are excited about the investment, as we believe the center will continue to benefit from the nearby Arizona State University campus, as well as State Farm’s move of approximately 7,000 professionals to a property that is adjacent to Tempe Marketplace,” Dan Bradley, senior portfolio manager for AEW, said in a statement about the sale.

“Vestar continues to be committed to the success of Tempe Marketplace with AEW as our partner,” said David Larcher, President of Vestar. “We will continue to focus our efforts on increasing the productivity of the center and providing an exceptional customer experience.”