TEMPE, Ariz., May 19 /PRNewswire/ -- Prominent national retailer Stein Mart has signed a lease at Tempe Marketplace to occupy a 28,000-square-foot box once occupied by Linen 'N Things.
Tenant improvements are expected to begin in early summer and the store will open this fall.
"We're thrilled that Stein Mart has decided to relocate its Tempe store to our project," said David Malin, Senior Project Manager for Vestar Development Co., the owner of Tempe Marketplace. "Their confidence in our center is a testament to the power in numbers of customers that Tempe Marketplace attracts on a daily basis."
Stein Mart, Inc. is a publicly-traded (Nasdaq NMS: SMRT) company, best described as a hybrid between an upscale department/specialty store and a traditional off-price retailer.
"We are delighted to be able to serve our loyal customers from our new location in Tempe Marketplace and look forward to attracting many more shoppers in this premier location," noted David H. Stovall, Jr., president and chief executive officer of Stein Mart, Inc. "We think the Tempe Marketplace will be a great showcase for Stein Mart's unique combination of updated fashion at great values."
The 130-acre, 1.3-million-square-foot Tempe Marketplace, located at the Southwest corner of Loops 101 and 202 on McClintock Drive and Rio Salado Parkway, opened in June 2007 and boasts more than 120 retailers, restaurants and entertainment destinations poised at the state's third-busiest intersection. It is home to the state's number-one performing movie theater and has been an Arizona retail-industry leader with near 100 percent occupancy despite the challenges with today's economy.
Tempe Marketplace boasts a live-performance amphitheater, outdoor fireplaces, elevated patios, interactive water features and outdoor living rooms. Vestar Development Co. has been Arizona's most prolific commercial developer in the past decade.
About Vestar Development Co.
Headquartered in Phoenix, Arizona, Vestar is one of the leading privately held real estate companies in the western United States. The company develops and manages retail and entertainment destinations of varying size and scale that serve as community focal points. Since its inception in 1977, Vestar has earned a reputation for integrity and responsibility in the fields of commercial development and property management. The company enjoys a significant market share in the Phoenix, Los Angeles and San Diego metropolitan areas.
For more information, visit http://www.vestar.com/ or http://www.tempemarketplace.com/.
Vestar Development Co.
CONTACT: Stacy Pearson, +1-602-577-6888, spearson@roseandallynpr.com,
Vestar Development Co.
Web Site: http://www.vestar.com/
http://www.tempemarketplace.com/
