Vestar and AEW Form Joint Venture to Acquire Tempe Marketplace for $367 Million

Tempe, Ariz. — Vestar and AEW Capital Management have partnered to acquire Tempe Marketplace, a 1.3 million-square-foot open-air retail center, for $367 million.

Vestar previously owned the center with Rockwood Capital LLC, which is exiting its investment after a five-year hold. AEW acquired the property on behalf of the AEW Core Property Trust.