Vestar completes purchase of Nevada center

Las Vegas – Privately held real estate company Vestar has completed a buyout of The District at Green Valley Ranch, in Henderson, Nevada. Vestar paid $120 million to its joint venture partner Rockwood Capital to take full ownership of the 37-acre, 384,107-sq.-ft. 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 District has seen a significant amount of value added to the property and is now stabilized with 95% 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 other 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. 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.



The District is located within Green Valley Ranch, a master-planned community. Phase one of The District was developed in 2004 and encompasses 212,622-sq.-ft. of retail and office space. 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 main street plaza and a central park. Phase two of The District was developed in 2006 and totals 171,485-sq.-ft. on 16.02 acres. The property consists of six buildings with a retail and office tenant mix.