Vestar JV Signs Anchor Tenants at Phoenix Shopping Center

Verrado Marketplace is scheduled to open its doors by late 2025. Image courtesy of Vestar

Vestar and DMB Associates have landed six anchor tenants at Verrado Marketplace, a 512,000-square-foot future shopping center in Buckeye, Ariz. Target, Harkins BackLot, Safeway, Marshalls, Ross and HomeGoods will commence operations at the property in late 2025.

The Target store will occupy 147,000 square feet, while Harkins BackLot’s lease encompasses 75,000 square feet. Adjacent to Target, anchors Marshalls, Ross and HomeGoods have a combined 70,000-square-foot tenancy.

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Verrado Marketplace will take shape on 48 acres at the northeastern corner of Interstate 10 and Verrado Way. The site is at the entrance of Verrado, the 8,800-acre master-planned community developed by DMB. The mixed-use property includes 4.2 million square feet of commercial space, around 14,000 entitled homes and 77 parks.

Verrado Marketplace, up close

Between construction and operation, Verrado Marketplace is expected to generate $1.8 billion over a 10-year period. Announced in 2022, the $125 million project received the Buckeye City Council’s approval in July. Groundbreaking is expected in the summer of 2024, while delivery is scheduled by late 2025.

Apart from traditional shopping space, the open-air Verrado Marketplace will also include areas for concerts, community events and social gatherings, as well as a PopJet Splash Pad. The pedestrian-friendly and sustainable development will adopt Vestar’s signature shopping, dining, and entertainment experience, aiming to transform the mall into a community hub for social interaction in the heart of Buckeye.

To be developed by using Vestar’s sustainability program, GreenStar, the shopping center is set to feature solar power, energy-efficient building materials, water harvesting, white “cool” roofs, artificial turf, LED lighting, drip system landscaping, onsite recycling and composting and electric vehicles charging stations.

Verrado Marketplace will generate approximately 1,500 permanent jobs and is estimated to bring in more than $50 million in taxes to the city of Buckeye within the next 10 years.