Vestar Buys N. Phoenix Parcel, Planning Retail Center

Vestar acquired a 20-acre parcel of land from the Arizona State Land Department at the intersection of Black Mountain Parkway and Deer Valley Road in North Phoenix, with plans to build a shopping center. The new grocery-anchored retail destination, to be called Black Mountain Village, represents an investment of more than $50 million. The company paid $10 million for the land.

The new development will feature approximately 120,000 square feet of retail space, anchored by a 65,000-square-foot grocery store, alongside a mix of restaurants, shops and neighborhood services.

Black Mountain Village will join Desert Ridge Marketplace, Tempe Marketplace, Queen Creek Marketplace and, most recently, Verrado Marketplace a Vestar-developed properties. Planning and designs are currently underway and additional project details, including tenant announcements and development timelines, will be shared in the coming months