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

The post Vestar Buys N. Phoenix Parcel, Planning Retail Center appeared first on Connect CRE.