HENDERSON, NV—Vestar, one of the largest privately-held retail real estate companies in the western United States, has completed a buyout of The District at Green Valley Ranch. Vestar paid its joint venture partner, Rockwood Capital, $120 million to take full ownership of the 37-acre, 384,107-square-foot landmark retail property minutes from Las Vegas.

The Vestar/Rockwood Capital joint venture acquired the property in late 2011 amidst distressed economic conditions. The center was approximately 84% occupied at that time. Since then, the ownership has invested significant capital to reposition the asset, and had provided a high level of property management and marketing services to attract and retain top lifestyle retailers, dining, and entertainment venues, as well as increase occupancy for its residential units and office space. The District has seen a significant amount of value added to the property and is now stabilized with 95 percent occupancy and a more than 20% increase in tenant sales. The property includes several high profile tenants including Whole Foods, West Elm, REI, William-Sonoma, Pottery Barn, White House | Black Market, Anthropologie and many other quality retailers.

In 2014, Vestar completed a renovation to enhance the overall consumer experience throughout the center highlighted by the addition of a two way traffic street to improve access and visibility. With the improvements, Vestar now has the ability to partially and/or fully close the street with built in bollards for select events. The firm also added decorative lighting above the new Main Street, new outdoor furniture and seating areas, splash pad for kids and improved landscaping featuring beautiful palm trees creating additional shade.

“Vestar is committed to the success of The District and is proud of what we have accomplished with the property thus far,” said Jeff Axtell, executive vice president of Vestar. “Rockwood Capital has been an exemplary capital partner for us and has realized a significant return on its investment. We look forward to working with them on future ventures.”

The District is located within Green Valley Ranch, a leading master-planned community located in the Black Mountain foothills, about 10 miles southeast of the Las Vegas Strip. Phase one of The District was developed in 2004 and encompasses 212,622 square feet of retail and office space on the west side of Green Valley Parkway. The 21.54-acre property is comprised of national and regional stores and restaurants; 88 luxury condominiums; and complementary office users. The shopping, dining, entertainment, residences and office space are joined via a pedestrian-friendly main street plaza and a central park. Phase two of The District was developed in 2006 and totals 171,485 square feet on 16.02 acres. The property consists of six buildings with a retail and office tenant mix.

One of the leading privately held real estate companies in the western United States, Vestar specializes in the acquisition, management, and development of commercial real estate, including entertainment-retail complexes, power and lifestyle centers, and neighborhood centers of varying size and scale that serve as community shopping destinations with a unique sense of place.

Instant Insights /

Partner Takes Full Ownership of District at Green Valley Ranch

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