Vestar Takes Over Management of The Groves in Tempe

The company's growing management portfolio expanded with the addition of The Groves.

By Alex Girda, Associate Editor

Tempe, Ariz. – Following a 12-month interval during which the company has expanded its management portfolio by more than ten percent, Vestar announced that yet another property will be added to its roster. The company secured its most recent management contract from the owner of The Groves, a large community entertainment shopping center in Tempe.

The Groves
The Groves (Photo by Mark Skalny)

Located near the I-10 and Elliott Road in the East Valley of the Phoenix metropolitan area, The Groves offers a total of 431,328 square feet of retail space. Anchored by tenants such as Walmart, Mor Furniture, Ross Dress for Less, PetSmart, Staples, Dollar Tree and Beall’s Outlet, the property’s tenant roster also consists of a mix of inline and pad tenants.

With a population of roughly 270,000 within a five-mile radius, and an average household income of approximately $75,000, the retail center also ranks high in terms of traffic.

Vestar added around 2.5 million square feet of space to its property management portfolio in 2015, bringing its holdings to around 24 million square feet.

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